ERM Watchtower in the News Again!

In early 2018, GRC Sphere completed a broad market assessment to select an Enterprise Risk Management (ERM) application software suite which would offer our Members the ability to collaborate on an emerging need which is the management of dynamic, near real-time, Risk Loss Threat (RLT) information which includes cybersecurity incidents. Out of this assessment came some astonishing findings that have, quite frankly, changed the course of our Industry Benchmarking Consortium. This BLOG posting is to give you a heads up on our new news and help you to assess your own corporate strategy in terms of ERM and RLT benchmarking opportunities.
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The significant finding that our assessment team made in early 2018 was the finding that ERM Watchtower (from our strategic partner Strategic Risk Associates www.SRAbank.com of Richmond Virginia) is like a 7 layer cake! The product's Intellectual Property (IP) is based on 7 specific pillars of RLT information management. Here's a brief run-down...
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1. Board of Directors and C-suite executives need a risk and performance framework in order to construct viable risk profiles for the entire enterprise.
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2. It is mission-critical for all companies to move away from any type of ordinal risk ratings or ordinal-driven heat maps. All ratings must be ratio-based scalar measurements which ensures normalization using a standardized 5 point scale across the organization.
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3. Risk ratings are aggregated using a standard algorithm which becomes the de facto aggregation methodology for all enterprise functions.
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4. The aggregation methodology offers executives the ability to build composite risks from lower level categories, attributes and performance indicators. This is a unique capability with sets Watchtower apart from all other ERM platforms that our team has assessed.
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5. The fundamental need to provide risk transparency and traceability is a "must have" capability with ease-of-access a requirement which is important for across-the-board workforce adoption at all levels.
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6.  We have found that all firms need a closed-loop feedback capability for handling risk governance, performance and intelligence. It is this closed-loop control architecture that companies are looking for and not many have workable solutions for dealing with...
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  • Earnings Impact Analysis
  • Risk Appetite Feedback
  • Strategic and Capital Planning
  • Product Performance
  • The ability to create and maintain a variety of performance indicators in order to deliver, ultimately, stable earnings growth (KPQ's, KRI's, KCI's and KPI's)
7. Provide a system-of-record for all Risk Loss and Threat information which can be used to pull together diverse systems and processes while ensuring data integrity.
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In summary, ERM Watchtower represents a major step forward for companies who have been struggling with risk aggregation and reporting. Because there has not been an effective way, in the past, to deal with the breadth of aggregation challenges we feel that our Members can benefit in a way that transcends the barriers of most ERM application software platforms. This foundation offers our organization to take Watchtower technology into the industry benchmarking world and provide both consultancies and Managed Security Service Providers (MSSP's) with a highly secure, federated and semantic solution for the management and collaboration of dynamic Risk Loss Threat information in a way that will be helpful in reducing costs and improving security while, at the same time. allowing C-Suite and Board of Director executives to manage the breadth of information in a way that shareholders and the workforce requires.
NOTE: All Member organizations receive significant discounts for both ERM Watchtower and the Cognitive Benchmarking Engine for consultancies and MSSP's. Contact us at MemberSupport@GRCsphere.org for details.
Category: ERM Watchtower

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