Risk management is a hot topic in the German market. As auditors are standardizing their efforts to revise risk management systems of company’s based on the new “IDW PS 340 standard” companies are required to set up a early warning risk system to detect developments that could jeopardize the company’s existence. In order to follow the standard companies are required to proactively monitor the company’s risk-bearing capacity, perform assessment, aggregation and simulation of risks and show the implementation of measures across processes, departments and projects.
Results of IDW PS 340 benchmark study by RiskNETFor many companies, adopting the revised IDW PS 340 audit standard requires a revamp of their entire risk management program but also offers the chance to look for new integrated risk-, compliance and information security software.
Corporater, in collaboration with RiskNet, conducted a benchmark study on IDW PS 340 to learn where companies stand in terms of their current risk management practice. The study covers the following topics:
- Degree of the fulfillment of the requirements from IDW PS 340
- Implementation of a process for identifying, assessing and aggregating risks
- Obstacles in the implementation of a “lived risk culture”
- Software support for a future proof risk management system
In his interview with RiskNet, Steffen Schürg, Director Integriertes Risikomanagement GSA at Corporater, shares some of the key takeaways from the study.
Corporater Risk Management solution for IDW PS 340 n.F
Corporater Risk Management solution for IDW PS 340 n.F enables organizations to take a risk-based approach that seamlessly connects various management systems in the area of risk, compliance, strategy and performance. The solution comes pre-configured with all necessary tools and functionalities, such as risk assessments, risk evaluations (including Monte Carlo simulation), and risk reporting. The holistic approach based on one management platform helps reduce redundant work and demonstrates compliance with international standards like Information Security (ISO 27001), Compliance Management (ISO 19600), Environmental Management (ISO 14001) and best practices (e.g. COSO).