Quick Demo: Risk Management Software
Learn how Onspring helps you assess, manage and monitor risk across your enterprise.
Video Transcript: Risk Management Software Demo
Welcome to Onspring! I’m Katie Wilcox, and today, I’ll show you a modern, flexible solution for managing risk across your enterprise. Onspring helps you work efficiently, coordinate with multiple business functions, and monitor risks that could impact your strategic objectives and processes.
In this brief demo, you’ll see:
- How cloud-based software can help you improve visibility and accuracy
- How you can build and maintain your risk register with inputs from multiple stakeholders
- How you can evaluate risks and track response activities
- And how you can report clearly, accurately and instantly in multiple formats
But for now, let’s jump into Onspring.
A few things you should know:
- Onspring is a no-code platform for process automation, workflow, collaboration and reporting. That means it’s fully configurable with no custom code.
- Our solutions adapt to your needs. Because Onspring is flexible, you can modify any data element through a drag-and-drop interface. With Onspring, you’re in control.
- Onspring is designed for teams of all sizes, whether you have 5 users or 5,000. Each user can log in to see their individual tasks and action items, while management gets the big-picture view they need.
We’ll start our tour on the Risk Management dashboard in Onspring. Here, we have a real-time view of inherent and residual risks on these dynamic heat maps. We can click into any quadrant to see the underlying risks. Scrolling down the dashboard, we can also track risks by score, criticality, category and rating. All of these reports are fully configurable to your needs.
Let’s dive into the risk register. Here, we capture a variety of data elements, including the risk title, status, owner, manager, category, criticality and more. As we scroll down, you’ll see that this risk is tied to various elements of the enterprise, including strategic objectives, processes, other risks and internal controls.
In this section, we can monitor the testing status and effectiveness of supporting controls, and we can use this information to drive further risk evaluation. For example, if your count of ineffective controls reaches a certain threshold, additional scrutiny of this risk may be needed.
Now, let’s look at risk evaluations within Onspring. On any frequency you choose, you can assess risk in terms of impact, likelihood, velocity, persistence and other factors, according to your methodology. Each assessment produces an inherent risk rating and risk score, which are rolled up to the risk register. Because you have visibility into historical assessments, you can monitor changes and trends over time. You can also auto-generate future risk evaluations based on the inherent risk rating or the frequency you define.
Now, let’s look at risk treatment within Onspring. We have four pre-configured options:
- Mitigate, which allows you to define and monitor a mitigation plan
- Avoid, which allows you to document the avoidance plan
- Transfer, which allows you to capture insurance information
- And accept, which requires an exception request to be filed within Onspring
We can track the results of these treatment activities and send automated reminders to risk owners to ensure timely response. Once risk treatment is in place, you can capture a residual risk rating, which is also displayed in heatmap format on the Risk Management dashboard.
A few more items I’d like to show you within the risk register: Here, you can tie incidents to risks for greater visibility into risk likelihood and impact. And here, you can relate risks to the regulations and standards that impact your organization.
The last item I want to show you today is our reporting capability within Onspring. We offer two flavors of reporting:
- Real-time reports that you can view in Onspring from your computer, tablet or smartphone
- And dynamic documents that you can generate in Word or PDF format. These documents can include content from multiple Onspring apps, including Risks, Evaluations, Supporting Controls, Incidents and more.
Thanks for your time, and please reach out with any questions.