SAP Risk Management

 

Why SAP Risk Management?

Because the software can help you protect and create value for your stakeholders – from investors to employees and customers. Identify and assess risks and opportunities, determine a response strategy, and monitor progress.

 

Solution Insight:

“Gaining a single source of truth for all enterprise risks, and therefore their potential exposure, can be challenging for any organisation. SAP Risk Management solves this issue by providing the decision makers with constantly up-to-date risk information. It also, importantly, closes the gap between 1st and 2nd lines of defense and provides the 3rd line with relevant information for a sound risk-based audit.”

Click the thumbnail to read Winterhawk’s
History of SAP Solutions: Risk Management

Features of SAP Risk Management

Objectives of SAP Risk Management:

  • Create one view of risk for the business
  • Prioritise strategy and decision making to increase performance
  • Focus on identifying key risks
  • Respond to compliance, regulatory, financial and operational risks
  • Identify emerging risks
  • Ensure risk information is up-to-date, update risk assessments, link to risk responses
  • Monitor issues and loss events
  • Act on emerging issues and events
  • Adjust risk levels to risk appetite
  • Adjust risk responses to risk levels and appetite
  • Act on alerts and issues

 

Preserve and grow business value

Get detailed insight into how risk drivers can impact your business value and reputation – with SAP Risk Management software. The powerful ERM tools support risk identification, assessment, analysis, and monitoring. Track key risk indicators (KRIs), align risk events with their potential consequences – and make responsible and defensible risk-aware decisions.

Functional Capabilities

  • Risk strategy and planning: Define risk-relevant business activities, set up your organisational risk hierarchy, and assign risk appetite, risk owners, and responsibilities. Develop risk libraries to structure and report on risk assessment results – and define your KRI framework to automate risk monitoring.
  • Risk identification: Document the potential root causes and consequence of risks – and identify the relationship between risks and events. Capabilities include: defining survey questions, documenting activities, proposing risks, and documenting risks and opportunities.
  • Risk analysis: Run quantitative and qualitative risk analysis to determine the likelihood of occurrence and the potential impact of identified risks. Capabilities include: conducting assessments, building risk scenarios, scenario analysis, performing Monte Carlo simulations, risk response, and documenting responses and enhancement plans.
  • Risk monitoring: Analyse and report on your company’s risk situation. Capabilities include: documenting incidents and losses for risk events.

Technical Capabilities

SAP Risk Management includes enterprise risk content and tools for industry-specific operational risk management.

  • Graphical View: Supports creation and analysis of risks using graphical view
  • Data Monitoring: Monitor application data from internal and external systems in real time
  • Workflow: Use workflow to automate processes

Starter kits:

  • Controls starter kit: Library of standard business controls, basic regulations, and direct entity-level controls
  • ERM starter kit: Library of enterprise risks, risk drivers, and impacts

Automated monitoring:

  • CCM library: Automated continuous controls monitoring
  • KRI library: KRIs organised by risk drivers, risk categories, and industries

Winterhawk Insight

Winterhawk SAP

Steve Hewison, CEO

 

 

SAP Risk Management does what it says on the tin – it provides a central platform to assess and document operational risk. Some clients still ask us how to make a business case for purchasing it, we’ve been asked that question literally hundreds of times over the years.

What we’ve seen with our clients, and documented in copious case studies, is that quantifiable benefits are derived by eliminating costly duplication of control assessments and reducing very manual human effort required in control assessment (where Robotic Process Automation (RPA), for example, can be leveraged). Further benefits come from increased reporting accountability and enhanced coordination and significantly enhancing collaboration across business functions; we’ve also seen greater user satisfaction generating buy-in and with that, timely completion of assessments (less follow ups).

Implementation

Implementation of SAP Risk Management can be as quick as 10 weeks by leveraging Winterhawk’s Rapid Deployment Services (RDS), enabling fast, efficient roll-out at a lowered cost.

Using Winterhawk’s cost-effective and best practice RDS approach, you can plan for a GRC go-live in less than 3 months from when the project commences. Click here to find out more.

Innovation

Custom Dashboards, Regulatory, Financial and Cyber content libraries, Robotics, Process Automation, Chat Bots, Process Bots and Machine Learning – Winterhawk has developed a range of innovations for clients with SAP GRC solutions. Click here to find out more.

GRC Upgrades by SAP Winterhawk

Get in touch

Let us help you with implementation or support for SAP Risk Management in your organisation – get in touch.