360 Risks form the Risk Register for the Organisation and describes it approach to risk and direction of travel for managers to adopt in their dealings with risk.
Risk Management creates value by ensuring that resources expended to mitigate risk should be less than the consequence of inaction
360 Risks was built with London Fire Brigade to model best practice for Risk Management across Organisations. The aim is to increase the likelihood that the organisation will succeed due to superior risk management systems and processes being in place.
Key features
- Corporate risk register
- Quality assure periodic evaluation of risks
- Preventative Controls - Triggers - Risk detail - Impacts - Mitigation Controls
- Risk actions
- Audit changes
- Probability / severity matrix
- Risk bow-tie report
- Risk appetite thresholds
- Risk profiles for organisation units
- Risk category reporting
- Export reports to Word and Excel
- Dashboard of risks I am involved with
- Dashboard of risks for colleagues and organisational units
- Create your own basket of risks to report against
- Integrates with 360 PMF as a Performance Management Framework application
How does this help with risk?
- Ensures risks are pro-actively managed in specific areas or activities
- Provides oversight of risk management in the organisation
- Enables quality assurance of an organisation's risk management
- Reports to stakeholders through regular risk review panels
- Manages risks through measurable risk action plans
- Questions the value of risk mitigation measures
- Challenges the risk appetite of the organisation in times of change