Cloud Computing: The Next Stop for Enterprise Risk Management Software Solutions
Enterprise risk management has become the most common cloud based service at most of the governmental organizations. It is generally an idea that is being exploded by other business industries especially within the financial management and the manufacturing industries. There is really a good chance that the idea would take root in the public sector too.
Once an organization assess their potential safety and economic risks certain rules and regulations can be set to mitigate the risks. These organizations have not just taken enterprise risk management towards a wider approach but also have tend to become more formalized through an evaluation process that needs to be followed, with a set of formal decisions that needs to be made in order to track and enforce the specific rules.
Enterprise risk management software is not just used to track specific risks but also to document specific risks and decisions made on how they could be addressed. The system could also involve co-ordinating resources to minimize the risks, monitoring the risk related activities, and managing the short and long term impact of known risks.
Such systems generally tend to fall under governance, risk and compliance where as some already have them placed that helps they manage the risks within the organization. Though the major key word here are systems, agencies do find it difficult to integrate a truly enterprise wide view of how the risk is actually managed. Too often these systems have come up with ad-hoc at the sub agency level in order to deal with the risks within the organization.
Furthermore governmental organizations do have some specific needs. Risk management is not always the same especially for the governmental organizations as it is generally for an insurance company that works in order to manage the risks and assuring profits across thousands of insurance policies and investments made. These organizations also tend to focus heavily on all the risks that are associated to project management. Getting a program or project governance aligned helps you to ensure success for every program reducing the risks from the internal and the external factors.
Though there are popular GRC software solutions made available from the enterprise risk management software vendors like oracle and sap, there are organizations that have created their own customized risk management solutions, with some organizations who have risk management solutions targeting the specific issues of an organization like compliance with federal information security management act or the home land security presidential directive (HSPD) 12.
Cloud based grc software and enterprise risk management solution are the logical steps for most of the organizations that need to address new rules and regulations serving their mobile work force. These organizations offer a cloud hosted version of risk management solution understanding if this is a logical place for an agency to migrate.
To conclude all this means that there is a growth in risk management solutions in general along with GRC in particular. Though it can be difficult for agencies to tackle thing that is required for compliance understanding the needs of their mobile work force. Cloud solutions in terms of ERM solutions offer the best potential right now but would not offer a total compatibility with the government and individual requirements.
So the trend is clear. Taking enterprise risk solutions to the cloud is definitely a part of discussion for most of the agencies today.