360factors, Inc., the industry leader in risk and compliance intelligence software, announced that the company has released a new Risk Management and Assessments (ERM/RCSA) solution within its Predict360 software platform. The product enables chief risk officers, boards of directors, risk managers, and business unit managers to more quickly and accurately evaluate, report and act on operational and enterprise risks.
Today’s risk assessments are typically performed manually using spreadsheets, email and Word documents. This decentralized approach often leads to inconsistent risk ratings across business units, non-standardized risk and control naming, duplicate controls, subjective versus objective evaluations, and outdated data versus real-time insight.
“We understand from our customers that legacy risk assessments are tedious and difficult to manage at both the business unit and enterprise level, leaving the door open to potentially miss emerging risks,” said Carl L. McCauley, CEO for 360factors, Inc. “Risk Management and Assessments is a product roadmap milestone that not only solves operational challenges but adds another layer of business intelligence across operational and enterprise risk program management.”
The Predict360 Risk Management and Assessments solution offers: a common risk taxonomy that drives normalization across business units and the enterprise; action items that are associated with risks and can be managed, tracked and reported on; and a business intelligence (BI) engine that provides a holistic view of risk assessment. The enterprise version offers an updated, real-time current risk rating based on control status, controls tests and/or loss events; and a configurable Q&A guide for consistent control evaluation. The solution is available as a standalone product or in combination with other Predict360 and Insight360 products.
As a FinTech solutions leader, 360factors, Inc. empowers organizations that seek to remove efficiency and accountability obstacles and bring about more effective and efficient risk and compliance solutions that meet today’s stakeholder requirements.