Enterprise Risk management in Website Promotion part 2
by Ravindra iwari
Function--->Sub function--->Process--->Sub process--->Risk---->Control--->Check In back end Scores consolidate from Check/Control Level according to weighted average method from Risk Level onwards we get Gross Risk Score, Control Score and Residual Risk Score. Residual Risk is calculated as (Gross Risk Score - Control Score). In this logical structure one function may contain one or more sub functions .One sub function may contain one or more processes and the same thing continue to lower levels. 4. This software is divided in following three modules (a) Compliance Module (b) Audit Module (C) Risk Module (a) Compliance Module is again divided in following sub modules. (A). Compliance Self Check (CSC) - This sub module provides opportunity for self assessment to each Function/Branch on some prespecified compliance criteria. Each Function/Branch has has to specify that whether they are complying those prespecified points. In back end complied points are given score as 4 and Non complied points are given score as 0. This provides CSC Score for Function/Branch (B). Compliance Review (CR) - This module facilitates review of Function/Branch on same prespecified compliance criteria (as described in CSC) by person who are outside to that function. This provides CR Score for Function/Branch (C). Risk Assessment- This module facilities Risk Assessment of Functions. This provides RA Score for Function/Branch
(b) Audit Module- This module consist following sub modules 1. Audit Field Work-This module facilities assessment of Function/Branch on some prespecified Audit Criteria. This provides Audit Field work Score for Function/Branch 2. Audit Risk Assessment -This module facilitates Risk Assessment of Function/Branch on the basis of audit checklist. This provides Audit Risk Assessment score for Function/Branch (c) Risk- This module consist of following sub modules (1) Risk & Control Self Assessment (RCSA)- This sub module facilitates self Assessment of Risk and Control by Functions and branches on the basis of Risk Checklist. This provides RCSA Score for Function/Branch. (2) Key Incident Reporting (KIR) - This sub module facilitates recording of important key incidents to business. Key incidents are those critical and important incidents which have deep impact on functioning of business. This provides KIR Score for Function/Branch (3) Key Risk Indicator (KRI) - This module evaluates functions/Branch on some Key Risk Indicators. Key Risk Indicators are some inherent Risk Factors which increases Risks for Organization. For example No. of employees will be one of inherent Risk to organization. More the No. of employees- more will be inherent Risk to organization such as Risk of Fraud .In this case Organization need comprehensive employee control policy. Premium generated by Insurance Company is another Key Risk Indicator. This provides KRI Score for Function/Branch 4. Risk Review (RR) - This facialitaes evaluation of Function/branch by outside persons on the basis of Risk Checklist. This provides RR Score for Function/Branch 5. Risk Assessment- This sub module facilitates Risk Assessment of Function/branch on basis of Risk Checklist.
This software provides Rolling Plans for Compliance Review, Risk Review and Audit Field Work on the basis of periodic Assessment.
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About the Author
Author is young enterpreneur . He has begun online venture for Enterprise Risk management onsultancy (ERM Consultancy). ou can visit us at www.enterprise-risk-management-online for updates
