Enterprise Risk Management

Today's Office of Finance must ensure compliance with an increasing array of statutes and regulations as well as internally mandated control policies. Failure to comply comes at such a high cost that companies are instituting Enterprise Risk Management (ERM) processes to ensure that every compliance-related task always passes either internal or external audit. To ensure this level of compliance, a properly designed ERM system includes answers to each of the following questions: What objective is associated with each compliance-related task? What inherent risks could prevent the achievement of each objective? And what control activities must be put in place to ensure these risks are properly managed? Answering these three questions is an ongoing process as the compliance environment changes, as is following through with the designated control activities.

Enterprise Risk Management Using CLARITY FSR ™

As an integral part of an organization's Enterprise Risk Management process, CLARITY FSR 's Enterprise Risk Management solution helps finance departments and auditors (internal and external) track the compliance tasks, objectives, risks and control activities at any level of detail while highlighting the risks that have a reasonable possibility of preventing the achievement of any objective. CLARITY FSR helps finance departments not only document their risk mitigation approach but also helps them monitor their risk using business rules that track key compliance activities. At all times, CLARITY FSR 's ERM Dashboard provides a real-time view of the status of all risk related activities in the organization.