Risk Management Solution For IDW PS 340 n.F.
Corporater Risk Management solution for IDW PS 340 n.F. audit standard is a digital tool for the early identification, analysis, and management of risk. It enables organizations to implement effective measures following § 91 (2) AktG for the early recognition of risk developments that could jeopardize the company’s continued existence, and to demonstrate compliance with the IDW PS 340 n.F. – audit standard issued by the Institute of Auditors (IDW – Institut der Wirtschaftsprüfer).
Define risk areas that could pose a threat to the company’s existence across all departments, levels, and processes and visualize them on role-based risk dashboards. Define and map out your risk management processes, roles, and responsibilities. Set and monitor your organization’s risk-bearing capacity (Risikotragfähigkeit), assign risk owners, and track the completion of assigned tasks and risk treatment activities across your organization.
The solution works as an integrated system that allows users to detect, analyse, evaluate, communicate, and conduct frequent risk assessments while also putting in place tighter risk controls.
It comprises a risk early warning system (Risikofrüherkennungssystem) that is designed for risk detection, risk assessment, and risk communication. The system also includes Monte Carlo simulation functionality, which allows CROs and risk managers to evaluate the chance of loss using the Value at Risk technique, both on a per-risk basis and in aggregated/consolidated scenarios.
Corporater Risk Management solution for the IDW PS 340 n.F. audit standard can be used alone or in conjunction with other solutions to create a comprehensive integrated risk management program.