SAP Risk Management
What is SAP Risk Management?
Risk management for a business isn’t just about identifying and eliminating areas of risk. For many organizations, it’s also about making decisions on acceptable levels of risk and establishing hierarchies of risk — what needs to be immediately dealt with and what can wait. Keeping track of all organizational risk in a centralized way makes it easier for companies to analyze risk impacts — this type of centralization is often enabled by technology. SAP Risk Management is one risk management tool within the SAP Governance, Risk, and Compliance (GRC) suite that supports risk identification, assessment, analysis, and monitoring.
What is SAP Risk Management?
Risk management for a business isn’t just about identifying and eliminating areas of risk. For many organizations, it’s also about making decisions on acceptable levels of risk and establishing hierarchies of risk — what needs to be immediately dealt with and what can wait. Keeping track of all organizational risk in a centralized way makes it easier for companies to analyze risk impacts — this type of centralization is often enabled by technology. SAP Risk Management is one risk management tool within the SAP Governance, Risk, and Compliance (GRC) suite that supports risk identification, assessment, analysis, and monitoring.
Risk management tools like SAP Risk Management often provide better visibility into organizational risk and bring together various types of risk into a single place for monitoring. Risk management solutions may include the following features, among others:
- Risk strategy and planning
- Risk identification
- Risk analysis
- Risk monitoring
- Dashboards and graphical views
- Real-time and automated risk monitoring
- Guided workflows to enforce governance rules
There are many sources of risk in an organization, and some vendors provide solutions to address various risk elements. For example, Appsian Security offers tools that bolster risk monitoring around financial transactions. Fastpath offers risk management solutions that focus on multiple areas of risk, including segregation of duties, regulatory compliance, and access risk. RSM’s toolset provides process automation around risk management.
Key Considerations for SAPinsiders:
- Risk events are rising, compounding the need for better risk monitoring and anticipation. Legacy tools and business models don’t typically offer the capabilities needed to properly manage risk in a centralized place. To fix this, companies are now including risk management as part of their digital transformation activities, implementing intelligent technologies and robotic process automation to help improve risk management and other GRC functions.
- GRC teams are stretched, according to our latest research on the state of the GRC market. The most successful organizations are taking pressure off GRC professionals with automation. You should look to automate risk management wherever possible — it’s best for repeatable processes. Risk management tools that automate risk monitoring and reporting reduce manual labor for GRC staff and free them up to do more strategy and planning.
- You can improve risk strategy and decision making across the entire company, from operations through audit, with risk-aware, risk-adjusted management. You should work toward this goal with strategies such as risk training for line-of-business users and by creating an interdisciplinary risk management committee.
931 results
-
SAP Access Control Implementation: The Myths, Truths, and Tricks (Part 1)
Gain an understanding of supported and unsupported functionalities in the SAP Access Control system. See how to configure the system correctly to achieve your defined business requirements. Key Concept Myth often refers to certain assumptions or thoughts about the capability of a tool or product, either positive or negative, with or without an empirical basis...…
-
Configure and Implement the Proper Internal Controls Up Front for an Easier Audit
Having to go back and change your SAP system or your related business processes to deal with audit concerns takes time away from your daily operations and results in unnecessary distractions. By configuring your SAP system appropriately and designing your related business processes to effectively address your business risks, you can save significant effort. This...…
-
The Config Team Combines Software and Services Offerings to Modernise SAP Supply Chains
The Config Team, an SAP partner specializing in supply chain solutions, combines innovative software with credible consulting to address complex challenges, offering products like PreBilt™, CodingControl™, and IDoc Management Console™ to enhance efficiency and user experience in SAP environments.
-
Save on maintenance costs with effective warranty management
Effective warranty management is essential for asset-intensive organisations to minimise maintenance costs, as most recover less than one percent of their maintenance spending on warranty claims due to challenges like poor tracking and record-keeping, while high-performing companies can recover over four percent.
-
Increase Enterprise Risk Management Performance with SAP BusinessObjects Risk Management 10.0
Learn how to leverage SAP BusinessObjects Risk Management 10.0 advances and best practices to create greater satisfaction with executives and other stakeholders in enterprise resource management (ERM) program activities. Key Concept SAP BusinessObjects Risk Management 10.0 enables executives to have a broad, enterprisewide view of risk programs and insight into risk drivers and key risk...…
-
Integrated Security Solutions to Mitigate Risks on All Fronts
The new digital economy brings an unprecedented flow of data into the enterprise, which in turn leads to an unprecedented governance, risk, and compliance (GRC) challenge. As organizations struggle to sort through this data, cybercriminals are working just as hard to steal it. In order to stay secure, businesses need integrated GRC solutions that not…
-
Spotlight: The Four I’s of the Internal Audit Process
How an organization’s internal audit team assesses risk is a key concern of organizations, as evidenced by survey findings and reports by accounting industry groups. Steve Biskie, Managing Director at High Water Advisors, comments on this hot topic. The role that internal auditors have with regard to risk has come under scrutiny after several surveys...…
-
Premium
Enterprise Governance, Risk, and Compliance Supported by SAP GRC Solutions
While Enterprise Risk and Compliance provides a centralized and coordinated framework for an organization’s strategy on how to manage governance, risk, and regulatory compliance, the SAP GRC solutions support both the strategic as well as tactical and operational approach on the “how to”. It is important to understand what it takes from an organizational as…
-
Reduce Costs for Compliance by Implementing a Risk-Based Internal Control Solution
Costs for compliance and fraud prevention have risen significantly in recent years and with the current economic situation we’re likely to manage more regulations in the future, further driving costs up. Companies relish efficiency in the GRC space to garner the true benefits of compliance. One means of more efficient compliance is an integrated solution...…
-
Reduce Costs in Compliance Management with a Top-Down, Risk-Based Scoping Approach
With the requirement of identifying and assessing the design and operating effectiveness of internal controls many companies have ended up producing too much documentation and performing more testing, resulting in increased costs of compliance. Regulatory agencies such as the US Securities and Exchange Commission and the Public Company Accounting Oversight Board (PCAOB) encourage companies to...…
Your request has been successfully sent