Risk Assurance Map (RAM)
Oversight organizations struggle to appropriately cover operational functions important to managing the business’s top-tier risks. While some oversight activities are not given enough attention, other business processes are redundantly monitored, creating burdensome and overwhelming assessment activity for operational staff.
Risk assurance mapping provides insight into organizational risk, the oversight activity engaged to address this risk, and any residual risk present based on assessment outcomes. By identifying risks and analyzing how they are addressed, risk assurance mapping eliminates repetitive activity and highlights areas of weakness. The solution ensures that top-tier corporate risk is addressed and oversight activity optimized, making your organization as efficient as possible. The DevonWay Risk Mapping application associates specific events and procedures with individual risk areas to help focus valuable management time on the areas that need the most attention.
RAM presents risk maps across the hierarchy of individual risks, which roll up to business unit risk areas and general risk categories.
Each risk includes a score and a color-status rating indicating degree of risk along with associated likelihood and consequence values. These area used for calculating the risk scores.
Process libraries are entered into the system along with applicable risk categories, score details, and the strategic priority of each process.
Drilling down into each individual process presents the risk scores and categories applicable to each individual process.