The financial-services industry has been expanding and improving its ability to handle the increasing needs for business and risk analytics, but most industry executives say their businesses remain unprepared according to an InformationWeek Financial Services Analytics study. Are you prepared?
Lack of data access and integration poses a serious challenge for firms because, in the wake of the crisis, the ability to achieve a comprehensive, enterprise wide view of data and risks across business units, geographies and financial instruments is in high demand. Enterprise risk management is a daunting undertaking for most organizations, but it doesn’t have to be a complex initiative. Here are 3 steps to an effective risk assessment:
- Create a working group that includes a representative from every department. This might include HR, corporate security, information security, facilities, finance and legal.
- Brainstorm events and scenarios that could create risk for the company. This might include information leaks in various departments or a potentially insecure database.
- Rank the risks by likelihood and impact. This step may provide the push to gather new metrics, both within your business and from the outside world for benchmarking purposes.
In addition to these steps, you can streamline your risk assessment by leveraging Microsoft Dynamics® GP in the following ways:
- Use Analytical Accounting for Microsoft Dynamics GP for flexible and extensible reporting on compliance-related information, as well as other important business data.
- Monitor compliance efforts and other business events by creating personal or RoleTailored alerts that keep you informed and prompt you to take action when certain values and conditions occur in a Microsoft Dynamics GP data table.
- Keep tabs on changing business conditions with custom reminders, based on SmartList query results, on your personalized home page in Microsoft Dynamics GP.
- Share compliance information or business performance data by making Microsoft Dynamics key performance indicators (KPIs) available on your company’s intranet site, promoting smart business decisions based on all relevant information.
- Integrate Microsoft Dynamics GP with Microsoft Forecaster to inform realistic budgeting and proactively manage compliance and other business objectives.
Contact us here at IntelliPoint Technologies to learn more about Assessing your Enterprise Risk Management with Microsoft Dynamics GP.
By Kristen Barry with IntelliPoint Technologies, West Virginia Microsoft Dynamics GP Partner