BarnOwl

ENTERPRISE RISK MANAGEMENT SOFTWARE

The BarnOwl risk management module facilitates a structured and systematic approach to risk management by providing an effective way of prioritising and managing risk and opportunity across the organisation in pursuit of business objectives and strategy. BarnOwl provides a unified view of risk and gives management and staff at every level the ability to identify, assess, manage, monitor and report on risks.

BarnOwl provides an early warning system, drives ownership for risk mitigation, and delivers risk intelligence reporting assisting with business growth and sustainability. The BarnOwl risk management module supports and embeds best practices frameworks such as COSO, ISO31000 and The National Treasury Framework.

 

Risk Management Process

Establishing the Context

  • External and Internal context setting
  • Identification of objectives at the
    various levels of the organisation
    (strategic, business and functional)
    including interdependencies

 

 

 

Risk Identification

  • Identify processes risks, controls
    and optionally contributing factors,
    key indicators and consequences
    associated with objectives at every
    level of the organisation including
    interdependencies
  • Maintain a centralised library in
    support of a common risk taxonomy
    driving consistency across the
    organisation

Risk Analysis, Evaluation and Assessment

  • Inherent rating of risks qualitatively
    and quantitatively
  • Identification and rating of controls
    (adequacy and effectiveness)
  • Residual rating of risks qualitatively
    and quantitatively mapped against
    risk appetite and tolerance
  • Automation of risk and control
    self-assessments
  • Automation of checklists and surveys

Risk Treatment and Execution

  • Control effectiveness in both
    design (adequacy) and operation
    (effectiveness)
  • Action plans with due dates and
    responsible owners
  • Automated reminders, notifications
    and escalation emails and online
    completion of action plans with full
    audit trails

 

Monitoring and Review

  • Capturing and analysis of incidents,
    loss events, lessons learnt etc
  • Automated risk reassessment
    notifications as a result of changing
    controls, KRIs, incidents and
    child-risks.
  • Monitoring and reviewing that
    the risk control and treatment
    measures are effective in both
    design (adequacy) and operation
    (effectiveness)

Reporting

  • Flexible report writer, heat maps,
    trends, scorecards, bowtie etc.
  • Consolidated reporting with drill
    down into business units / functions
    and processes
  • Combined Assurance reporting
  • Advanced analytics and business
    intelligence

 

 

Benefits of using BarnOwl Risk Management

  • Facilitates and embeds risk management in your organisation making risk management a ‘living’ activity which is integrated within the business and its operations.
  • Incorporates built-in best practice frameworks such as COSO, ISO31000 and the National Treasury framework.
  • Enables a simplified and streamlined approach to risk management with consistent risk taxonomy and centralised risk library.
  • Supports the automation of risk and control self-assessment voting, surveys and checklists.
  • Enables ‘live’ updating and monitoring of action plans.
  • Facilitates an integrated approach rather than a silo-driven approach to risk management by linking related risks across the organisation and monitoring the knock-on effect of risks, key risk indicators, incidents, controls, causes etc.
  • Provides a built-in, flexible reporting engine with grouping, sorting, filtering, trend analysis, heatmaps, scorecards, bowtie etc. Showing you a view of your risk universe at any level of the organisation.
  • Provides advanced business intelligence reporting with full drill down graphical analysis on any risk dimension

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BarnOwl Solutions

RISK MANAGEMENT

risk

BarnOwl Risk Management software helps you achieve your strategic objectives and enables a culture of risk planning and control with accountability and ownership throughout your organisation. Continual monitoring of your risk universe gives you comfort and confidence in managing your business.

COMPLIANCE

Chairs

BarnOwl Compliance software allows you to import the various acts, legislation, policies and procedures that you are required to comply with, link these to associated risks and monitor compliance. This facilitates regulatory compliance and director protection.

AUDIT

Keyboard

BarnOwl Audit software supports any type of audit methodology including risk and control based auditing in support of best practice standards, ensuring that the key risks in your organisation are audited. BarnOwl facilitates all phases of auditing from planning through to reporting with advanced online and offline execution.

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