ICM Risk Management App
Overview
The Icertis (ICM) platform introduces the Risk Management application to make it easier for professionals to carry out their tasks related to Risk Management such as assessment, due diligence, remediation, monitoring and reassessment. Risk Management is the process of identifying the potential risk, assessing the magnitude of the risk based on business objectives and devising strategies to mitigate them and tracking the performance until they are completely mitigated.
It enables secure communication with different parties involved in the process of Risk Management that is more effective than the traditional ways of communication such as email. Its user-friendly interface makes it possible for anyone in the enterprise, from the risk management personnel to the supply analytics team, to be able to use the platform with ease.
ICM Risk Management consists of:
- Risk assessment (with survey)
- Auto instantiation of risk area
- Configurable contract types risk assessment and risk area with its workflow based on risk management process
- Masterdata that captures risk library, risk taxonomy and risk score matrix to effectively govern the risk management process
screen 1
ICM Risk Management application is based on the ICM platform that supports the following business scenarios:
- Contractual Risk Management
- Counter Party Risk Management (for example managing risks relevant to suppliers or vendors)
- Business Operations Level Risk Management
Configuration setup overview
ICM offers the ability to determine the application type (Contracting, Sourcing, Obligation Management and Risk Management application) when creating a contract type. This is possible with the inclusion of two new choice type attributes, Business Application Type and Business Application Category at the contract type level. This feature helps effortlessly drive business applications on ICM platform.
These attributes are enabled through technical configuration and applicable for agreements and associated document contract types. The access privileges for business applications (such as Risk Management) are managed through security groups.
screen2
The Risk Management Application provides some seeded entities that are necessary for the flow of the Risk Management. Some of the entities are:
- Masterdata:
- Risk Taxonomy
- Risk Remediation
- Risk Area Master
- Likelihood Rating
- Likelihood & Consequence Rating
- Risk Score Matrix
- Contract types:
- Risk Assessment as agreement contract type with business application type as risk management and business application category as risk assessment defined at contract type level
- Risk Area as associated document contract type with business application type as risk management and business application category as risk area defined at contract type level
- Rules:
- Instantiate the risk areas after completing the risk assessment
- Copy attribute values from risk assessment to the risk area
- Add risk area owner to the team
- Add Approver
- Add Team members
- Select the Template
- Notifications for events:
- Risk area is created
- Risk area due diligence is initiated
- Risk area remediation is initiated
- Risk area monitoring is initiated
- Risk area is deactivated
Please refer to the Risk Management Configuration guide for details.
