Internationally, risk managers are increasingly being called to deliver more transparency and efficiency regarding risk management. The pressure is coming at them from all directions: from the government and from trade unions, from shareholders and potential investors and from standards organisations through to the media.
Today nothing less is accepted than an accurate, comprehensive assessment, a thorough action plan and an analysis and reporting capability that meaningfully and continuously reflects the impact of this risk management programme on the wellbeing of the company.
Common risk management tools typically focus on risk assessment and action plans. The challenge, however, would be getting instant feedback on your corrective and preventive actions, monitoring the real-time status of your risk management operational controls across the enterprise and reporting on their overall impact.
If you can`t gauge the effect of a negative event across divisions, the best you can hope for is a collection of disparate, isolated assessments and plans, each useful to some degree within its own area of operation, but shedding little light on the status of your enterprise as a whole and in no way combining into a concerted organisational initiative.
The leader in integrated risk management (IRM) is GMSI, a business unit of GijimaAst and a specialist in the development of IRM solutions. GMSI has just launched G-Risk, a comprehensive solution that incorporates international best practices and enables the management of risk in a standardised, co-ordinated way throughout the enterprise.
What sets G-Risk apart from rival systems is its holistic approach to risk management. As GMSI`s business development manager Empie Strydom explains: "Most software programs focus on lagging risk indicators and incident statistics and are stuck in a perpetual cycle of assessment and reporting."
Because of the objectivity and standardisation of the G-Risk inputs, the integration of all its modules and the sophistication of its analytical capability, it provides a clear and accurate picture of the organisation`s overall risk. The elimination of divisional silos makes it possible not only to aggregate all the various risks, but - more importantly - to determine the impact of individual risks across different divisions and on the enterprise as a whole.
G-Risk was developed by GMSI and is a browser-based Internet or intranet application that uses the latest Microsoft .Net framework, which makes it easy for all participants to access and use, while ensuring robustness and data security. G-Risk can be implemented either in parts or as a comprehensive solution. It can also be scaled and configured for small companies all the way through to large multinational organisations.
The solution is continually upgraded to accommodate new legislative requirements, international standards such as ISO, Sarbanes-Oxley, COSO, Turnbull, Basel II and others, emerging best practices and feedback from clients. GMSI will also customise the solution to suit the particular requirements of any client organisation.
GMSI`s risk management clients include many of South Africa`s larger mining houses - among them Anglo Platinum, AngloGold Ashanti, Ingwe Collieries, Goldfields, Murray & Roberts Cementation and Lonmin Platinum. G-Risk is also making inroads into the Australian mining sector, through GMSI`s offices in Perth and Brisbane, as well as the North American market through the company`s Calgary and Sudbury offices.
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