Risk Management Software

Enterprise Risk Management Software

Risk Management Software

RISK MANAGEMENT SOFTWARE Risk management software is a software designed primarily to limit, reduce or lower the risk and security lapses, which organizations are exposed to in their day to day activities. This software is also known as compliance management software. The software works by way of identifying potential risks of an asset, wrong decisions, security breaches etc., within the IT system and alerting an Organization on where the risk lies. Such Organization can then control the risk. They also warns Organizations of impending IT breakdown which can seriously affect its operations. Bank and non-bank financial institutions uses risk management software more than organizations in the other sectors of a free enterprise economy. They are even more careful with the lessons learned from "Rogue Trader Nick Leeson" incident. The type of risks that the software is designed to guard against are: The regulatory agencies in some countries (Central Banks, Deposit Insurance Corporations) make it mandatory for Bank and non-Bank Financial institutions to have this software installed. Basel II Accord is an International Regulation put forward by International Committee on Bank Supervision to make sure that Financial Institutions that carries Riskier Assets provide enough Capital against that risk than those with safer portfolio. It also stipulates that Financial Institutions should publish a statement of risky investment and risk management practices. * Interest rate Risk * Credit Risk * Uncertainties in Financial Market * Attacks for Organization's Adversaries or Enemies e.g. DDOS attack. * Legal Liabilities * Product Failure * Data Breach Risk etc. Below are some risk management software firms and their products: * Symbiant "Symbiant" is a software developed by software giant, Symbiant. It is preferred by users who are interested in the reduction in cost and effort needed to manage risk. It has a standard based approach to businesses system management. The software has necessary tools put in place to promote compliance and overall performance. * ENABLON "Incident Management" is another risk management software, developed by Enablon. It is integrated with the following features: compliance management, incident management, greater operational risk control etc. * EMEX "EMEX EHS Solution" is a software developed by EMEX, another software risk management firm. It is designed to create a web based solution in the area of efficiencies and compliance and ensure they are being effectively managed. * FAST TRACK "Fast Track" risk management software is owned by a firm called FAST TRACK. It is known to be very effective in the area of regulatory compliance in mission critical environment e.g. ISO9001, ISO14001 etc. Risk management software like Symbiant, Calipso, Entropy, Incident management and Emex are very rich in risk management and Compliance. They are preferred by some giants that integrated financial trading system in their platform. Other risk management software e.g. Analitica, Emex EHS Solution, Entropy and A1 Tracker are also used by organizations in their quest to manage their risk. The above software products are just stated to mention but a few as there are many others within the software risk management specialization.

Audit Management Software

Audit Management Software. Audit Management Software is a software designed by experts who combined knowledge of accounting & auditing with that of information system. Many audit software, otherwise known as software audit tools are very sophisticated and are designed to take care of every aspect of audit management. Audit, been a statutory requirement of an organization, can be defined as: Examination and verification of the books, records and assets of an organization, in order to express an opinion. The auditor’s opinion will be on: (1.) Whether the books and records were properly and correctly kept or not. (2.) Whether the revenue account, profit and loss account, reveal the correct trading result of an organization or not. (3.) Whether the balance sheet shows the correct position of assets and liabilities as at a certain date or not. Audit management is the responsibility of audit managers and their audit teammate in an audit firm for external audit and the responsibility of audit personnel in an internal audit situation. A good Audit management software or auditing software as the case may be, should have components like: inventory management or inventory software, payroll management, asset management etc. These various components are then integrated and made to work together for system auditing and to produce needed result. The advantages of using audit management software cannot be over emphasized. Audit firms that wants to comply with industry’s best practices and can afford the cost of audit management software, with associated cost of training its members of staff, normally make use of audit management software. Audit management software reduces manpower cost as an audit assignment that can take two weeks to accomplish can be completed within four days for example. It makes audit report writing process easy for auditors. It is a good innovation about the way audit work is conducted and an audit firm that uses audit management software is considered to be better and more sophisticated than others who does not automate their audit procedure. We shall look into whether the use of audit software is mandatory or compulsory and should be used by audit firms. The only statutory requirement in most countries of the word is audit. An organization like limited Liability Companies and Corporations must be audited every year upon presentation of its accounts to the auditors by the directors of such organization. The auditor is expected to present audit report, otherwise known as management letter to the directors and the directors must present the report to shareholders in an annual general meeting. The auditor must also file annual returns for taxation purposes. The auditor is not statutorily required to use audit software in other to do his work. The use of audit software is a recent phenomenon. Many auditing firms are still using manual method to do their work. However, there are numerous advantages of using audit management software which has made its use worthwhile for audit firms. Let us now look at some audit management software as a guide for prospective users: (1.) Symbiant: This software is popular because of its ability to handle any type of Risk and audit, internal audit, external audit and third party audit. (2.) Audit Management Software Systems: This another audit management software that can be used to audit organizations like life science and regulated companies, where regular audit is necessary in order to comply with safety and quality requirement. (3.) Policy and Procedure Management: This software was designed by a company called ComplianceBridge. The software is simple and easy to use and it is very good in the area of monitoring, auditing policy compliance and reporting. (4.) ACL Analitics Exchange: This is a software owned by ACL Services. It was designed for centralized projects and control monitoring. Other audit management software are: AuditPro, AUDITworks and Compliance manager, to mention but a few. The use of audit management software requires training and re-training of members of staff of audit firm. The training are expected to be provided most of the time, by the company that designed each software and in some cases by consultants.

Risk and Audit Software
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Everything you need for Risk and Audit

Incident Reporting, Risk Workshops, Risk Registers, Control Management, Document Management, What if Scenarios, Risk Actions, Working Papers, Audit Planning, Action Tracking, Questionnaires.

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Risk management Software

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Audit management Software

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Audit management Software

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Risk and Audit Management Software

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Audit planning and Action tracking
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Audit and Risk Management, All modules
Everything from Audit and Risk
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Enterprise selects Symbiant Risk Suite
Enterprise who are the UK's largest dedicated provider of maintenance and front-line services to the public sector and utility industry have chosen Symbiant Risk Suite to manage group risk management across its 150 locations. Enterprise who have over 13,000 employees and a billion pound turnover needed a product that was easy to embed but was flexible enough to satisfy the requirements a modern risk program requires. Risk Suite ticked all the boxes.
Emerson selects Symbiant Risk Suite and Symbiant Tracker
Emerson the global manufacturing and technology company who are listed on the NYSE have selected Symbiant Risk Suite and Symbiant Tracker as their Risk Management software solution and audit action tracking solution. They particularly liked the simplicity of our solutions and the way risk suite opens an environment where people are allowed to be negative so users can give honest opinions about risks and potential issues that may be due to the failings of other employees.
Gartner make Symbiant a Cool Vendor
Gartner who are the worlds leading information technology research and advisory company were so impressed with our Software they have made us a cool vendor. They recognised how the Symbiant Risk Suite and Symbiant Tracker facilitate collaboration which is an essential part of successful risk management. They were also very impressed with our low pricing structure and how they are exceptionally good value for money by saying our software was extraordinarily inexpensive. A copy of the report can be purchased directly from Gartner
BUPA gives Symbiant Tracker the all clear
BUPA the healthcare specialist have chosen Symbiant Tracker for Audit Action Tracking. After a long and stringent evaluation, involving staff across the world it was decided that our solution was just what they were looking for.
PSS the Social Care Charity selects Symbiant Risk Suite
PSS are a charity that provides dynamic social enterprise for community social and health care services across Britain. An example of yet another charity with limited financial resources being able to benefit from our fair pricing structure.
Banque Populaire du Rwanda chooses Symbiant Tracker
The bank is one of the main commercial banks in the Republic of Rwanda. Rwanda is one of the worlds poorest countries and for one of its high street banks to select Symbiant Tracker as the audit action tracking solution is testament to the cost savings gained by our software.
Concern WorldWide chooses Symbiant Tracker
Concern WorldWide have selected Symbiant Tracker as their Audit Action Tracking solution. They needed a solution that was easy to use as well as addressing all their regulatory requirements. As well as a solution that could be accessed from any where in the world.
Europe Arab Bank selects Symbiant Tracker to replace Team Mate
Europe Arab Bank who is part of the Arab Bank Group has chosen Symbiant Tracker as their new Audit Action Tracking solution. They previously used Team Mate but found Tracker a much better product to use and better suited to their demanding requirements.
Gulf Warehousing opts for Symbiant Risk Suite
Gulf Warehousing is the a leading service provider in Qatar for 3rd Party logistics services and as such they needed a comprehensive risk management solution and found Symbiant Risk Suite ticked all the boxes.
DCC the industrial holding company selects Symbiant Tracker for the groups audit action tracking
DCC the publicly listed industrial holding company has chosen Symbiant Tracker as the groups audit action tracking software over Teammate and auto audit. They liked the purity of Tracker and how it was a powerful yet easy to implement solution.
Hollybank Trust selects Symbiant Risk Suite
Hollybank is a Yorkshire charity with a national reputation for excellence who work with some of society's most vulnerable members and we are proud that they have selected Symbiant Risk Suite to help them meet their risk management requirements
Symbiant Risk Suite is the natural choice for Save the Children
Save the Children, the world famous childrens charity has opted for Symbiant Risk Suite after the success they have had with Symbiant Tracker. Being a charity they need solutions that offer value for money and will provide internal savings and improved efficiency.
Beaufort Underwriting Agency selects Symbiant Risk Suite to help them comply with the Level 2 Measures on Solvency II
Beaufort who are part of the Munich Re group have chosen Risk Suite to form the risk management framework to support the EU Solvency II compliant internal model. Solvency II is an EU requirement for capital adequacy for insurers from 2012.
Radian Group chooses Symbiant Risk Suite as its risk management software solution.
Radian who is one of the UK's largest housing associations with an annual turnover of 100 million selected Symbiant Risk Suite to help them improve their internal risk management process.
Alberta Health Services improve efficiency with Symbiant Tracker
Alberta Health Services the Canadian government Health board have chosen Symbiant Tracker for Internal Audit Action Tracking and to improve their statutory government reporting requirements. Trackers extensive reporting capabilities were exactly what they needed to improve their current system and become compliant with government requirements. The previous spreadsheet based method had become un-manageable and very expensive to run. A perfect example of spend a little, save a lot.
MTN Africas Largest Mobile Phone Company Selects Symbiant Tracker
MTN who are Africas largest mobile network provider have selected Symbiant Tracker to improve Internal Audit Action Tracking. This is another example of how businesses in Africa are replacing in-effective make-shift solutions such as spreadsheets to improve internal controls and efficiency.
World Famous Department Store Chooses Symbiant Risk Suite
Famous for having Royal as well as some of the Worlds wealthiest people as customers this major London department store has selected Symbiant Risk Suite for the group's internal Risk Management Software solution. The company who have a reputation for quality and customer satisfaction look for the same virtues in their suppliers and the products they choose.
Yorkshire Building Society Chooses Risk Suite
After a very lengthy review process the Yorkshire Building Society have selected Symbiant Risk Suite as their new Risk Management Solution. They choose Risk Suite as it offered all the features a modern bank needs and allows them to look forward at possible future risks. This was one of the issues that caused the near collapse of the western banking system.
United National Bank Ltd selects Risk Suite
The London and Bradford based Pakistani owned United National Bank has selected Risk Suite for their Risk Management Solution.
National Bank of Malawi chooses Risk Suite
The National Bank of Malawi has purchased a license for Symbiant Risk Suite, this is a major step forward for African banks who may have learnt from the mistakes the western banks have made recently. The banks will use Risk Suite to help them meet their SOX requirements.
Scapa Group plc Chooses Risk Suite and Tracker
Scapa Group has selected Risk Suite and Tracker for their Risk Management and Internal Audit Solutions. Scapa are a manufacturer of a wide variety of standard and custom-engineered adhesive films and tape.
Symbiant Tracker Version 4 Launched
With the feedback and comments we have received from The Bank of England and other Tracker users Symbiant Tracker v4 has many new features including the ability for an issue to have many parts. This latest version of Tracker is a total re-write on previous versions and has more flexibility and functionality on previous versions. We have taken on board all users comments and created a solution to fit all industries and business models. The many to many to many relationships allows a single issue to have multiple recommendations and each recommendation to have many actions, each assigned to different assignees with different action by dates. See http://www.symtrack.com/docs for an overview.
New Version of Risk Suite Launched
From our users feedback we have added new requested features and released Risk Suite version 2. To see what is new see the overview document at http://www.symrisk.com/docs
Redrow Group PLC chooses Risk Suite
Redrow the Builders have selected Risk Suite as their Risk Management solution. Redrow previously used a top 5 accountants to manage the companies risks but decided doing it in house would save the company hundreds of thousands of pounds. They say Risk Suite will pay for itself in the first few months.
Maitland Group chooses Risk Suite
After a long tender process Maitland Group who offers Legal Advisory, Trust and Corporate Services, Asset Management and Fund Services have chosen Risk Suite. Maitland has offices throughout Europe and South Africa will be using Risk Suite to bring all the different departments Risk management under one umbrella and unify the companies risk management.
University use Risk Suite as Teaching Tool
The Cape Peninsula University of Technology in South Africa are using Risk Suite as a teaching tool to show students how risk management should be done correctly. The university supplies students for major firms in the area including, Sanlam and Old mutual insurers. Price Waterhouse Coopers, Ernst and Young as well as KPMG.
Partnership Assurance Adds Risk Suite to Tracker
Partnership Assurance who are one of the UKs leading providers of financial products who last year purchased a Symbiant Tracker license have now purchased a license for Risk Suite. They were so impressed with Tracker that Risk Suite already had the edge when they needed a Risk Management solution. They already knew our service and products were second to non.
Symbiant Tracker Version 3 Launched
With a user base of over 200 Tracker has been well received by the business community world-wide and we have had significant feedback from our clients suggesting many improvements. Symbiant Tracker v3 includes all the nice to haves and modifications our users have asked for keeping it well in front of similar products on the market.
Washington State Department of Revenues (IRS) opts for Tracker
The United States Department of Revenue in Washington have chosen Symbiant Tracker as their internal audit tacking solution. Being a US government department they have a policy to buy from US based companies. Symbiant Tracker is the first non-USA package they have ever purchased.
Nordben Life & Pension Insurance Chooses Risk Suite
Nordben Life & Pension Insurance the Guernsey based insurance company have selected Symbiant Risk Suite as their Risk Management Solution. Their accountants who are one of the big 5 recommended our solution as the best offering for value and features.
The NHS Information Centre opts for Risk Suite
Symbiant Risk Suite has been chosen has the Risk management Solution for The NHS Information Centre for Health and Social Care. They said our solutions won on price, flexibility and comprehensiveness. It wasnt a hard decision to make, Risk Suite offers much more and costs a great deal less than the other solutions. See http://www.symrisk.com
ICAEW Endorse Risk Suite and Tracker
Europes largest professional accountancy body, The Institute of Chartered Accountants in England and Wales (ICAEW) endorse Symbiant Risk Suite and Tracker. This is the first time the institute have endorsed a product which reflects the quality of the products and benefits the offer to the companies that use them. The institute will also be using the solutions for themselves.
Risk Suite General Launch
After 12 month in the field testing by various companies including KPMG LLP, Symbiant Risk Suite is launched for general release. User feedback has been substantial and the final released model meets everyones approval as a ground breaking solution. Further development will continue as new users give more feedback. See http://www.symrisk.com
Symbiant Risk Suite Launched
Symbiant Risk Suite version 1 has been released for pilots. Risk Suite has been in development for 2 years to fill the void in the risk software market for an affordable, easy to use and comprehensive risk management solution. Like Symbiant Tracker, Risk Suite is web based and includes all the elements required for companies to have a robust risk management ethos. As with Tracker the solution will evolve from user feedback. See http://www.symrisk.com
Symbiant Tracker Launched
Symbiant have launched the worlds first web based action tracking solution specifically for internal Audit. Working with guidance from KPMGs Internal Audit department Tracker allows internal audit departments to track issue actions and recommendation through to completion. The tool gives ownership of actions with action by dates and sends automated emails to the relevant parties. Auditees keep the action progress updated so IA can see the current status of issues at all times. Tracker is designed to save Internal Audit departments time chasing issues and make them a lot more effective and implementing new issues. See http://www.symtrack.com




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