Build a complete risk register for each major function, assess the likelihood and severity of the risks and monitor key risks. Build a risk mitigation plan and an action plan to manage risks. Comprehensive risk reporting enables effective risk management. Workflow, escalation and email reminder mechanism ensures fully automated environment.
Manage all legal and regulatory compliances in one centralized platform. Automated email reminders, notification of upcoming compliances helps to ensure that there are no non compliances. Compliance Assessments are survey like questionnaires that can be rolled out to Branches and regional offices to assess how effectively they comply with external regulation or internal policies
The simple, yet effective tool is loaded with key features that form part of each component.
The tool also provides control effectiveness index that measures how strong internal controls are in the company. Internal Audit team can test internal controls to improve processes and minimize losses.
Consolidate all policy and process, procedures documents online and enable file level permission to view, download and access documents. Version control makes sure that your team is using the latest documents.
A big risk in today's times is the outsourcing risk and greater dependence on vendors and third party service providers. Companies that do not adequately rate and monitor such relationships have significant risks from delivery failures, reputation risk, data confidentiality and legal risks. SMERISK enables automated scoring models that generate a single vendor rating index to take go, no go decisions.
Once various compliances are entered in the tool, they can be conveniently tracked and managed to ensure that there are no delays or overdue items.
When it comes to Compliance Management, it is absolutely important that people are properly reminded of various compliance requirements. Automated emails to the owner of the compliance means that they are made aware of the tasks ahead of time.
With segmented reporting, it is possible to monitor compliances by various Acts and regulations.
Every company experiences incidents and events that can result in financial loss, reputation damage and possibly non compliances. Event reporting functionality is a way to report this event in the database and through the workflow communicate to senior management. Immediate reporting via email means that damage control can be quick. Analysis of historical events also gives valuable information for process improvements and necessary policy changes.
Events after reporting can be taken up for investigation. An example might be possible minor fraud in accounts receivable. Once reported, a team can be setup to investigate. Results of the investigation can be uploaded in the tool.
Usually companies have adequate insurance for loss events, but due to delays or lack information, the insurance claim is not filed. The tool captures all necessary information regarding status of insurance related events, amount of insurance, policy details etc.
Create observations related to a control, policy or procedure. Quickly fetch the list of open observations by audit area, auditee, department or SBU. Track completion status of all open observation based on completion of action plan created.
Create corrective and preventive recommendations for improvements in identified observations. Auditee create action plan, assign responsibility and sets deadline in response to the suggested recommendations.
Automatically reminds auditee to update status on pending action plan activities. Automatically escalates activities that remain incomplete after certain no. of days from due date of the activity.
Get enterprise level, location level, risk category level, department level status of risk, audit, incident or compliances. Easily monitor status of critical and high risks and compliances.
Allows creating laws, acts, compliance and events that are applicable to your organization. Allows import of compliance to jump-start you with the application..
Once due dates are established, the system reminders the task owners and executive responsible for the issue or action plan. Automated email notification, reminders means no manual processes or forgetting to complete tasks..
On one single screen, compliance owner can view list of compliance that they are required to comply in a week, a month or a quarter. One can update the compliances as complied and upload proof of compliance. Workflow: Built-in workflows to manage items posted.
Pre-configured built in reports gives complete compliance related information such as due date, owner, status etc.
Administrator of the tool has complete control to configure the masters completely as per individual organizations requirement.
We take care of complete Web based Hosting, regular updates, new reports and so on. Your only task is to use the tool.
We achieved Return on Investment in less than a few weeks. Imagine the staff cost to process information and report events on a manual basis. The maintenance of excel sheets were subject to errors and require extensive manual efforts.
ROI is equal to better decision making due to the information available at one place ensures that there is proper risk management of the events that did take place.
Helps Audit, Compliance, Legal, Risk and Finance functions to collaborate and arrive at a solution that is archived and tracked. Audit trails of approvals of events, decisions made is possible.
Easily configurable as per your requirements. No need to rely on us for minor updates. Core application is fully configured to capture essential reporting and monitoring mechanisms applicable to most companies.
For a low monthly fee, get access to the complete tool for all your employees.
You can avail a full demo of the platform that you can experience at your own pace by logging into our system as various users. What's more, we are providing full one month access with no upfront payment or commitment.
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