Confidence in Risk Management Required

With fears that Banks are becoming more wary of lending to each another, Gordon Brown is right to cite risk management as a key opportunity. Proteus Enterprise, the leading risk management utility builds confidence that risks are actually being managed. Proteus enables compliance based management of risks, enterprise-wide - internationally.

Bracknell, Berkshire (Issues Wire / PRWEB) April 22, 2008 -- Risk management was cited as a key opportunity by UK Prime Minister Gordon Brown during his press conference at the White House with President George Bush.

"With fears that Banks are becoming more wary of lending to each another, Gordon Brown is right to cite risk management as a key opportunity" said Stephen Hall, designer of Proteus Enterprise, the leading risk management utility. "We have confidence that risks are being analysed but we also need confidence that risks are being managed too. Proteus enables compliance based management of risks, enterprise-wide - internationally." he said.

With fears that Banks are becoming more wary of lending to each another, Gordon Brown is right to cite risk management as a key opportunity

The UK Prime Minister made his comments after earlier stating that Banks must disclose the size of their debts from poor quality home loans amid signs that the impact of the global credit crisis may be even worse than suspected. In his meeting with the main Wall Street bankers, Gordon Brown called on lenders to be more open about the bad debts that have created turmoil in the mortgage markets in the past six months.

Stephen Hall said "Only Proteus Enterprise has the range of attributes capable of enabling risk management within and between international lending streams. Confidence goes up when the world's central banks and governments act together, and the impact is greater when they do. But can they risk manage together? Proteus Enterprise was developed so that companies and institutions can comprehensively tackle varied and complex governance, risk, compliance and fraud challenges together. Proteus Enterprise is the world's most mature single, combined GRC&F web-based utility. We started the GRC&F automated convergence revolution and a member of our management team conceived and authored the world's first fraud management standard, to be published as BSI PAS 8000 during 2008; Proteus Enterprise automates this. The risk management of international banking cash flows will help avoid another credit crunch experience, such as that currently permeating the world economy."

Governance, risk, and compliance or 'GRC' is about organizations focusing on attaining compliance with laws, regulations and standards and sustaining that compliance thereafter whilst identifying, quantifying, preventing or avoiding the identified risks in the market place, business and supply chain. Holistically, enterprise and operational compliance requirements and risks will increasingly be managed together. Corporate governance, IT governance, financial risk, strategic risk, operational risk, IT risk, corporate compliance, business continuity, employment/labour compliance, privacy compliance... are all aspects of GRC.

GRC solutions are enterprise software tools that enable companies to comply with statutory, industry and established 'good practice' for risk management and stakeholder protection. Examples for such requirements are regulations like the Sarbanes-Oxley Act, CobiT IT Governance, Information Security Management, and obligations for health, safety and environmental due diligence. The rapid uptake of GRC solutions is because failure to meet these standards can lead to severe legal penalties or civil liability, such as corporate manslaughter, but moreover the increasing regulatory burden is becoming impossible to manage as multiple discrete, 'silo' activities.

Initial interest in GRC was driven by SOX, and with a heavy focus on IT resources but GRC software requirements have changed and now are seen as a means to achieve enterprise-wide compliance and risk management. This is because we need to evolve from managing risk as a transaction or compliance activity to adding business value by improving operational decision-making and strategic planning through risk avoidance and compliance assurance.

Today's GRC software is now single suite technology providing a secure shared information environment, ideally web based for defining and managing all risks and compliance. Beware the limitations of IT-GRC solutions that only address the technology issues and fail to deliver a solution for the true business risk landscape.

On the day when both leaders claimed they would try and help resolve the current global economic crisis, with Gordon Brown citing risk management as a part of that challenge, Stephen Hall stated that the banking sector and financial institutions had a unique opportunity to join together and act. "The technology now exists in Proteus Enterprise for concerted action internationally on lending and fraud risk management." he said.

In Proteus Enterprise, InfoGov's software solution provides such essential capability for lending and fraud risk management as compliance, supplier audit, remediation, action planning, incident management, business impact analysis, business continuity, asset management, risk assessment, policy management, management information and reporting in the form of a graphical 'dashboard'.

Stephen Hall, InfoGov's CEO stated "Launched within Proteus Enterprise the BSI's PAS 8000 will enable organisations in the fight against fraud and provide vital web based utility for risk management. Proteus Enterprise also enables compliance to the Sarbanes-Oxley Act and many other essential standards such as BS ISO 27002 (Information Security Management), BS 25999 (Business Continuity), and CoBiT (IT Service Management) within a fully integrated environment. Fraud and other issues can be addressed by compliance to the PAS 8000 standard. This means that the corporation is totally driven by its fraud management strategy, that is to say that its implicit behaviours, processes and systems are in place and regularly reviewed and updated with reference to the non-observed economy. With the technology to match, through compliance we will be taking an important step towards combating this costly, often hidden, problem.

See here for our risk management and fraud capability checklists

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