Risk Management and ERM Reporting

The collation of risks data cascades through the Risk Process and shows the risks that need most attention and controls that are best value to manage risks, which in turn gives an aggregated measure on the level of risk in different areas of your company, such as Business Plans, Departments, Projects and Assets.

You have the opportunity to compare the range of enterprise risk management reports that you use with the range of report types and formats that Corprofit contributes to your ERM. This reporting assists to meet various objectives and outcomes, such as:

• To show the development of risk management
• Engage the board and executive committee to enable them to drive risk management both strategically and more broadly
• Identify strategic and key business risks
• Provide a snap-shot record of the status of risk exposures and any control actions being implemented
• Provide information to risk – control owners
• Submit information to regulators and other external parties on an as-needs to know basis

The CorProfit Reports Map

Each risk management report in Australia has a purpose and is designed to address a particular part of the risk process or any analysis from it.  The Reports Map sets in motion a series of reports with each providing a specific outcome and learning. The combination of these reports will provide a comprehensive and “bigger picture” analysis.

CorProfit’s Modules build in the above approach to reporting and is  valuable in giving you the means to integrate different Risk Programs (e.g. WHS, Projects, BCP, Compliance, etc.) and allows risks across your business to be compared on a comparable basis.

The following reports are supported in the KnowRisk® system:

• Risk Profile Summary Report, by division
• Risk Exposure Report/chart (Heat Map) by division/department
• Inherent to Residual Risk Rating Report
• Risk Management Report, showing Inherent Risk Residual Risk, Target Risk
• Risk Treatment Report (Action report) – showing all risks which requires additional controls to mitigate the risk.
• Risk Treatment (Action) overdue report
• Risk Trend Report, showing changes of risk level from the previous review period (developed after 12 months when Risk Registers have sufficient history)
• Key Control Report – showing all key controls (which reduce the risk level from VH, H to Medium or lower
• Control Self-Assessment (CSA) report (developed after 12 months when Risk Registers are well developed)
• Risks reviewed report (with prevention/correction control effectiveness at risk level)
• Controls reviewed report (with control effectiveness at control level)
• Risks without key control report (i.e. inherent risk and residual risks are the same)
• Gap report – between Residual Risk and Target Risk