StratexPoint Enhanced Dashboard Taster

Over the last few months, the team at StratexSystems has been collaborating with existing and new clients to improve our solution. Below is a taster of our enhanced dashboards. 

The Strategy Execution overview dashboard is designed to provide senior executives with the information to enable them to understand how well they are executing their strategy while managing their risks. 

For those that like Gauge Dashboards, StratexPoint introduces the Indicator Overview Dashboard. This provides a snapshot of indicator status for all indicators within a business unit. This can be viewed as a stand-alone dashboard or as a drill-down from the Strategic Overview Dashboard.

To get the detail of an objective, this drill-down dashboard provides a single page view of everything related to an objective, KPI status and trends, actions etc.

The Key and Emerging Risk Dashboard is designed to enable our clients to understand their level of exposure for both key and emerging risks, how that has changed over time and where the ‘Top 10’ exposures for each are.

For a free thirty day trial of StratexPoint click here. 

Part 1 - How to… Integrate Strategy and Risk Management - 28 Sept '11

Would you like to integrate your risk management process within an overall strategic framework?

Would you like to embed risk appetite into the overall strategy process?

Would you like to support the embedding and cascading of an integrated strategy and risk framework with technology?

Join us for the first of four webinars in our “How to…” series – “How to Integrate Strategy and Risk Management”

Register here

During this webinar, StratexSystems will:

• Provide insight on how to develop an integrated strategy and risk management process
• Show how that process can be cascaded and embedded within the organisation
• Explain the role risk appetite has to play in the strategy process
• Reveal some tips on building a culture of accountability
• Demonstrate how an integrated approach to strategy and risk management can be enabled via StratexPoint, a SharePoint-based GRC solution

Details:

Wednesday, 28th September, 2011. 16:00 BST / 11:00 EDT

Register here

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 

Process Governance – Bridging the Gap between Strategy and Operation

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

By focusing on process management, organisations can improve their operational efficiency, become more innovative and respond with greater agility to the needs of the market. There is also evidence that process-managed enterprises are highly effective at cutting costs across the value chain.

From an operational point of view, many organisations have adopted process improvement methodologies such as Six Sigma and LEAN.

StratexPoint is the only SharePoint application which enables organisations to close the gap between strategy and operations by integrating process management within a performance and risk management solution. Within the solution, users can:

· Define their key operational processes and visualise these using Microsoft Visio

· Define risks and controls related to processes

· Conduct process related risk and control assessments

· Define indictors for processes

· Align initiatives and actions to drive process improvements

· Define accountability for processes using the RACI model

· Automated process and systems related risk and controls dashboards and reporting, while enabling advanced analytics

· Encourage a collaborative approach to executing processes via commentary, alerts and other web 2.0 collaboration capabilities

· Automated risk and controls dashboards and reporting, while enabling advanced analytics

The Four Approaches to Integrating Risk Management and the Balanced Scorecard

StratexSystems’ Microsoft SharePoint™ based Enterprise Risk Management solution is unique. While other risk management software offers part of the solution, StratexSystems has developed a complete solution; integrating performance management and risk management into a comprehensive software solution.

StratexSystems used the strategic management system of the balanced scorecard, alongside COSO BS31100, ISO31000 and ISO31010 framework to create a Microsoft Certified Risk-Based Performance management software solution – StratexPoint.

The approach we take focuses on clarifying the organisational objectives and the level of risk (Appetite) required to achieve those objectives. Using Microsoft’s SharePoint™, we have produced a user-friendly, enterprise-wide, technology solution that allows risk taking to be monitored and optimised on a day-to-day basis.

StratexSystems understands that in order to keep tabs on strategy management, enterprise risk management (ERM) and enterprise performance management (EPM), the software solution must be integrated using conceptually sound methodology, and suited to every user.

When considering risk management, organisations often deliberate the following questions: How important is the Balanced Scorecard in business? How important is Enterprise Risk Management in business? How does the integration make a difference?

In a series of blogs, three often talked about approaches to integrating risk management and the balanced scorecard (the Theme Approach, the Perspective Approach and the Indicator Approach) are considered and evaluated, before introducing StratexSystems’ Appetite Approach.

1. The Theme Approach looks at the pros and cons of simply adding a Risk Strategic Theme to the existing Balanced Scorecard.
2. The Perspective Approach considers why adding a Risk Perspective to an organisation’s Balanced Scorecard is not enough.
3. The Indicator Approach evaluates the most common approach to integration, in which key risk indicators (KRIs) are added to each objective alongside existing key performance indicators (KPIs). The blog on this approach explains why it is a sub-optimal business solution.
4. The innovative Appetite Approach brings together strategy, performance and risk management, to form a ‘Risk Appetite’. This blog entry considers why this approach offers the most comprehensive business solution.

To read more thoughts on the four approaches to integrating Risk Management and the Balanced Scorecard, and to complete our survey about your organisation’s employment of various Risk Processes and Solutions, please visit www.riskbasedperformance.com

Follow us on twitter for regular updates www.twitter.com/StratexSystems

The Importance of Effective Strategy Management

Strategy management has rarely been more critical to organisations than today. They must constantly search for ways to grow, creating value for shareholders and clients. To be successful, executives must formulate clear plans with a concise set of objectives; define the risks related to those plans and implement a change agenda to deliver its objectives while operating within its risk appetite.

Our solution, StratexPoint enables executives to more effectively manage their strategy by:

· Developing clarity around the direction and goals of the organisation

· Defining risk appetite in relation to your strategic goals

· Allocate resources to the most important initiatives

· Assess strategic performance and identify areas of improvement

· Automating strategy-related workflows and review processes

· Define ownership and governance for performance and risk using the RACI model

Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat. Sun Tzu

Top 8 Benefits of the Risk-Based Performance Methodology

Risk-Based Performance Management enables:

1. Improvement of Delivery of Strategy

2. Decreased Capital Costs

3. Management and Monitoring of Risk Appetite and Exposure

4. Achievement of Performance Targets

5. Improvement of the Allocation and Utilisation of Capital

6. Reduction in Risk-related Losses

7. Simplification of Reporting Processes

8. Reduce the cost and burden of engaging with regulators