Executive management are concerned with the long-term direction of their company. They need to set goals (or objectives), with varying timeframes. Risks can mean that a company’s realised goals are very different from its intended, desired goals. Therefore, a risk can have a large impact on how a company performs.A risk based approach can make a company more flexible and responsive to market fluctuations making it better able to satisfy customers ever changing needs in a continually evolving business environment. Companies can gain an early mover advantage by adapting to new circumstances faster than their rivals, which again could lead to competitive advantage in the medium and long term.The level of risk that it faces and by the way its risks are managed affects external perceptions of a company. A major risk exposure and source of business failure and/or lack of opportunity success has been the failure to manage change. Companies need to be aware of changing markets, service delivery and morale. Effective risk management and internal control can be used to manage change, to involve all levels of people in the company in meeting its business objectives, to improve a company’s credit rating and ability to raise funds in the future, not to mention its share price over the longer term.Ackinas embeds a company’s risk framework into an application. The application facilitates the consolidation of the risk assessments throughout an organisation. Through the use of KRI’s (Key Risk Indicators), the application urges the customer to react when a pre-set alarm level has been passed. The proper focus on risk management and internal control can result in considerable benefits being gained by a company.Good risk management has the potential to re-orient the whole organisation around performance improvement. With an application, Ackinas can integrate risk management with process management.Our Enterprise Risk Management solution uniquely and comprehensively addresses the requirements of the COSO Framework and ensures an organisation’s compliance with pre-configured and easy to use Templates and Libraries. Features include:

A model built around the COSO Framework using proven performance management methods and technology; Web-based Collaborative Portal with custom views to compliance status by COSO, organization and process level elements; ‘Self-monitoring’ alerts you when a KRI has reached an alarm level; Tight integration with Process Management allows visibility of control status in a process context; and lagging KPI’s; Risk Response scheduling using actions ensures you always manage your risks within the risk-appetite of the organisation; Secure, multi-user environment, coupled with SSL and VPN, aligns ownership and responsibilities, and guarantees the protection of sensitive information; User-specific Portals are customizable for ultimate ease-of-use.

Ackinas applies QPR ScoreCard to secure the effective implementation of your BSC.