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Risk Management System
Risk Management Software
Risk Management Software - Manage risks to people, property, business continuity and reputation. Multi-application Risk Management Operating System. Compliance Management
Compliance & Risk Management - simple & easy compliance.
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Welcome
Risk management software or risk management solutions have been developed into an Integrated Risk Management Information System (I.R.I.S) for business compliance.
The I.R.I.S Software framework provides management collaboration and control of business process and is presently being used by Government Business Enterprises and the private sector in the areas of:
The above areas illustrate just some of the ways in which our software can be used to manage business compliance and risk within corporate Australia.
I.R.I.S is a flexible system that is easily configured, it includes powerful board reporting, workflows, tasks, emails, calendars, libraries, security and many more features for business struggling with excel based systems or multiple databases.
The Company's key product, I.R.I.S., is a web enabled system currently used by both the Government and Private Sector to manage:
To gain access to the I.R.I.S. software you must have been provided with:
- Web address
- Username
- Password
To arrange access please contact Ian Dockeary or call (03) 9882 1896.
Risk Management is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events. Risks can come from uncertainty in financial markets, project failures, legal liabilities, credit risk, accidents, natural causes and disasters as well as deliberate attacks from an adversary. Several risk management standards have been developed including the Project Management Institute, the National Institute of Science & Technology, actuarial societies, and ISO standards. Methods, definitions and goals vary widely according to whether the risk management method is in the context of project management, security, engineering, industrial processes, financial portfolios, actuarial assessments, or public health and safety.
For the most part, these methodologies consist of the following elements, performed, more or less, in the following order.
1. identify, characterize, and assess threats
2. assess the vulnerability of critical assets to specific threats
3. determine the risk (i.e. the expected consequences of specific types of attacks on specific assets)
4. identify ways to reduce those risks
5. prioritize risk reduction measures based on a strategy
The strategies to manage risk include transferring the risk to another party, avoiding the risk, reducing the negative effect of the risk, and accepting some or all of the consequences of a particular risk.
In ideal risk management, a prioritization process is followed whereby the risks with the greatest loss and the greatest probability of occurring are handled first, and risks with lower probability of occurrence and lower loss are handled in descending order. In practice the process can be very difficult, and balancing between risks with a high probability of occurrence but lower loss versus a risk with high loss but lower probability of occurrence can often be mishandled.
Intangible risk management identifies a new type of a risk that has a 100% probability of occurring but is ignored by the organization due to a lack of identification ability. For example, when deficient knowledge is applied to a situation, a knowledge risk materialises. Relationship risk appears when ineffective collaboration occurs. Process-engagement risk may be an issue when ineffective operational procedures are applied. These risks directly reduce the productivity of knowledge workers, decrease cost effectiveness, profitability, service, quality, reputation, brand value, and earnings quality. Intangible risk management allows risk management to create immediate value from the identification and reduction of risks that reduce productivity.
Risk management also faces difficulties allocating resources. This is the idea of opportunity cost. Resources spent on risk management could have been spent on more profitable activities. Again, ideal risk management minimizes spending while maximizing the reduction of the negative effects of risks.
