Key capabilities of risk management solutions (Part 1) — Enabling and supporting capabilities

As part of our series on all aspects of risk management, we are taking a look at the digital capabilities of risk solutions (supplier risk management, TPRM and SCRM).

Although the underlying capabilities vary from one segment to another, the high-level capabilities can be divided into:

Enabling and supporting capabilities:

Risk data modeling (breadth, depth, granularity); Best practices and guidance (as a service and in the application); Analytics and AI for simulations and reporting; Orchestration (system integrations and collaboration).

Risk governance:

Risk identification and sensing; Risk analysis and evaluation; Risk treatment and mitigation; Risk monitoring; Incident management.

We look at them one by one in this mini series. The first part covers the enabling and supporting capabilities and the second covers risk governance.