Business Plan/Strategy

Business Plan

The business plan supports the overall planning for the financial year, e.g. vision, mission, assignments, strategies, goals and requirements, risks, internal control, follow-up and reporting. The respective part is described in the following sections.

The business plan is configured with periods and permissions as well as which parts are to be included. Several periods can be used, such as an active period and planning for the coming years.

Via perspective functionality, the administrator gets a view for set-up and configuration, while users have another view adapted for the tasks. Measurements and follow-ups can be made on the page for the business plan or via the user’s My page.

Vision/mission

Vision / mission provides the opportunity to create portals and information entities that are made visible within the entire iFACTS system.

Vision is often a shorter formulation, with linked analyzes, descriptions, documents and measurements.

Mission is usually configured based on, among other things, mission statement, business idea, value chains and culture. This information is available in the strategy work and in structuring the operational processes.

Both Vision and Mission are parts of the iFACTS information model and can be connected in different flows, e.g. risk, incidents and assessments.

Assignment

Assignments provide the opportunity to formulate the assignment and clarify in different descriptions and linked documents.

The assignment can be created at a central level and distributed to the organization. Goals and measurements can be linked to the assignment. For example, acceptance criteria, measurement based on taxonomy or measurement of actual values.

The assignment becomes part of the information model and can be linked to the other parts. For example, the assignment can be linked to risks, incidents, deviations, strategies or goals.

Strategy

Strategy provides the opportunity to create portals for each strategy. Various types of analysis can be connected with descriptions and documents. The need for data fields is configurable.

An important part of the strategy work is the analysis of risks, which affects the design of the strategy. Here, iFACTS Risk can be configured in the strategy portals and support the strategy work in an integrated way.

The strategy can be created at a central level and distributed in the organization. Alternatively, the strategy is created at the local level. Opportunity to connect strategies to each other and visualize in diagrams Goals and measurements can be linked to the respective strategy and distributed to recipients in the organization.

Goal, measurement, KPI

Offers the opportunity to create different types of goals, measurements and KPIs. Each goal can be assigned a separate portal for documentation, measurement, distribution and monitoring.

The goals can be measured in several different ways.

• Distribution and data entry of values
• Distribution and data entry of taxonomy
• Distribution and data entry via iFACTS KPI

iFACTS KPIs are the key values ​​that are configured within the information model. For example, grade, value, weight, status, etc.

Goals are visible in the entire iFACTS information model and can be connected to other parts such as strategy, risk, incidents, processes, projects, IT resources or facilities.

Policy

Policy supports the creation of policies in the organization with content, description, references, linked guidelines, which can be gathered in a portal for each policy.

Respective policies can be distributed to relevant parts of the organization, such as work environment for processes or information security for IT resources. From the portal, compliance can be monitored on an ongoing basis and non-conformities can be handled.

Goals and measurements can be linked to each policy. In this way, there will be measurable follow-up on each policy and the opportunity to see the status of compliance.

Law/Norm

Relevant legislation and standards can be entered and assigned to your own portal with information, references and follow-up.

Goals and measurement can be linked to Law / Norm in the same way as for other areas.

Often the Law / Norm contains a set of requirements that must be complied with. These requirements are registered as part of the iFACTS Library, where all requirements are gathered. These requirements can be distributed via so-called trigger technology, for example a certain classification or type activates a certain requirement.

All Laws and Norms are part of the information model and can be linked to risks, incidents, organizations, projects, etc.

Contract

Contract with external parties can be gathered and assigned to its own portal with information, references, document management, roles and follow-up.

Opportunity to document the contract, its requirements, goals and measurements as well as formalities such as due date, notice period, etc.

Budget

Opportunity to create a budget for, among other things, an organizational entity, process, project, facility or IT service.

The budget can be created centrally and distributed to the respective organizational part. The iFACTS table component is used to register budget values ​​with records, columns, values.

The table component can be configured for several different budget models, e.g. profit budget, tariffs or investment budget. Reporting period can be created optionally, e.g. monthly reporting.

Activities

The iFACTS Incident &Event module is integrated in Business plan / strategy. It provides the opportunity to create different types of events. For example:

• Planned activities – Activities that are planned during the year, such as a quarterly report or budget submission.
• Priority activities – Often connected to some form of analysis, where these are determined and can be visualized and followed up in the business plan.
• Deviations – All non-conformities from plans are presented here. Maybe an audit remark, late follow-up or risk above acceptance level.

All of these event types are integrated into the business plan and are available for follow-up and reporting.

Analysis

Analysis creates its own portal for the analysis work. The Analysis is named to be visible within the information model.  Opportunity to link documentation and descriptions, as well as to distribute to relevant parts within the organization.

Also support for retrieving information within the iFACTS information model. These can be, for example, key figures, dependency maps, risk analysis, reports, deviation status, control status. A common output of the analysis work is Priority activities to handle the results of the analysis.

The iFACTS Incident & Event is used, and the various prioritized activities can be distributed within the organization and the business plans.

Risk

iFACTS Risk Management is integrated into the Business Plan / Strategy. It provides the opportunity to create risk registers at different levels in the organization.

Within the business plan process, risk management is carried out at an overview level, where the underlying organizations risk analysis is the basis for this perspective. In the identification step, the risks from the underlying parts are connected and assessed. Thereafter, top risks are created and assessed.

Risks are handled via mitigating actions or connection to controls, with the aim of reducing the risk.

The entire risk work is documented via various information fields and then a risk report is created. This is input to the step internal control within the business plan.

Internal Control

The iFACTS Check Control is integrated into the Business Plan / Strategy. It provides the opportunity to create control programs at different levels in the organization.

Within the business plan, the internal control work is initiated through the risk step and its risk report. Based on these risks and circumstances, controls are created to reduce the risks in the best possible way. This will be the internal control program for the year.

The internal control program can be distributed in the organization to relevant parts. It often consists of several parts, such as finances, quality, efficiency, IT, etc. Each internal control program has its own portal for results, progress, deviations and follow-up.

The portal also creates information fields for descriptions, references and comments. Together with the results, an internal control report is then created.

Reporting/follow-up

Opportunity to create reporting and follow-ups, such as quarterly reporting.

The reporting / follow-up is configured for content. It can be follow-up of goals, compliance with policy, risk status or control results.

Data can be entered manually or linked to the iFACTS information model and select a selection of these results.

The follow-up / reporting can be extended with approval flows of, for example, management staff.