Any suggestions on software, but more importantly, any suggestions on what we should be looking for out of the software?
I work in banking and our company is looking for enterprise risk management software.
The solution should be able to handle the entire range of enterprise risks, including legal and regulatory non-compliance risks, as well as being able to identify opportunities within the
The solution should also integrate with both a risk-based internal audit as well as an incident & claims
Avoid solutions which require long lead times to change screens or algorithms, i.e. you are looking for something developed using an Agile development platform allowing for fast turn-arounds if you need an amendment.
Look for a solution that can be developed quickly to your specific requirements on such a platform. Also, you are looking for a solution that is cloud-based, allowing multi-user access through the web, particularly if they are outsiders such as service providers or compliance officers.
In my view IsoMetrix.com offers these and more. Ask us. We know it works.
Being in the banking industry you face several meaningful industry specific risk exposures ( including compliance risk with Basel III, etc.) that most ERM solutions are not designed to help you identify, mitigate and manage. You need to see if any ERM solutions were built specifically for the challenges you face in the banking industry.