Risk Management Software for IDW PS 340 n.F

Establish a solid risk management governance to protect your business from risk and threats, demonstrate compliance, and ensure your company’s continued existence.

Risk Management Software for IDW PS 340
Take a proactive approach to risk management to demonstrate compliance with IDW PS 340 audit standard

Manage risk in an integrated manner with Corporater Risk Management software. Establish an efficient risk management system (Risikomanagementsystem) for early detection of existential risks. Clearly define roles and responsibilities for risk identification, assessment, and mitigation. Demonstrate that appropriate measures have been taken to proactively identify and manage risks.

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Corporater 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 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 demonstrate compliance with the IDW PS 340 n.F. – audit standard issued by the Institute of Auditors (IDW – Institut der Wirtschaftsprüfer).

The solution functions as an integrated system where users can identify, analyze, evaluate, communicate, and carry out regular risks assessments and set up stronger controls on risks. It includes an early risk warning system (Risikofrüherkennungssystem) designed specifically for risk identification, risk assessment, and risk communication. The solution also comes with Monte Carlo simulation functionality, which enables CROs and risk managers to estimate the probability for loss according to the Value at Risk methodology – both on the individual risk level and on aggregated / consolidated scenarios.

Corporater Risk Management solution for IDW PS 340 n.F. audit standard can be used as a point solution or in combination with other solutions to form a holistic Integrated Risk Management program. Built on Corporater Business Management Platform, the solution can be also further extended to other business management areas within the GPRC domain, such as compliance management, performance management, business continuity, or internal audit, all within the same system.

Solution Features

  • Intuitive user interface
  • Operational risk governance in accordance with IDW PS 340 audit standard
  • Risk dashboards
  • KRIs, KPIs, and other metrics
  • Early risk warning system (Risikofrüherkennungssystem)
  • Risk assessment perspectives (asset risk, process risk, external risk, operational scenarios, legal risk, compliance risk, a.o.)
  • Risk simulation (including Monte Carlo simulation)
  • Automated risk assessment workflows
  • Risk mitigation workflows
  • Risk treatment
  • Risk inventory (internal and external risk)
  • Risk taxonomies
  • Risk data upload via integration and manual input
  • Risk consolidation & aggregation from external systems
  • Incident management incl. loss/near-loss events
  • Qualitative and quantitative risk assessments of internal and external risks
  • Risk Control Self-Assessment (RCSA)
  • Integration with underlying risk and information systems
  • RegTech connectors for relevant compliance frameworks
  • Risk analysis (including scenario analysis, correlation, and sensitivity analysis/contribution)
  • Risk context
  • Risk data visualization
  • Risk monitoring
  • Risk appetite
  • Risk modeling
  • Risk evaluation
  • Risk-bearing capability
  • Risk response
  • Risk reporting
  • Improvement database
  • Control activities
  • Surveys
  • Document management
  • Version control
  • Audit log
  • Alerts and notifications
  • Customizable branding
  • Access control / permissions
  • SSO

Solution Benefits

Establish a holistic risk governance

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 completion of assigned tasks and risk treatment activities across your organization.

Foster a risk-intelligent culture

Cultivate a risk-aware culture by communicating identified risk across your organization. Ensure a proper flow of information in connection with developments that could threaten your company’s continued existence. Set up automated notifications for status of current risks and newly identified risks. Communicate risk internally across your organization and to the regulatory body (i.e., Board).

Identify and assess risks

Build and maintain a centralized risk register (risk inventory) to have a complete and current overview of your risks. Analyze, rank, and continuously quantify identified risks based on their probability of occurrence and quantitative effects (e.g., amount of loss). Capture qualitative and semi-quantitative (ranges) consequences and opportunities in the same system environment. Use simulations to determine risk probability and impact more accurately.

Evaluate risks through risk aggregation and simulation

Systematically evaluate identified risks against your defined risk thresholds. Map out risk interdependencies and which risks pose a particular threat in combination with other risks. Evaluate risks through risk aggregation using built-in simulation methods (including Monte Carlo simulation). Assess whether individual risks, which, viewed in isolation, are of subordinate importance, can aggregate in their interaction or through accumulation over time to form a risk that could endanger the continued existence of the company. Include risk data in your forecasting to estimate profits and losses.

Take action on identified risks

Take appropriate action to minimize risk impact — risk avoidance, risk reduction, risk-sharing, or transfer. Define custom risk management actions and document all decisions in a clear manner. Set up automated notifications to communicate assignments, responsibilities, approval status, and overdue tasks.

Establish risk monitoring system

Enable your internal audit department to regularly identify and support risky developments in the company. Conduct internal audit and regular checks of your risk management system to ensure efficiency of processes and that your reporting limits are up to date. Ensure that improvement measures are taken, and deficiencies are eliminated. Generate comprehensive reports on all risk areas, continuous application of measures, and compliance with integrated controls.

Automate and streamline risk reporting process

Generate and distribute comprehensive risk reports in a variety of popular formats including Word, Excel, PPT, and PDF. Create a standardized reporting process based on concrete responsibilities, periodicity, thresholds, and reporting formats. Set up immediate deployment of reports for urgent risks to ensure the Management Board and / or executive party is promptly notified.

Demonstrate individual accountability

Raise standards of governance by empowering your employees to become more accountable for their actions. Demonstrate that roles and responsibilities are properly communicated and documented. Evidence that your organization has sufficient resources (people and technology) available for risk management. Validate that your appointed task managers fulfill the necessary personal and professional requirements.

Grow into the future

Corporater Risk Management solution can be further extended to other areas of business management including governance, performance, and compliance, all within the same system. Easily integrate Corporater solutions such as Internal Audit Management, Regulatory Compliance Management, Performance Management, and others. Connect all your business units, standardize processes, and function more efficiently as a connected enterprise.

Risk Management Software for IDW PS 340
  • SaaS, on premise, or private cloud deployment
  • Industry-leading security for your data
  • Flexible configuration and customization
  • Rapid implementation
  • Ongoing support and innovation

Key Capabilities

Corporater Risk Management solution for IDW PS 340 n.F. comes pre-configured with best practice frameworks, templates, and functionalities needed for an effective risk management.

Risk Dashboards

Create custom risk dashboards to have a complete overview of risks, their potential impact, options for risk mitigation, and more.

Risk Planning

Keep your organization prepared for the unexpected with Corporater risk planning and early risk identification.

Risk Identification

Continuously identify risks in various ways — from forms, data integrations, or user input — and record them in a centralized risk register (risk inventory).

Risk Assessments

Analyze, evaluate, and respond to your risks. Corporater supports quantitative, qualitative, and semi-quantitative risk assessments.

Risk Monitoring

Monitor identified, residual and secondary risks, take a corrective action, and measure effectiveness of your response.

Risk Reports

Generate custom risk reports and submit them through review / approval process. Include visual elements such as graphs and risk heat maps.

Risk Register

Build and maintain a centralized risk register (risk inventory) to have a complete and current overview of risks across your organization.

Risk Simulation

Use Monte Carlo simulation to estimate the Value at Risk (VaR) and compare it to your organization’s risk bearing capacity.

Alerts & Notifications

Create custom alerts to notify key stakeholders when a KPI moves above or below a specified threshold, when a goal is reached, or when a new issue arises.

Ready to get started? Request your free demo today.

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Why top organizations choose Corporater

Deployment of your choice

Select deployment option that fits your needs: SaaS, on premise, or private cloud.

Powerful Data Integration

Integrate data from various sources to have a full picture of your business.

Flexible Configuration

Have it your way – create a solution that fits your specific business requirements.

Rapid Implementation

Get up and running in weeks, not months, with Corporater ready-to-go accelerators.

Industry-leading Security

Corporater is VL5 Veracode Verified and offers the highest level of security.

World-class Customer Support

We are here for you with premium support and continuous innovation updates.

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