Drive Risk-Informed Decisions with Real-Time Insights

The MetricStream Risk Management Solution for IDW PS 340 n.F. enables organizations to comply with the German auditing standard and strengthen resilience and preparedness for future potential risks. The solution is built on the MetricStream Platform, enabling a structured and systematic approach toward managing organization-wide risks that can impact future profitability and operations. Adopting an end-to-end approach to report, assess, mitigate, and manage risks help organizations to have better visibility, and enable them to take proactive actions and minimize losses. The IDW tool provides real-time insights into risk management programs through powerful analytics, advanced heat maps, reports, dashboards, and charts, enabling organizations to make risk-informed decisions that optimize business performance.

How Our IDW Solution Helps You

Streamlined Risk Identification Across the Risk Universe

Leverage a centralized risk library and framework to document and manage enterprise risks and associated details such as risk description, category, hierarchy, and ownership. Identify the interconnectedness of risks with the help of many-to-many mappings of risks, business functions, processes, and locations.

Systematic Risk and Control Assessments

Plan, schedule, and perform risk and control assessments, and route the results for review and approval. Define the logic to evaluate inherent and residual risks. Manage simple assessments by rating a risk, or advanced assessments using multiple factors and advanced risk scoring. Design control test plans and rate the operational and design effectiveness of the controls by leveraging questionnaires and surveys. Understand the control evaluation status and analyze the results using interactive dashboards.

Comprehensive Aggregation and Quantification of Risk

Run Monte Carlo simulations and aggregate losses to understand overall risk exposure at multiple levels. Leverage risk aggregation, advanced quantification, analytics, and modeling for improved and accurate risk visibility and understanding. Aggregate risk scores based on averages, worst-case scenarios (maximum), or best-case scenarios (minimum). Define multiple operational risk parameters and calculations rules. Quantify risks into monetary value.

Efficient Key Metrics Monitoring

Measure and track key indicators for risks (KRIs), controls (KCIs), and performance (KPIs). Set thresholds to identify potential threats and mitigate them in advance. Define risk appetite and tolerance levels. Send alerts and notifications on any breach to relevant personnel for faster decision-making.

AI-Powered Intelligent Issue Management

Record findings stemming from risk assessments and control tests. Leverage AI/ML to quickly identify issues based on relation and recommend issue classification. Recommend action plans such as control modification or definition of new controls as part of the issue remediation process. Easily monitor the status of implemented actions at every stage and track them to closure.

Powerful and Comprehensive Dashboards and Reports

Drive risk aware decisions and support alignment with executive strategy by leveraging powerful data visualizations, heat maps, and dashboards that provide a real-time, 360-degree view of your risk management program. View risks by organization, product, process, or risk category. Slice and dice the data using easy filters and track the movement of risk from inherent to residual on a heat map based on the effectiveness of the controls.

How Our IDW Solution Benefits Your Business

Maintain trust and credibility with stakeholders by delivering assured compliance with IDW PS 340 n.F. and timely reporting
Deliver forward-looking risk visibility with predictive risk metrics to help anticipate and prevent adverse risk incidents
Gain visibility across the organizations to ensure adherence to risk appetite
Reduce costs associated with compliance efforts and by rationalizing controls through a risk-based approach
Enhance cross-team collaboration across to optimize productivity and allocation of organizational resources