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KNOWRISK FAQ

What is KnowRisk® and what does it do?

KnowRisk® is a world-leading, Australian developed software product that is designed to help progressive organisations monitor, compare, guard against and take advantage of their corporate risks. It is the first product to be designed and developed to comply with Australian/ New Zealand Standard AS/NZS4360, the first risk management standard to be established anywhere in the world. KnowRisk® works in an intuitive, understandable and comparative way to let you view risks in diverse parts of the organisation on an "apples to apples" basis. It gives management and staff at every level the ability to assess the impact of known risks, determine priorities and review and activate programs to mitigate the downside of risks, or take advantage of the upside.

Who should be using KnowRisk®?

Every organisation that is ready to confront risk! KnowRisk® has been designed to help corporations or government agencies to manage their way out of the potential downside that known risks can inflict. At the same time, KnowRisk® can also be used to take advantage of risks that can turn out beneficial.

Is there much training involved?

Like every sophisticated software product, some degree of training is desirable. It makes sure that you get off to a flying start. A huge benefit of KnowRisk® is that its user interface emulates that of Microsoft Explorer, a product with which most users will be familiar with through their day-to-day activities. Every successful installation of KnowRisk® has included an implementation phase covering two to three days incorporating a workshop and intensive training of the system's administrative staff to ensure that the user's risk management framework is professionally installed in KnowRisk® and that the features and functionality are fully understood. After that, many clients use CorProfit's professional services (or the services of a KnowRisk® approved consultant) to make sure that operators and users are trained in the risk management process and the functionality of the software.

Can KnowRisk® help us lower our insurance costs?

Emphatically yes! KnowRisk® is used by many companies as a modeling tool to assess their current insurance costs and to help determine whether they should continue to insure, or whether they should self-insure. In the same way, KnowRisk® can be used to model scenarios in your negotiations concerning insurance premiums.

If we purchase KnowRisk®, what is the payback time?

That will depend on the scope of the installation, the size of your company and the nature of the risks it faces. However, most users of KnowRisk® would claim that the software pays for itself, including implementation and training costs, well within the first year of use. One multi-national firm in the contracting industry has claimed that the total cost of installation is far below the cost of preparation of a single tender submission. Risk assessment is fast becoming a mandatory requirement as a part of the tender process in major works for government and the private sector alike. KnowRisk® is an ideal tool for such submissions and is widely used in many industries.

Can I use KnowRisk® when I am not connected to the network?

Most models of KnowRisk® will enable a user to work with a copy of their data "off-line". There are many valid reasons for doing this including for conducting off-site information gathering, working on the plane (train, hotel room) or simply to run scenarios. What's more, when you are ready, you can update the corporate database with the results of your work.

Can users configure KnowRisk® ?

KnowRisk® comes already configured to the generic risk management processes used by most organisations for the way they want to implement their strategies. These can be used as is, or as starting points to build processes more suitable to your organisation.

This can be achieved by grouping available default fields in KnowRisk® or creating your own user defined fields. Organisational structures are easily represented in suitable tree hierarchies, and similarly for associated contexts such as work, assets and functions. Users are able to build Knowledge Databases of standard data for Causes, Risks, Consequences and Controls that in turn are reusable. The software can be used in a very simple mode, and allows users to map out their path to increased levels of sophistication.

What security does KnowRisk® offer?

Further to the organisation's IT infrastructure security protocols, KnowRisk® provides several levels of security. A system Administrator has overall authority over the database and other features.

Are there any reports within KnowRisk®?

A number of standard, as well as ad-hoc reports can be generated. KnowRisk® has also been designed to integrate with other applications, such as MS Word, Excel, MS Project and Lotus 1,2,3. The reports can be at a profile level, or aggregated to any level of the organisational tree structure.

What platforms will KnowRisk® operate on?

KnowRisk® is designed to run on Microsoft Windows technology, Windows 2000 onwards.

Can KnowRisk® be used over the Internet or Intranet?

Reports from KnowRisk® are web-enabled, allowing publication on the web. The databases can be hosted on Intranets, allowing risks to be distributed locally and remotely within the organisation.

Which version of the KnowRisk® product is right for your organisation?

KnowRisk® has several models that can be used in different combinations to suit the operating environment of the organisation, particularly as the data can be "downloaded" and "uploaded". KnowRisk® can be tailored to suit your current needs for Risk Management, yet always allows for subsequent upgrades without loss of any data that has already been captured and stored. CorProfit can assist customers by offering the right advice including a starting point and which product variant would initially be suitable. The primary consideration is the extent to which concurrent users are catered for as well as the need to share risk information across an organisation.

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