Streamline Enterprise Risk Management in a Virtual Environment
By Brianna Shipley, Senior Editor, SAPinsider
“Virtual work environments have become the new normal, but the ability to respond quickly and decisively to emerging risks is crucial,” says Steve Apel, Director at Protiviti. During SAPinsider’s Business Continuity in Times of Economic Disruption track scheduled for May 12 as part of our 2020 virtual event, Apel will be joined by Brittany Dyslin, Senior Manager at Protiviti, and Peter Creal, Senior Director at SAP, to discuss the importance of addressing enterprise risk management (ERM) when working in a virtual environment. In their session, “Leveraging SAP Risk Management and Process Control to Streamline Enterprise Risk Management in a Virtual Environment,” Protiviti and SAP will partner together to deliver the framework for an effective ERM program, explain how to use SAP Risk Management to enable end-to-end ERM processes, discuss ways to optimize compliance and control with SAP Process Control, and review key risk indicators and controls where continuous monitoring should be applied.
Apel says that CEOs today are concerned about third party and supply chain risks, workforce retention, remote technology, and related cyber security risks. In his portion of the presentation he will provide some key foundational concepts to address these concerns, including a leading practice framework that provides a structure for ERM activities. Apel says this framework is important for companies to have before they can take advantage of technology such as SAP Risk Management and SAP Process Control.
He’ll then move on to how listeners can define their ERM value proposition to obtain organizational and executive buy-in, the highest level of which he says can “be used to achieve competitive advantage according to the organization’s ability to quickly and decisively react to changes in the marketplace … putting companies at this level at a distinct advantage when something like COVID hits.”
To round out his portion of the presentation, Apel will go into detail about how SAP Risk Management can streamline the ERM process by addressing the solution’s key capabilities, including risk planning and identification, risk analysis and response, and risk monitoring. These capabilities are particularly timely due to the chaotic nature of our current economic circumstances, as it allows companies to define things such as the impact, drivers, and profitability for each risk, as well as calculate inherent risk, determine which risks are most critical to the organization, and validate the effectiveness of risk responses.
Next, Dyslin will discuss SAP Process Control, which she says serves as an internal control framework repository. “If you think of your risk and control matrix with all of the granular attributes such as control description, objective, and frequency, SAP Process Control is really an expanded version of that meant to link risks and controls to owners in the organization and to centralize master data maintenance.”
Dyslin will provide details about the key functionalities featured within SAP Process Control, including examples showing how the solution’s functionality embraces automation. She’ll also review the harmonization between SAP Process Control and SAP Risk Management. “We often see organizations use these two components in silos with a separate ERM function and a separate compliance function but the perspective from which you view it – either a control focus or a risk focus – doesn’t change the hierarchy or structure of your organization,” Dyslin says. It’s the concept of data harmonization, she says, that allows SAP Process Control and SAP Risk Management to integrate.
Creal will dive in one step deeper in his coverage of continuous monitoring capabilities within SAP Process Control and SAP Risk Management.
He’ll discuss continuous control monitoring capabilities using business rules that are tied to specific controls within SAP Process Control, as well as the monitoring administration that manages the alerts or exceptions that come out of the system, including examples of how to automate controls. He’ll also review continuous monitoring available in SAP Risk Management and demonstrate how the solution can streamline workflow-driven processes with online or offline tools, including examples that highlight how the solution anticipates, acts, and then monitors the performance of a risk.
For key takeaways, detailed examples that demonstrate the benefits of SAP Process Control and SAP Risk Management in action, and strategies to help people and organizations be more resilient in a COVID environment, attend this full session by registering for SAPinsider’s Business Continuity track. For a summary of other sessions included and insights from SAPinsider’s Chief Content Officer about how economic disruption is impacting SAP customers, click here.