Enterprise Risk Management (ERM) is a comprehensive, continuous risk management process that allows an organization to identify, prioritize, and effectively manage its most critical risks. An ERM approach integrates risk solutions that are aligned with corporate strategies and objectives into all aspects of its practices and decision-making processes.
STARS deliver technology and data services that facilitate and strengthen the components of a client’s ERM strategy. Because ERM is a process - not a software solution - our technology tools are used to automate and support the fundamental objectives of an ERM methodology or approach.
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| The Value of an ERM Model |
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ERM protects revenue and shareholder value by improving an organization’s resiliency and agility in the face of uncertainty. By broadening the scope of risk management to include all significant business risks faced by an organization - and requiring that they be considered in relation to one another - business leaders can ensure that known risks are strategically aligned with corporate objectives and that effective loss prevention and loss control strategies are in place.
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Risk Identification and Assessment:
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STARS uses Risk Registers to help clients define, categorize and prioritize all potential threats and opportunities, while linking in related risks and interdependencies. A ‘Risk Register’ is tailored to each client’s requirements, helping risk managers and other risk stakeholders achieve a complete view and better understanding of the organization’s enterprise risk. STARS dashboards and risk mapping tools visually illustrate risks and risk impacts on a day-to-day or minute-by-minute basis.
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Continuous Risk Monitoring:
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Integrated risk and compliance assessments provide the ability for continuous risk capture and monitoring with full audit control. Assessments or audits are designed to gauge compliance with business requirements using client-specific checklists, standards, workflow and scoring methodologies. Tools for documenting action items and assigning responsibility help ensure accountability and successful remediation.
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Risk Analysis:
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The STARS comprehensive Business Intelligence reporting module seamlessly integrates BusinessObjects™ Web Intelligence® solution, allowing clients to perform sophisticated risk analysis based on their own ERM program methodologies.
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Communication and Collaboration:
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STARS delivers one-point, secure access to a shared workspace for collaboration on projects, documents and other tasks related to the strategic execution of your ERM program. Easy-to-use tools enable people to communicate and work together in a professional, secure environment.
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Global Capabilities:
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STARS solutions are multi-language and multi-currency.
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