Aon eSolutions, the client technology arm of Aon Corporation (NYSE:AOC) and a leading provider of global risk and insurance solutions, today announced it has released ERM Risk Register, a new module within RiskConsole, its market-leading, browser-based risk management information system (RMIS).
ERM Risk Register will provide organizations with the ability to manage enterprise risk.
Awareness of the need for robust enterprise risk management (ERM) programs is on the rise but, as Aon reported in its recent global enterprise risk management report, many companies have struggled in their efforts to implement these programs. Although companies have begun to perform risk assessments, a key challenge is effectively being able to process, analyze and act on the consolidated results, commonly referred to as the "risk register."
In the past, organizations utilized a spreadsheet-based tracking and management process, but standalone documents made it difficult to ensure the availability and timeliness of information across an organization.
"ERM Risk Register offers an advanced technology platform to alleviate these challenges," said Kathleen Burns, chief executive officer of Aon eSolutions. "The system not only provides organizations with a centralized data repository to input enterprise risk information, but also enables companies to compare results against risk tolerance, develop action plans to address critical risk areas, delegate action items to staff, and create performance indicators that lead to ERM success."
The ERM Risk Register is developed on the same award-winning platform as RiskConsole, but is also available as a stand-alone solution. With its browser-based platform, the system can easily be accessed and utilized enterprise wide. Key features and benefits include:
- Categorization of risk. Companies can track and analyze risks by various segments - such as business units or multiple risk categories.
- Description of risk. By describing each risk in terms of likelihood and impact, organizations can more effectively target and control critical risk areas.
- Quantification of risk. Utilizing a matrix scoring system, organizations can quantify and prioritize risks.
- Audit and track risk. With full auditing and tracking capabilities, ERM Risk Register enables organizations to analyze how risk changes over time.
- Track losses arising from risk. When losses occur, they can be related to and tracked against a company's defined risk categories.
- Full reporting capabilities. ERM Risk Register provides multiple ways to analyze and act on risks, including heat maps, risk profiles, and top 10 risk areas.
Aon eSolutions will debut ERM Risk Register at the Risk & Insurance Management Society's (RIMS) conference held at the San Diego Convention Center, April 28 - 30, 2008, where risk management professionals can obtain one-on-one product demonstrations at the company's booth, #1037.
"Managing a company's enterprise risk is a rapidly expanding area of risk management," added Phillip Lucas, director of global product management at Aon eSolutions. "Today, risk managers are demanding a sophisticated, scaleable, and flexible solution, yet they don't want to invest in a full blown ERM system. ERM Risk Register offers a powerful alternative. It's highly customizable and can be tailored to meet any client's unique business and ERM needs."