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)
- Identify processes risks, controls
and optionally contributing factors,
key indicators and consequences
associated with objectives at every
level of the organisation including
- Maintain a centralised library in
support of a common risk taxonomy
driving consistency across the
Risk Analysis, Evaluation and Assessment
- Inherent rating of risks qualitatively
- 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
- Automation of checklists and surveys
Risk Treatment and Execution
- Control effectiveness in both
design (adequacy) and operation
- Action plans with due dates and
- Automated reminders, notifications
and escalation emails and online
completion of action plans with full
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
- Monitoring and reviewing that
the risk control and treatment
measures are effective in both
design (adequacy) and operation
- Flexible report writer, heat maps,
trends, scorecards, bowtie etc.
- Consolidated reporting with drill
down into business units / functions
- Combined Assurance reporting
- Advanced analytics and business
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