Box set of connected risk controls
CA Inc is offering to relieve some of the burdens of regulatory compliance procedures with a software box described as a product that helps boost the ‘enterprise risk IQ’.
The system delivers a complete risk library that has been populated with templates and guidance on risk assessment processes and the development of specific risk metrics.
“Enterprises are moving away from a siloed approach to risk and compliance management, and are seeing an increasing need to establish a common risk framework” the company noted in a statement today.
Known as GRC Manager 2.0 the package is an update of CA’s enterprise compliance management suite that is intended to improve the overall level of visibility and insight into enterprise risk.
Executives generally cannot view the status of all the controls in a centralised, unified way across all areas of the organisation, CA warned.
In most cases, risks are remediated or eliminated and some are simply ignored due to their low probability or low impact. But, siloed control and compliance information greatly impacts an organisation’s ability to effectively manage risk.
CA has coined the term ‘risk IQ’ to indicate the level of maturity of a company’s risk management processes.
It argues that the use of a common risk management framework means everybody has access to the same information and is talking the same language. Risk monitoring can then be automated and is continuous.
Risk IQ requires visibility into the proper information, at critical points within processes and procedures, to identify risks across the enterprise.