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Overview
With existing Risk Management data spread throughout many departments on separate systems and ‘uncontrolled' spreadsheets there is an increasing need to draw information together whilst allowing its access and update from across the business enterprise.

In the Public Sector, there is also a need to satisfy the demands of Central Government in their efforts to improve efficiency and gain greater value for the Public purse. New regulation in this area is causing Authorities to make plans to manage risks co-operatively with each of their service partners.

Our product, MIMS RM, is designed specifically designed to allow integration of enterprise wide operational risk data whilst combining the needs of both Risk Management and Business Continuity. It includes the following abilities:-

  • Risk Register - Captures the risks relating to business objectives, matches them with Risk Appetite and allows the Register to be interrogated using a wide range of filters.
  • Process Continuity - All risks can be cross matched to Key Processes and further evaluated in terms of their potential impact on Business Continuity.
  • Control Measures - Records control measures and mitigating actions - which are automatically followed-up. Risk Improvement / Business Continuity Plans may be attached and a wide range of reports plus a Reporting Wizard is available.
  • Risk Based Internal Audit - Allows identification of most the impactful risks together with assessment of the suitability of the related Control Measures and input / automatic follow-up of Audit Recommendations.
Its simple design allows deployment deep within the organisation and across the enterprise, wherever there is access to an internet browser. Sold as a turn-key operation, the MIMS RM 'package' includes Project Management, inputting the client's organisation, objectives, risk nomenclature, importing any existing risk registers and providing training. The master data and analysis codes behind them, can then be maintained by a System Administrator who can also set-up Users and grant their access permissions. Post implementation, access is also given to telephone / email based customer support.

MIMS RM System Benefits

The benefits of deploying MIMS RM include an increased chance of achieving company objectives, an improved ability to successfully manage major projects and the ability to demonstrate that business is being well governed.

Additionally an effective control regime will allow a reduction in the funds or premiums provided to cover unforeseen events. Finally, an ability to inform institutional shareholders about the Risk Management programmes in place has been shown to increase the value they attribute to that company (Global study by Ernst & Young April 2007).

Whatever the MIMS software meets your immediate needs, the benefits will extend far beyond the Risk Management Department. Be sure that you consider all of possible software beneficiaries when building your Return on Investment justification.

 
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