Webinar Download: 'How to deliver an effective, robust risk framework while responding to regulatory action'

Following Part Two of our How To Webinar Series, please download/stream the recorded webinar, free of charge, by visiting: http://www.screencast.com/t/4nxvomaas72B

To register for Part Three ‘How to Lower your Operational Losses via improved Risk Management’ and/or Part Four ‘How To Leverage SharePoint for Risk Management’ visit: http://www.stratexsystems.com/how-to-series/

By registering, you will automatically receive a downloadable/stream-friendly version of the webinar, as well as access to the live session.

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

Part 3 – How to… Lower your Operational Losses via improved Risk Management - 9 Nov '11

Is it time your organisation gained better control on risk events and operational losses?

Would you like your organisation to have the processes and systems in place to manage operational losses, identify root causes and deliver corrective actions?

Does your organisation need to move beyond a manual spreadsheet based operational losses process to one integrated within an overall GRC solution?

Join us for the third of four webinars in our “How to…” series – “How to lower your Operational Losses via improved Risk Management”

Register here

During this webinar, StratexSystems will:

• Outline an 8 step process for managing risk events and losses, from capture to resolution
• Explain how managing risk events and losses can be integrated into your overall enterprise strategy and risk management processes
• Explain how risk events and losses create powerful feedback loops that can drive improvements in strategy and risk management
• Explain how this approach has enabled one of StratexSystems' clients to reduce operational losses by 60% while achieving similar improvements in their regulatory capital position

Details:

Wednesday, 9th November 2011. 16:00 GMT / 11:00 EST

Register here

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

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

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

Background of the Balanced Scorecard

The Balanced Scorecard is one of the most widely deployed performance management methodologies in organisations today. In fact, the Balanced Scorecard concept was selected by the editors of the Harvard Business Review as one of the most influential management ideas of the past 75 years.

Developed in the early 1990s by Dr Robert Kaplan and David Norton, the Balanced Scorecard was designed to provide a framework to enable organisations to manage with a balanced set of financial and non-financial information. Since its inception the Balanced Scorecard, along with the Strategy Map, has evolved to enable organisations to address the challenge of strategic execution. Strategic execution continues to be a major challenge for organisations, with up to 70% failing to execute their strategy fully and successfully.

9 Things StratexPoint Enables Users to do…

StratexPoint is the only SharePoint application which is specifically designed to support an integrated approach to performance and risk management, and specifically the Risk-Based Performance methodology. Within the solutions users are able to:

1. Define strategic objectives and map these using a strategy map

2. Define key and emerging risks and map these using a risk map

3. Define risk appetite within the context of the defined objectives and risks

4. Manage and monitor the alignment of risk exposure to appetite

5. Define a set of Key Indicators, KPIs, KRIs and KCIs

6. Align the organisational change agenda to deliver the objectives via initiatives and actions

7. Encourage the right culture using the RACI model to define ownership and governance

8. Automated performance dashboards and reporting, while enabling advanced analytics

9. Encourage a collaborative approach to delivering performance via commentary, alerts and other web 2.0 collaboration capabilities