Firms (Factually Integrated Risk Management System) is an application for enterprise risk management. This application can assist you in risk mitigation, from assessment and monitoring to controlling business risks.
This risk management application has three main modules: Risk Catalogue Management, Risk Assessment, and Reporting & Dashboard. Risk Catalogue Management helps you manage your business risks with a comprehensive catalog containing risk categories, risk relationships, and risk levels as needed.
Features available in Risk Catalogue Management include Master Risk, Role Management, and Category List. The following explains the features within the Risk Catalogue:
- Master Risk
Master Risk is the master data that stores all risk catalogs within a company. In Master Risk, risks can be divided into several categories according to company standards.
- Heatmap Management
Heatmap Management is a feature used to create risk maps in accordance with company standards or business objectives. The risk map can be customized in terms of levels and the number of matrices according to company standards.
- Role Management
Role Management is a feature used to manage the roles of each employee involved in the risk assessment process within a company. The roles included in this application are Creator, Reviewer, and Approver.
- Category List
The Category List is a feature in the Factually Integrated Risk Management System application that contains a list of company risk categories.
Why Use Firms?
The larger a vehicle, the more difficult it is to control. The Chief Executive Officer (CEO), as the driver of a company, must pay attention to many aspects. However, overseeing every aspect of the corporation is impossible for an SEO alone.
Therefore, company leaders need a comprehensive and systematic methodology to conduct analysis, review, and guide decision-making on operational aspects. This is inseparable from potential risks that could hinder the company’s business continuity.
Simply put, the CEO needs a tool that can separate operational issues within the company, such as which issues are relevant and which are irrelevant, and which issues are important and which are unimportant. This methodology is known as Enterprise Risk Management (ERM).
Risk management is the implementation of various policies and procedures to minimize events that reduce a company’s capacity and quality of work. Some of the objectives of risk management include:
- Tracking Risks
Risk management will mitigate or track sources that could potentially threaten business productivity and security. This tracking process can be carried out through research and analysis of procedures for every company activity, from production processes to asset management.
- Providing Risk Information
Risk management also provides information about potential risks the company may face. After conducting the analysis, a risk manager must prepare a risk report based on data from the mitigation process.
- Minimizing Losses Due to Risk Occurrence
Once risks are identified and analyzed, the parties involved in the risk must take steps to prevent the risk from occurring and threatening business continuity.
- Providing a Sense of Security for Stakeholders
The next objective is to provide a sense of security for stakeholders and confidence in the integrity of the business. Stakeholders here include not only investors but also employees, suppliers, insurance companies, and other parties with an interest in the company.
- Maintaining Company Stability and Growth
The ultimate goal is for the company to grow steadily in line with its business targets. Companies can more quickly address sources that threaten business growth through risk management.
To achieve these goals, Firms can help your company achieve them. Firms offers numerous benefits. This application can help you and your company stay focused on risks that could potentially harm the company.
Here are four key benefits you’ll gain from using Firms:
- Information Transparency
You can easily identify risks your company is currently facing and will face in real time.
- Integration Between Work Units
You’ll also gain easy access to corporate risk and operational risk, enabling you to provide appropriate responses to mitigate risks.
- Increase Productivity
More planned risk mitigation will help your company increase productivity.
- Ease of Analysis
Conduct analysis easily and in a more structured manner to facilitate evaluation and avoid repeating mistakes.