LASER Risk management software establish a transparent and uniform process at all levels of organization for Risk Management. Bring Risk Manager, Risk Owners and Management together.
LASER Risk Management Software enables you to proactively address financial, reputation and operational risks against your corporate goals. LERMS® a web-based solution delivers a central risk management system for identifying risks, evaluating their likelihood and impact, relating them to mitigating controls and tracking their resolution. LASER Risk management software establishes a process for full lifecycle of risk management. Read more.
- Increases Risk Mitigation Effectiveness.
- Accurately measure the size and importance of all risks that exists for your organization.
- Prioritise treatments for risks that needs urgent and immediate attention.
- Better manage risks by having a centralized access to all risks, its complete detail and related documents. Keep all risk related information centralized.
- Organize and group related risks into logical registers to access risk details and manage them efficiently.
- Record effectiveness of existing controls for risks and date of last assurance.
- Create Risk Mitigation Action plan by adding activities that needs to be done for risk mitigation, define owner for the activity and target date for completion of the activity.
- Automatically reminds activity owners on pending activities related to risk mitigation plan at regular time intervals.
- Automatically escalates activities that remain incomplete after “X” number of days from target completion date of the activity.
- Automatic reminders and escalations results in completion of assigned activities within the target date of completion and increases implementation level of mitigation plan.
- Real time updates on Risk Mitigation effectiveness.
- Make quick and better decisions with real time updated reports and dashboards.
Dashboard gives high level information such as Top 10 Risks, Function-wise Average Risk Score and Category-wise Average Risk Score that helps you to monitor your risk appetite.
Create custom risk surveys to get opinions on Risk Likelihood and Risk Impact from actual risk owners. Calculate average risk score for each risk as voted by all stake holders in the survey. Sort risks on average risk score from “Higher to Lower” or “Lower to Higher” and export it to excel.
A built-in workflow to approve creation and modification of risk registers and risk mitigation plan.
Create Risk Register:
Create and record strategic and operational risk across all aspects of your activities. Edit, Filter and close risk registers. Risks inside registers are automatically shaded “red-amber-yellow-green” risk categories. Risk scores automatically calculated based on Likelihood and Impact. Captures detailed information such as time frame, cost to organization, category, sub-category, impact etc.
Capture detailed risk information such as risk owner, team members, risk contributing factors, noted incidents, Risk Mitigation Start Date and End Date, financial impact on risk etc. for each recorded risk in risk register. Risk is automatically plotted on Risk Matrix.
Controls and its Effectiveness:
Add key controls for a risk, its effectiveness, date of last assurance and assured by.
Risk Mitigation Action Plan:
Create action plan to mitigate risks. Create activities that need to be done for risk mitigation, define owner for the activity and target date for completion of the activity. Create multi-level activities to create a detailed action plan. Track completion status of each activity. Automatically updates current risk rating for a risk based on completion of mitigation plan activity.
Automatic Reminders and Escalations:
Sends reminders to activity owners on pending activities related to mitigation plan. Automatically escalates activities that have missed deadlines. Complete control to customize the frequency of reminders and escalations.
Laser risk management software generate professional, ready for presentation, well formatted reports on the fly. Generate reports like – Risk Mitigation Effectiveness, % Completion of Risk Mitigation Plan, Company wise Top 10 Reports, Risk and Mitigation Plan Status, Register Update Status, Year-On-Year Risk Category Comparison, Year-On-Year Risk Rating Comparison, Function wise Risk Rating Comparison, Comparative Risk Profile in % etc.
Complete control over Masters:
Administrator of LERMS® – has complete control to configure the masters completely as per individual organization requirement. Create and manage masters such as Users, SBU, Location, Department etc.
At PML Advisory, we trained and certified to implement LASER risk management software and other LASER suite of products in Nigeria.