T H E S H I F T F R O M R I S K M A N A G E M E N T T O R I S K A S S U R A N C E

Puzzled with Risk Assurance?

Organisations of all sizes tackle risk everyday.

It’s a “risk-taker-culture” which progresses us forward and really drives business growth. Then there are the type of business risks you just don’t need in your business.

The type of risks which are born from within the business or infiltrate your business when using internal or external Suppliers, such as vendors or any other type of 3rd party supplier for goods and services.

Having a solid strategy around your risks is key to a successful business.

You may be faced with using traditional risk management methodologies and tools causing confusion.

Businesses understand they have to live with the dynamics of risk that exists all around them.

These potentially damaging business risks managed through traditional methodologies, places ever increasing new demands on a businesses resources.

As businesses move through increasingly complex relationship landscapes with an ever-growing list of regulations and a constantly changing set of requirements, inaccurate outcomes will become a reality.

The crossroads a business then needs to consider is;

“How do we manage introduced risk and learn to achieve Risk Assurance?”

Businesses would prefer not to manage risk through spreadsheets, emails, loose hard-copy documentation or even a specialised GRC box. It places additional strain on internal resources creating impact on core duties and other responsibilities.

Managing relationship risk manually, can cause issues due to the distant and transactional nature of communications; placing further strain on a business’s ability to achieve and observe true risk assurance which is such an imperative in todays business environment.

Are you managing business risk through ? • Spreadsheets • Share-drives • Hard-copy documentation • Emails • GRC box

1. Traditional Risk: Continue to manage risk manually or through a GRC Box?

Businesses are then simply faced with 2 choices.

Our solution shifts risk thinking from the traditional “reactive risk” approach to a risk assurance model through collaborative sharing. Sharing of risk knowledge brings together all counter-parties in the relationship to work together to quickly assess risk and assist where needed.

Relationships. Risk. Simplified.

We have created a ‘Collaborative Community’ platform allowing businesses to immediately realise risk assurance through sharing risk knowledge amongst subscribers of the community.

Collaborative Community delivers true Risk Assurance

2. Simplified Risk: Shift managing risk to a ‘Collaborative Community’ platform solution

Community

Collaborative Platform

Business Units

Simplified Risk:Collaborative Community Platform Solution

Collaboration with real-time updates by Suppliers keeping them accountable.

Community platform keeping up-to-date risk knowledge.

Pre-Assessed community of “collaborative risk knowledge” for instant onboarding.

All on-line and available in one place with up-to-date Supplier profiles.

Instills an ongoing program to ensure Suppliers maintain their certified and compliant services.

After a set period of time, risk mitigation plans are followed up by our partner Vivid Security. Fully tracked so remediation actually happens.

Always-on-connection with the community in a collaborative supportive manner of working together.

Relationships. Risk. Simplified.

Traditional Risk:Manual methods or GRC Box

Complex to manage, time consuming, continual need to chase Suppliers. (incl vendors / 3rd Parties)

Annual assessments and shifting requirements are costly and typically manual.

Start from scratch, resource intensive and highly time-consuming.

Informal manual processes are costly and the results are inconsistent information, producing risk gaps.

Lack of repeatability and traceability for assessing Suppliers with no basis for recommendations.

Unstructured follow-up actions create the potential for security exposures which are never fixed or tested.

Disconnected centralised assessment programs from Suppliers lacking collaboration, creating communications issues and complexity.

Overheads. Costly. Complicated.

Assessments

Assessment Lifecycle

Supplier Onboarding

Supplier Inventory

Industry Checks

Remediation Tracking

Collaboration

We are here to help your business.

Vivid Assurance is at the forefront of disruptive thinking when businesses think about business risk.

We’re turning risk management on its head by delivering risk assurance knowledge through a collaborative community of subscribers, greatly reducing the workload for everyone involved. We are helping companies deal with their risk problems by extending their reach within their relationships.

This extended reach is achieved through our Collaborative Community Platform that brings together the end-to-end assessment and assistance required to find and fix risk related issues within relationships. The collaborative community approach delivers immediate results for our customers by sharing risk knowledge attained through the collective subscribers efforts to share their assessment results.

Our company is committed to assisting all business with implementing risk assurance throughout their relationships.

About Vivid Assurance

For more information please visit our website

www.vividassurance.com.au