Riskonnect IRM

Riskonnect IRM is an integrated risk management solution designed to assist organizations in anticipating, assessing, addressing, and acting upon various types of risks. According to the vendor, it brings together all forms of risk under one platform, making it suitable for organizations of various sizes. Risk managers, compliance officers, audit professionals, insurance professionals, and those in the financial services industry are among the intended users of Riskonnect IRM.

Key Features

Enterprise Risk Management: Riskonnect IRM provides a centralized view of risks, enables risk assessments, and facilitates risk mitigation strategies across the entire enterprise, as claimed by the vendor.

Compliance Management: The vendor states that Riskonnect IRM offers tools for policy management, tracking compliance activities, and generating reports to assist organizations in ensuring regulatory compliance.

Policy Management: Riskonnect IRM enables organizations to effectively manage policies by enabling policy creation, revision, distribution, and tracking policy adherence and compliance, according to the vendor.

Third-Party Risk Management: According to the vendor, Riskonnect IRM includes a module that helps organizations assess and manage risks associated with third-party relationships. It enables organizations to identify potential risks, conduct due diligence on vendors and suppliers, and monitor ongoing compliance.

Internal Audit: Riskonnect IRM provides tools for managing internal audit processes, allowing organizations to plan and execute audits, track audit findings, and generate audit reports, according to the vendor. This feature is designed to help organizations improve internal controls, identify areas of improvement, and ensure compliance with internal policies and procedures.

Project Risk Management: The vendor claims that Riskonnect IRM offers a project risk management module that enables organizations to identify and manage risks associated with projects. It allows organizations to assess project risks, develop risk mitigation strategies, and track risk mitigation actions.

Business Continuity & Resilience: Riskonnect IRM includes a module that helps organizations prepare for and respond to disruptions, as claimed by the vendor. It enables organizations to develop business continuity plans, conduct impact assessments, and manage crisis events.

Risk Management Information System (RMIS): According to the vendor, Riskonnect IRM provides a risk management information system that centralizes risk data and facilitates risk analysis and reporting. It allows organizations to capture and analyze risk data from various sources, generate risk reports, and track risk mitigation actions.

Claims Administration: The vendor states that Riskonnect IRM helps organizations streamline and automate their claims management processes. It enables organizations to capture and track claims data, manage claims workflows, and generate claims reports.

Health & Safety: Riskonnect IRM includes a health and safety module that helps organizations manage occupational health and safety risks. According to the vendor, it enables organizations to track incidents, conduct safety inspections, and manage corrective actions.