Benefits of implementing CrisMo
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Self-evolving – Risk assessment items content keeps getting better, based on feedback from different customers and their requirements. Any new requirement, which is not customer specific will be available to all customers.
Early identification and remediation of Emerging risk.
Integrated approach – It may be called as Internal Audit or SOX or IFC or ICFR, etc, the name may be different but as long as it can be delivered through data analysis, it will be part of CrisMo.
Single source of truth – Authentic way of record-keeping for Risk Assessments.
Management (by exceptions) – You can make operational risk management as an integral part of the business by managing business with the “Management by exceptions” principle
IT & Business Risk Management Professionals
Standardize & automate routine operational risk assessment and monitoring activities. The existing framework can be adopted and improved upon for better Enterprise Risk Management
Business Process owners & CISOs (Chief Information Security Officers)
Continuous risk assessment framework will enable “Management by exceptions”. Monitor the process maturity, improvements, and resilience.
Internal Audit Departments
Utilize the framework for audit planning, risk assessment, fieldwork & reporting.
Manage your internal controls evaluation & compliance requirements through CrisMo.
Monitor business process-wise or org element wise exceptions, maturity, improvement, etc. Establish integrated data analytics-driven risk assessment practices across the organization.
External Assessment bodies
Statutory auditors or other external professionals can evaluate the CrisMo framework for its completeness and validity for assurance and reporting purposes.