Efficient Risk Management and Controlling
Entrepreneurial activities involve risks related to strategy and operations, compliance, or criminal acts. If risks are not detected and managed at an early stage they might jeopardize the company's successful further development. Effective defense and avoidance of financial and reputation damage needs an efficient risk management and controlling system. The implementation of the latter is also stipulated by numerous statutory directives (e.g. by the Sarbanes Oxley Act – SOX – in the USA or the act for controlling and transparency in companies – KonTraG – in Germany) that enhance the pressure on organizations.
IT solutions help implementing risk management with less expenditure and complying with statutory requirements. They are essential to establish a usually dispersed and complex risk management system and to optimize the data bases. IT risk management is becoming the strategic success factor for corporations, insurance companies, and financial institutions.