CorprofitCorprofitCorprofitCorprofit
Ph: 1300 55 7475 Request Live Demonstration
    0
  •   was successfully added to your cart.
  • Home
  • About
    • About Us
    • Team
    • CorProfit pamphlet
  • Products
    • KnowRisk® Products
    • Risk Management and ERM
    • Report Design and Selection
    • Dashboard Reports
    • Top Risks Report
    • Key Business Risks
  • Modules
    • ISO31000
    • Compliance
    • Controls Self-Assessment
    • Managing Project Risks
    • Contracts Management
    • Internal Audit
    • Incident Reporting
  • Services
    • Strategic Risk Management Consultancy and Advice
    • Risk “Roadmap”
    • Implementation Services
    • Mentoring and Peer reviews
    • ERM Readliness and Diagnostic Services
    • Risk Management Traning Programs
    • System Integration
  • Case Studies
  • Blog
  • Publications
  • Contact

A Guided Tour of KnowRisk® Powerhouse: Part 2

    Home Blog A Guided Tour of KnowRisk® Powerhouse: Part 2
    NextPrevious

    A Guided Tour of KnowRisk® Powerhouse: Part 2

    By designpluz | Blog | Comments are Closed | 14 April, 2015 | 0

    Seven Towering Achievements of KnowRisk’s

    Knowledge Base

    The achievements which can change how corporate risks are managed

    It is only by implementing KnowRisk in demanding organizations, could we succeed in cataloging towering achievements of one of the highly prized features of KnowRisk; the Knowledge Base. The Knowledge Base features are too many and therefore we have to be selective. It is with lengthy and laborious deliberation that we settled down to seven towering features of Knowledge Base. So let us get started.

    All risk management software store risks in databases. This is where the confusion in terminology starts. Vendors, caught in the whirlwind of hyperbole, end up referring to that database erroneously as the Knowledge Base. But KnowRisk’s Knowledge Base it is not a potpourri of user defined risks stored in a database. So let us explore what a true Risk Knowledge Base should be and how this design philosophy is reflected in KnowRisk’s Knowledge Base.

    1. Knowledge Base has a pre-configured database with commonly encountered risks which can be used straight out of the box.
    2. It is common that most companies, especially at the initial stage, have risk data either in Excel or in some other electronic format. This data can be imported to the Knowledge Base. Once the data is imported the user has the choice to scrutinize, reclassify it, and modify it before it is fit for final use. Till then and even thereafter it can be kept as a transit repository of risk data. It is only when the management is fully satisfied; the cured data can be moved around and accepted for use.
    3. Collecting data through workshop, a brain storming session is the best way to capture collective wisdom. This data can be stored in the Knowledge Base and subjected to the same process as data secured from any other external source. The point to note is (in both cases of Excel and workshop wisdom), the risk data is isolated and kept as a separate and distinct activity for ultimate use.
    4. Knowledge Base can maintain the list of retired risks for the future reference. A handy feature if you wanted to resurrect any or some.
    5. Consider the Knowledge Base as a constellation of buildings all linked with each other. It is difficult to move physical buildings from one location to another. However in the Knowledge Base paradigm, you can move them from one location to another defining their rightful place within the risk universe.

     

     

    1. Consider Knowledge Base as a gigantic tree with branches within the branches. It is inconceivable to move the branches from one location to another. In the Knowledge Base paradigm, you can move them, reorder them, in effect you can construct a completely new risk tree.

     

     

    1. Risk is multi-dimensional. It has intertwined causes, consequences and controls to start with. Knowledge Base provides this composite view which a simple database cannot.

     

     

    To sum it up, certainly a simple risk database is not a Knowledge Base.  A true Knowledge Base is a constellation of risks, represented symbolically by a group of buildings which can be moved around or a gigantic tree whose branches can be grafted from one location to another, ultimately representing risks at every stage of risk management; that is data collection, scrutiny, cleansing, reorganizing and ultimately providing an enriched classification system through this multidimensional view of the risk universe. These are the features, no other risk management software offers and which KnowRisk does through its Knowledge Base.

     

    How each of these features comes alive in real-life environment will be subject of our next blog.

    For an Overview of Knowledge Base please click here

     

    This entry was posted in Blog. Bookmark the permalink.

    No tags.

    designpluz

    More posts by designpluz

    Related Post

    • CorProfit features in NZ Herald

      By designpluz | Comments are Closed

      In an article titled RWC: Roadshow boost for sofware company, Greg Ansley interviews CorProfit founder, Ian Abrahams about CorProfit’s involvement in the Rugby World Cup’s business roadshow in Australia in 2003. Click here to read the NZRead more

    • Enterprise Risk Management Africa 2012

      By designpluz | Comments are Closed

      CorProfit is pleased to be a sponsor at the Enterprise Risk Management Africa 2012 conference through their partner QuantiMetrics. High Profile speakers include Chief Risk Managers and Compliance Managers from some of the largest organisationsRead more

    • CorProfit featured in Mining & Technology Australia 2011

      By designpluz | Comments are Closed

      CorProfit was recently featured in Issue 3 of the magazine Mining & Technology Australia 2011. The first article describes how Discovery Metals in Botswana is successfully using ERM as a ‘one-stop-shop’ to address all major risk typesRead more

    • User Group Meeting 2012

      By designpluz | Comments are Closed

      CorProfit’s User Group Meeting has been announced and will be held in Sydney, Australia on: Thursday 2nd and Friday 3rd August, 2012 The NSW Trade & Investment Centre Level 47, MLC Centre Martin Place, SydneyRead more

    • User Group Conference 2013

      By designpluz | Comments are Closed

      CorProfit’s User Group Conference has been announced and will be held in Sydney, Australia on: Thursday 5th and Friday 6th September, 2013 Institute of Chartered Accountants Australia 33 Erskine Street Sydney, NSW 2000. (in theRead more

    • Corprofit Knowrisk Becomes a Member of Ozdocs Group of Companies

      By designpluz | Comments are Closed

      More resources, more knowhow, more innovation, there is good news from KnowRisk users. Corprofit KnowRisk has become a member of Ozdocs Group. Ozdocs Group acquired Corprofit-KnowRisk in January 2014. Many initiatives have been implemented since then. SomeRead more

    • Knowrisk User Group Agenda Announced 19 & 20 May 2014

      By designpluz | Comments are Closed

      The User Group is a Forum for users to meet and network, with Day 1 for exploring different uses to which KnowRisk supports your Risk Management as well as a broader ERM / GRC Strategy.Read more

    • Is Business Continuity Planning (BCP) just a subset of ISO31000?

      By designpluz | Comments are Closed

      ISO31000 was promoted as the level playing field for putting all types of risk into the “same pot” and seeing which ones broke through the surface to cause losses of some form or another. ISO31000Read more

    NextPrevious

    Archives

    • November 2020
    • September 2020
    • August 2020
    • July 2020
    • June 2020
    • September 2019
    • May 2015
    • April 2015
    • March 2015
    • February 2015
    • January 2015
    • December 2014
    • July 2014
    • June 2014
    • May 2014
    • February 2014
    • June 2013
    • March 2012
    • October 2011

    Categories

    • Blog
    • Enterprise Risk Management
    • Internal Audit Management
    • Managing project Risks
    • News
    • Project Risk Management
    • Risk Management
    • Risk Management Analysis
    • Risk management COnsultant
    • Strategic Risk Management

    Contact Info

    • 1300 55 7475
      +61 2 8831 6319
    • sales@corprofit.com

    Our Products

    • KnowRisk® Products
    • Risk Management and ERM Reporting
    • Report Design and Selection
    • Dashboard Reports
    • Top Risks Report
    • Key Business Risks

    Other Links

    • About
    • Modules
    • Services
    • Case Studies
    • Contact

    Contact Us

    CorProfit
    Unit 2/7 Packard Ave
    Castle Hill NSW 2154
    T: 1300 55 7475
    E: sales@corprofit.com

    © Copyright CorProfit | Designpluz Web Development Sydney
    • Home
    • About
      • About Us
      • Team
      • CorProfit pamphlet
    • Products
      • KnowRisk® Products
      • Risk Management and ERM
      • Report Design and Selection
      • Dashboard Reports
      • Top Risks Report
      • Key Business Risks
    • Modules
      • ISO31000
      • Compliance
      • Controls Self-Assessment
      • Managing Project Risks
      • Contracts Management
      • Internal Audit
      • Incident Reporting
    • Services
      • Strategic Risk Management Consultancy and Advice
      • Risk “Roadmap”
      • Implementation Services
      • Mentoring and Peer reviews
      • ERM Readliness and Diagnostic Services
      • Risk Management Traning Programs
      • System Integration
    • Case Studies
    • Blog
    • Publications
    • Contact
    Corprofit
      0 items