No matter your organisation and whatever your industry, your firm will always be  exposed to some level of risk—a successful risk management program is critical and helps an organisation consider the full range of risks it faces. From money laundering, workplace health and safety,  data breaches or failure to comply with industry-specific regulations, risk encompass almost every area of the business. Risks are an inevitable part of any organisation. However, failure to appropriately manage and mitigate these risks can expose your firm to costly fines and potential reputational damage.

ComplyPortal’s Risk module provides a centralised place to easily log enterprise-wide risk and provide user-friendly access to keep management informed, allowing the firm to make smart risk decisions as part of its organisational strategy.

Who it is for: Risk, Compliance & Management teams.

Key features:

  • Visual heat-maps to monitor both inherent and residual business risks at a macro level
  • Risk scores calculation
  • Check the risk of non-compliance
  • Define and set risk controls according to your firm’s risk appetite
  • Ensure that risk mitigation resources are aligned to most significant risks
  • Assign certain risks to the employees and teams responsible for those risks
  • Fully customisable risk controls and categories
  • Full and in-depth risk reporting

How it benefits you:

As a high-level overview of business risk, the visual heatmaps in the Risk module offer a quick and easy way to view inherent risks and residual risk remaining after efforts have been made to reduce the inherent risk. Most importantly, this is helpful for determining the appropriate types of controls and processes that get priority over time. Building your heatmap is as easy as 1,2,3:

  1. Input risks as they emerge or evolve
  2. Input your controls according to your organisation’s risk appetite
  3. Review and manage your heat map to determine which require additional controls and actions and assign accordingly
  4. Export the most up to date, detailed risk report into PDF format at any time

ComplyPortal’s Risk Module helps you track and manage areas where more focus is needed. It can help you determine the strength and weaknesses of the organisation’s control framework which will then help compliance teams manage and update the  firms ongoing Compliance Monitoring Programme . Greater insight over key areas of risk allows for more informed decisions and can lead to a more strategic approach to mitigate unacceptable residual risks.

The Risk module synthesises the various areas of risk identification and mitigation into one centralised, easy-to-use location, leading to greater control of the entire risk management process.

The Compliance Perspective:

“Risk does not develop from one source and is a constant factor every business needs to consider, manage and eliminate if possible. However, tracking and managing risks can be difficult with your compliance team getting bogged down in spreadsheets, creating confusion and added time cost to your business. Tools like Complyportal can reduce this time cost by centralising and simplifying your risk management on one platform, allowing easy collaboration within your compliance department but also across the business, whilst also providing a high-level overview of possible risks and an ability to identify risk hotspots. .”Joseph Burke, Consultant at Complyport

Find out more about our Risk module and the rest of the ComplyPortal platform at:

About ComplyPortal:

First developed in 2011 by compliance professionals for compliance officers, ComplyPortal offers workflow, automation, and several modules to help firms with control and regulatory compliance monitoring.

ComplyPortal simplifies financial services regulatory compliance management on an easy-to-use cloud-based comprehensive compliance platform. It enables compliance officers, risk officers and senior management to keep track of their firm’s regulatory responsibilities and workflows. Our platform includes the following modules, among others:

  • Monitoring: a year-round schedule pre-populated with monitoring questionnaires to ease compliance processes.
  • Registers: lists controlled by the Compliance officer, but easy for staff to view.
  • Risk: map and control risk areas to effectively identify and manage risk for your firm.
  • Training: access our CLMS platform for all Compliance and Governance Training