Key capabilities of risk management solutions (Part 2) – Risk governance
10/30/2024
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 here we cover risk governance.