GRC Risk Management Software : An essential part of successful project management.
What is project management? A project management process is an administration process for the planning and control of the services or the implementation of a project. There basic phases of a project management are initiation, planning, execution, performance monitoring and closing.
What are risks in a project?
Risks have threatened every business, not just its specific unit or process since ages be it of any specific field. However recently a lot of concern and attention is being paid on risk management. Risk can be defined as an unexpected condition or event, if it occurs, has either a negative or positive effect on the project’s objectives (mostly negative) and it is one of the ten knowledge areas in which a project manager must be competent. There are five steps to risk management:
- Identification of the risk
- Analyzation of the risk
- Evaluation of the risk
- Treatment of the risk
- Monitoring and review of the risk
One of the most trustworthy, highly recommended, efficient, modern and effective piece of software in this regard is the GRC risk management software which is used and highly reviewed by companies like Kirloskar, Tata Consultation Services, Lifestyle, Shopper Stop etc.
LERMS® i.e. Laser Risk Management System is known to provide a central risk management system which is not just used to identify risks, but also to evaluate their impact. This then allows to mitigate the controls and track their resolutions. In the long run, it helps to establish a culture of risk management in your organization so that you are prepared to achieve the long term business goals by avoiding unexpected surprises along the way.
What are the features of LERMS?
Reports
Generation of professional documents which are structured and formatted, and can be used for presentations on the go.
Generation of reports like Percentage Completion, Risk and Mitigation Plan Status, Risk Mitigation Effectiveness, YOY risk category, comparative risk profiling and many more.
Risk Register
Creation and recording of strategic and operation risk across all the touchpoints of activities. Editing, filtering and closing risk registers.
Automated and color coded risk registers as per different categories and its features.
Automatic calculation of risk scores based on impact and likelihood.
Capturing of detailed information like the time consumed, how much it will cost the organization and many more
Total Control Over Masters
The LERMS administration has the flexibility to customize and configure the main system as per the specific requirement of the organization. Creation and management made easy.
Dashboard
The dashboard provides high quality and crucial information such as the top risks, average risk score for various functions, category wise risk score etc.
And many more features like: Survy Tool, Control, Risk Mitigation action plan, reminders and escalation and much more.
What are the benefits of using GRC risk management software?
There are five steps to risk management:
- Simple platform which can be used with ease, and also provides central access to all the risk related information and allows efficient management.
- Increase risk mitigation effectiveness
- Real time updates
- Accurate
- Helps in prioritizing tasks