Step 1: Evaluate the maturity of the program
Understanding the maturity of the current program is the key to developing and implementing an effective risk exception management program.
Step 2: Define a framework
Establish a cross-walk between risk exception, risk, policies, and controls, with an ability to fully engage data to mitigate and manage risks.
Step 3: Define a governance structure
An ideal governance model should include a clearly laid-out RACI matrix, including process and procedures for reporting willful violations.
Step 4: Define metrics
Define risk exception metrics to track, monitor, and predict potential impacts on risk posture and be proactive in mitigating risks.
Step 5: Automate processes
Automate the risk exception management process, including checks and balances, to eliminate silos, standardize programs throughout the organizations, and establish a single source of truth.
Step 6: Create awareness
Create roll-out awareness sessions to educate users on the process for requesting exceptions, their roles and responsibilities in managing risk exceptions. Conduct awareness sessions via WebEx based, e-modules, and class room based trainings. Also, roll-out campaigns to review and report metrics on level of awareness via quick polls, surveys, contests, and quizzes as part of awareness initiative.
Step 7: Track and monitor metrics
Keep thorough accounting of metrics and take timely actions on expired risk exceptions.
As stated above, untracked risk exceptions may result in the underlying risks being left open when things return to normal, posing greater risks to the organization. Managing risk exceptions is therefore key to managing risks, especially during unprecedented times.
How can we help?
With deep roots in technology and domain expertise, Wipro is uniquely positioned to help organizations implement risk and compliance programs successfully.
We provide end-to-end services – from developing governance, risk, and compliance (GRC) strategies, selecting the right tools to implementing programs, and work closely with executive and stakeholders to design, configure, onboard, and maintain solutions for managing various risk and compliance programs.
We have developed pre-defined frameworks, toolkits that can help you to understand the maturity of your current risk exception management program, address gaps, and jumpstart automation with plug-and-play solutions.
To learn more about how Wipro enables enterprises to better manage risk exceptions, click here.