Risk management is often said to be related to compliance management
software, and is specifically designed to lower the over all risks
and security risks which the enterprises normally face. Financial
service terms are the big users of these risk management products
where as other sectors use them to mitigate their risk.
How
does Risk management Software Work?
The software identifies the risks associated with a given set of
assets, communicating these risks to the businesses through the
dashboard screens. All this is done by collecting and collacting the
data across the enterprise IT system, indicating where the risk lies.
The software also reminds businesses to refresh their security when
the events occur. In addition the software also supports the business
continuity identifying the potential and IT breakdowns.
What
are the challenges faced while implementing Risk Management Software?
The IT sectors would have to spend money on the link separate systems
ensuring the business organizations that all the risks can be seen at
one point. This could also involve the communication technology that
could link the systems together in a way that it makes sense to the
other risks data. Organization would have to put a price on their own
risk so that the data could be put to some use.
Where
do these risks come from?
Risk management applications have traditionally deal with
applications which have focused on financial risks, credit risk,
interests rate, and uncertainty caused in the financial markets. The
software can also cover the legal liabilities, accidents, natural
causes, the disasters, and the last but not the least deliberate
attacks caused from the adversary.
Who
uses the software?
Financial organizations, retail and investment banks use the risk
management software. The reason for choosing them is that it varies
from mitigating risks and the financial investments covering the
security beaches and breaks caused in business continuity.
Apart from the other financial and banking services, the other
sectors would also use the software. They could include the IT and
telecom firms, the government and public sector bodies, and the
insurance sector.
Do
the financial firms need to use the software?
Yes. The risk management is the most essential thing to be used by
the financial firms as it is enforced by the Basel 2 accord that came
into force on jan 2008.
Leading
Risk Management Software Firms:
- Care Web
Care web is an complete governance risk and compliance software used
by many well known business organizations including the banks,
hospitals, the manufacturing firms and many more.
- Calypso
Calypso
is a modular Java-based financial trading system which includes
financial risk management as a key component. It is used by major
banks based across the different parts of the world.
For more details visit us at www.care-web.co.uk
