An important component of enterprise risk management, a risk map software solution facilitates understanding of an organisation’s risk profile and risk appetite. Furthermore, risk maps help enterprise executives and their teams understand where they need to prioritise their risk mitigation resources.

Whatever your industry, your organisation is exposed to some level of risk—a successful risk management program helps an organisation consider the full range of risks it faces. From workplace health and safety to data breaches or failure to comply with industry-specific regulations, risks encompass several areas of the business, and some are static while others evolve. However, failure to appropriately manage risks can expose your firm to costly fines or worse.

Risk management may fall under a dedicated risk function but complying with the procedures and controls in place to mitigate and avoid risks can involve staff from all areas of an organisation. 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 enterprise to make smart risk decisions as part of its organisational strategy.

Who it is for: Risk, Compliance & Management teams

Key features:

  • Visual heat-map to monitor business risks at a macro level
  • Risk scores calculation
  • See both inherent risk and residual risk
  • 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

How it benefits you:

As a high-level overview of business risk, the visual heatmap in the Risk module offers 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

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 and ongoing monitoring. 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:

“From data breaches to bribery and even basic health and safety, there are inherent risks in any business and they come from a variety of sources. However, managing them doesn’t have to be difficult. Spreadsheets or complicated software programmes may do the job, but they can be hard to share and keep track of within compliance teams alone, never mind the wider staff body. Whether or not you have a dedicated risk management function, tools like ComplyPortal’s Risk module provide risk, compliance, and management teams with a high-level overview of possible risks to your firm, and a way to identify patterns and risk hotspots as part of their risk management process.” – Simon Chapman, Associate Director 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.
  • eKYC solution: perform comprehensive searches, including client identity verification, document authenticity, and more for a comprehensive KYC and AML approach