How Do I: Manage Risk?

 Using the "HOW DO I" section below you can drill into how Xactium answers some of the key Risk Management challenges.

How Do I...

Capture risks across my organisation?

Easy to use templates are provided for capturing risks and assigning them to specific Business Units. A Business Unit hierarchy can be easily setup and users assigned to one or more of them. Changes to the hierarchy are easy to make, and do not impact the assigned of risks, controls, etc.
The Business Value of a Cloud Computing Platform for Governance, Risk and Compliance

Demonstrate Compliance With FCA Regulations?

Xactium has significant experience of delivering risk solutions to the financial services sector and to the FCA itself. Our solutions enable firms to capture all the key information needed to demonstrate compliance, including capturing regulatory and conduct based risks, demonstrating control effectiveness, showing that incidents are being escalated appropriately and showing that key risk and control indicators are being monitored proactively.
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FCA compliance with an ERM software solution

Align and Track Mitigating Controls?

You can easily create and track controls in Xactium and link them to one or more risks. Moreover, the effectiveness of each control can be assessed in relation to the risks they are linked to, offering a seamless and rapid approach to risk mitigation. Controls can be assigned to specific Business Units and Control Owners, or shared across the group or specific functions, and their status tracked, thus ensuring they are being proactively maintained.

Ensure Accountability For Risks Are Transparent And Visible?

Risks can be assigned to risk owners - who can be users or contacts. Risk owners are notified of their responsibilities and can then be automatically reminded of upcoming review dates, either by a workflow notification or via automated reports. Reports can be run to show who has updated their risks, and which risks need further attention, thus giving full oversight of risk statuses.

Identify, Monitor and Manage Key Risk Indicators?

Xactium provides a solution for managing all your organisation's risk management metrics, including key control, key risk and key performance indicators. Metrics are simple to create, can be assigned to specific users or groups, and can be easily tracked through beautiful metric dashboards. A simple to use, tablet friendly wizard is provided for updating metrics on a periodic basis. Support is also provided for aggregating metrics and for linking them to external data sources.

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Know When Risks Exceed Appetite?

Risk appetite can be tracked in a number of ways - either qualitatively or quantitatively. Metrics can be setup to track multiple quantitative tolerances that indicate that risk appetite has been exceeded. High level qualitative risk appetite statements can be easily combined into a risk appetite report.

Use The System To Measure Opportunities and Risk?

Risks can be assigned as threats or opportunities and these can be scored based on different scoring schemes and rating colours.

Track The Status Of Mitigating Actions?

Incidents can be logged in Xactium either via the Incidents tab or via a customisable online incident portal page. Once logged incidents can be auto-assigned to specific teams, and relevant managers notified. Actions and updates can be logged against incidents and the status of incidens can be easily tracked via reports and dashboards. As with all Xactium fields, incident fields can be configured to the specfic needs of every organisation. Support is provided out of the box for tracking typical financial services data, including financial, reputational and customer impacts, recoveries and regulatory breaches.

Capture, Manage and Remediate Incidents or Risk Events Across The Organisation?

Incidents can be logged in Xactium either via the Incidents tab or via a customisable online incident portal page. Once logged incidents can be auto-assigned to specific teams, and relevant managers notified. Actions and updates can be logged against incidents and the status of incidens can be easily tracked via reports and dashboards. As with all Xactium fields, incident fields can be configured to the specfic needs of every organisation. Support is provided out of the box for tracking typical financial services data, including financial, reputational and customer impacts, recoveries and regulatory breaches.

Include Culture And Conduct Risk In My Risk Management Framework?

Everything you need to capture and demonstrate compliance around culture and conduct risk is available in Xactium, including: applicable risk and incident categories, common control frameworks, incident tracking and relevant KRIs and KCIs. Together these can be used to provide the board with a conduct risk dashboard and relevent reports to gain rapid insight into these important areas of risk.

Include Money Laundering In My Risk Management Framework?

Everything you need to capture and demonstrate compliance around culture and conduct risk is available in Xactium, including: applicable risk and incident categories, common control frameworks, incident tracking and relevant KRIs and KCIs. Together these can be used to provide the board with a conduct risk dashboard and relevent reports to gain rapid insight into these important areas of risk.

Improve the efficiency of our risk management processes?

Xactium can help improve the efficiency of your risk management processes by providing a centralised, real-time view of all your risks, controls, actions and incidents. Flexible reporting and workflow tools enable timely and accurate information for decision making and rapid response to escalating issues and risks.

Spreadsheets Prevent Effective Risk Management

Centrally Manage Mitigating Controls To Keep Them Consistent Across The Organisation?

Everything you need to capture and demonstrate compliance around culture and conduct risk is available in Xactium, including: applicable risk and incident categories, common control frameworks, incident tracking and relevant KRIs and KCIs. Together these can be used to provide the board with a conduct risk dashboard and relevent reports to gain rapid insight into these important areas of risk.

Ensure Everyone From Occasional Users To Experts Can Easily Use The System?

The Xactium system is very accessible and user friendly. It utilises a modern user interface, and has flexible access controls which can be used to provide the relevant level of access and visibility for every type of user. Users can also customize their own home pages and layouts to suit their specific needs. They can also use multiple devices to access and view their data and tasks, including: mobiles, tablets and laptops.

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Justify Replacing Spreadsheets?

The primary justification for replacing spreadsheets is to improve efficiency and reduce time-consuming, error prone manual entry processes and the risk of out-of-date information. Using spreadsheets is labour-intensive and involves information recorded and maintained in a number of Microsoft (MS) excel spreadsheets with no automatic feeds into each other. Spreadsheets have to be manually reconciled and manipulated to produce various reports at all levels in the organisation. This means monitoring and auditing is limited due to the large amount of work that would be involved. A risk system will provide one view of the truth, real-time visibility of risks, along with the ability to automate many of the manual processes involved, including: report production, action reminders and notifications, easy linkage between data, and escalation and approval processes. The bottom line is that less time and fewer personnel have to be assigned to manual processes, and greater insight and value can be obtained from having real-time visibility of up to date risk and incident information.

Spreadsheets Prevent Effective Risk Management

Assess the impact of my risk by multiple criteria?

Xactium supports the ability to create risk assessment scoring schemes which have multiple impact categories, for example, financial, reputational, regulatory, etc. Moreover, multiple scoring schemes can be created for different areas of the business or business units, each with their own specific impact bands and categories.

Understanding Key Control Indicators and How They Can Reduce Risk