More than 50% of Fines Issued by the FSA are as a Result of Weak Risk Management Systems

Research from the Chartered Institute of Internal Auditors has revealed that more than half of the fines handed out by the Financial Services Authority (FSA) in 2011 were as a result of weak internal risk management systems. 

Fines can be issued by the FSA when organisations breach any of the eleven principles (operational and ethical). The recent research announced by the Chartered Institute of Internal Auditors, shows that 60% of the FSA’s fines in 2011 were as a result of weak risk management systems – in 2010, 55% of fines were levied as a result of this.

Dr Ian Peters, Chief Executive of the Chartered Institute of Internal Auditors says:

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IT Governance and Systems Management

Systems management involves monitoring and managing the performance of, and risks and controls related to, operational systems to ensure the delivery of the strategy while operating within risk appetite.

Achieving strategic objectives, managing risks, implementing controls and delivering operational performance are all organisational activities which are underpinned and supported by an individual or a portfolio of systems. Managing the organisational portfolio of systems also enables organisations to become more innovative and to respond with greater agility to the needs of the market.

StratexPoint enables organisations to manage and align their portfolio of systems to deliver their strategic objectives; manage their risk; deliver a highly effective controls environment; and deliver operational performance. The solution enables users to:

· Define their key systems and visualize these using Microsoft Visio

· Define and manage risks and controls related to systems

· Conduct systems related risk and control assessments

· Define indictors for systems

· Align initiatives and actions to drive systems improvements 

StratexPoint and Enterprise Performance Management

StratexPoint enables the effective implementation of an Enterprise Performance Management approach, including the Balanced Scorecard, by:

· Developing clarity around the organisational strategic objectives

· Defining a set of Key Performance Indicators (KPIs) for each objective

· Aligning the organisational change agenda to deliver the objectives via initiatives and actions

· Encouraging the right performance culture using the RACI model to define ownership and governance

· Automating performance dashboards and reporting, while enabling advanced analytics

· Encouraging a collaborative approach to delivering performance via commentary, alerts and other web 2.0 collaboration capabilities

Enterprise Performance Management (Corporate Performance Management)

Strategic execution remains a major challenge for many organisations, with up to 70% of organisations failing to execute strategy successfully. Enterprise Performance management, also known as Corporate Performance Management, is critical in managing and monitoring the execution of strategy, and ensuring that progress is consistently made towards delivering on the organisation's objectives. 

Enterprise Performance management is about achieving strategic objectives. It is about clearly defining and communicating objectives across your organisation; aligning your organisation to meet them; and continuously planning for, monitoring progress of, and analysing exceptions to ensure they are achieved. Developed in the early 1990s the Balanced Scorecard, along with the Strategy Map, is one of the most widely adopted performance management methodologies today.

“However beautiful the strategy, you should occasionally look at the results.” Winston Churchill