How Enterprise Risk Management Varies Across Industries
Over the last decade, there has been a rapid spread of enterprise risk management (ERM) across a broad range of industries. As ERM becomes a more common business practice, many companies are realizing the benefits of an enhanced risk management program.
Implementing such a program, however, is not easy. There are many organizational, technical and regulatory barriers to overcome that vary from industry to industry.
The Industry Determines the Risk
An industry determines how a company must operate and determines how a company’s risk framework should be structured based on the industry’s most prevalent risks:
A bank manages market and credit risk more than other institutions
In the healthcare industry, pharmaceutical companies and medical parts manufacturers will focus on managing research and development and regulatory compliance to assure patient safety
Energy companies prioritize value protection, while oil and gas companies emphasize the importance of stability
Manufacturing companies’ primary concerns are safety and business continuity
Consequently, an organization’s risk management program must address its industry risks. Due to the array of cultures, market niches, and methodologies, even comparable organizations in the same industry implement ERM differently.
Procipient® Aligns with Internal Business Practices
Procipient® is a customizable ERM/GRC solution that fits any company, institution or situation. The SaaS software is designed to easily scale as companies grow and develop their risk management programs.
Procipient® allows customers to align their automated ERM software with their internal processes by customizing pre-built enterprise risk frameworks. The flexible ERM risk framework builder has a content-tree structure that is intuitive, easy to use and adaptable to a variety of risk management strategies and programs.
For example, in the healthcare industry, the cybersecurity framework template is ideal for pharmaceutical companies looking to protect proprietary information. Medical manufacturers benefit from the framework’s ability to link their policies and controls to federal and state laws, guidelines and compliance requirements. For energy, the Department & Process Risk framework can be used to standardize best practices. In the financial services industry, institutions often use framework templates designed around regulatory guidance from regulators like the OCC and FFIEC.
Procipient®’s framework templates provide a well-developed starting point or a unique framework can be configured according to a customer’s preferences. Not only can customers easily take advantage of Procipient®’s user-friendly configurability but many Procipient® customers also choose to work with Procipient® expert setup consultants during implementation to save time and gain additional insight.
Procipient® is an ERM/GRC solution with the agility and flexibility to align with any company’s ERM processes, regardless of industry. If you want to see how the software’s universal evaluation framework can help you build ERM automation and advanced workflow that fits your business, contact our team today for a demo.
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