selecting your risk response, and following the progress of your treatment actions all the way through remediation and risk mitigation.
The Challenge of Risk Response Management
Choosing the right risk response and subsequently managing risks and threats to completion is an often under-resourced and inefficient part of the risk management and assurance process. As a result, corporate executives may be unaware of their risk exposure, and firms may be unprepared and vulnerable to risks and dangers.
The following are examples of typical risk response challenges:
The risk management process is automated using Grow Flux’s solution. It guarantees that risks and related reactions are carefully recorded, responsibility is clearly defined, and progress toward implementing the agreed-upon treatment activities is monitored using the Flux system, which provides a single repository and source of truth.
To attain automation and process maturity, follow these five stages.
Identify
Formally document company risks or threats, along with a proposed remedial step to reduce residual risk to an acceptable level. Then, identify the key stakeholders who will be held accountable for deciding the risk response and implementing it.
Agree
Agree on the appropriate risk response depending on the risk appetite of the business. Acceptance, avoidance, transfer, or mitigation of risk are all examples of risk management. Agree on the risk treatment activities that must be taken based on the specified response.
Track
Follow the progression of treatment actions from assignment to completion.
Validate
Validate and manage the status and quality of treatment activities conducted based on stakeholder input and accompanying evidence uploaded into the system.
Report
Through a single platform, you can easily report on the status of risk response activity. The Grow Flux technology will generate automatic reports based on stakeholder/business unit/assurance report criteria.
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