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Rio Tinto takes ARM (15/10/2008)
Rio Tinto, the leading international mining group, has selected Strategic Thought Group’s Active Risk Manager software solution to enable the roll out of its integrated global risk management program. more
S&P's and the ERM Review
S&P's announcement that from next year they will review the quality of enterprise risk management (ERM) as a new component in their reviews of credit ratings - for all listed companies – can be seen as the catalyst for a wave of change in business leadership and performance management around the world. more
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Key Business Benefits
Active Risk Manager release 3.0 was audited by Butler Group last year. This independent audit revealed some very powerful key benefits and returns on investment that are applicable across multiple industries and business functions.
Independently defined overall RoI from a total system capability perspective
When examining Active Risk Manager as an ERM system, Butler identified the following benefits of the application that provide a Return on Investment:
- Increased control and benefit of risk mitigation expenditure.
- Reduced expert time in the risk management process.
- Improved risk appetite and management control from a highly visible and collaborative approach to setting and sharing information.
- Compliance with significantly reduced consultancy costs.
- Enterprise sensitivity from a corporate view of risk through to individual views.
- Reduced Insurance cost over time.
- Improved return from risk expenditure through target setting and management.
- Increased ability to win new contracts by using risk management in contract bids.
- Increased stability of earnings.
The Butler report on ARM release 3.0 goes on to state that it is time for organizations to move from separate silos of risk management within the enterprise to a more holistic approach.
Removing silos of risk management from your process or you enterprise provides your business with immediate benefits and returns.
Co-operation between teams encourages the minimizing of supplier base and supplier management overheads, as well as reduced administration, ?simplified invoicing, and lowered support costs through consolidation to one support contract. Eliminating silos will also lead to a diminished requirement for IT skills e.g. installation, updates, issues resolution/support desk all the way through to training.
This holistic approach, which encompasses the many aspects of risk at executive, managerial, and operational levels, is provided for by ARM, which has the tools and technology to enable an organization to evolve to an enterprise-wide approach to risk management and in time benefit from a return on its investment in all of the areas outlined above.