Risk management has changed over the years. The focus has expanded from traditional insurable values such as buildings, land, inventory, and manufacturing to the structures of modern organizations – typically intangible values such as brand, information, patent, R&D, IT or competences. Furthermore, there has been an important shift in the dynamics of creating value. Multiple actors are often involved in the process giving importance to supply chains, competition, alliances and new Internet-based business models.
In addition, there’s an increased focus on stakeholders to protect value and avoid business scandals (for example Enron, Lehman Brothers, Macchiarini Karolinska Institutet, VW Dieselgate). New regulations are continuously introduced (GDPR, FDA, PCI etc.) and for most a systematic Risk Management process is mandatory. Compliance has become a challenge for many organizations.
Common key activities in the risk process are the purpose, scope, objectives, qualitative/quantifiable, assessment, aggregation, third-party risk, incidents, vulnerabilities, triggers, dependencies, mitigation, approval.
The iFACTS software is designed for this modern view of Risk Management and can be configured to support almost any risk process.