SAP Risk Management


-

What is SAP Risk Management?

Risk management for a business isn’t just about identifying and eliminating areas of risk. For many organizations, it’s also about making decisions on acceptable levels of risk and establishing hierarchies of risk — what needs to be immediately dealt with and what can wait. Keeping track of all organizational risk in a centralized way makes it easier for companies to analyze risk impacts — this type of centralization is often enabled by technology. SAP Risk Management is one risk management tool within the SAP Governance, Risk, and Compliance (GRC) suite that supports risk identification, assessment, analysis, and monitoring.

What is SAP Risk Management?

Risk management for a business isn’t just about identifying and eliminating areas of risk. For many organizations, it’s also about making decisions on acceptable levels of risk and establishing hierarchies of risk — what needs to be immediately dealt with and what can wait. Keeping track of all organizational risk in a centralized way makes it easier for companies to analyze risk impacts — this type of centralization is often enabled by technology. SAP Risk Management is one risk management tool within the SAP Governance, Risk, and Compliance (GRC) suite that supports risk identification, assessment, analysis, and monitoring.

Risk management tools like SAP Risk Management often provide better visibility into organizational risk and bring together various types of risk into a single place for monitoring. Risk management solutions may include the following features, among others:

  • Risk strategy and planning
  • Risk identification
  • Risk analysis
  • Risk monitoring
  • Dashboards and graphical views
  • Real-time and automated risk monitoring
  • Guided workflows to enforce governance rules

There are many sources of risk in an organization, and some vendors provide solutions to address various risk elements. For example, Appsian Security offers tools that bolster risk monitoring around financial transactions. Fastpath offers risk management solutions that focus on multiple areas of risk, including segregation of duties, regulatory compliance, and access risk. RSM’s toolset provides process automation around risk management.

Key Considerations for SAPinsiders:

  • Risk events are rising, compounding the need for better risk monitoring and anticipation. Legacy tools and business models don’t typically offer the capabilities needed to properly manage risk in a centralized place. To fix this, companies are now including risk management as part of their digital transformation activities, implementing intelligent technologies and robotic process automation to help improve risk management and other GRC functions.
  • GRC teams are stretched, according to our latest research on the state of the GRC market. The most successful organizations are taking pressure off GRC professionals with automation. You should look to automate risk management wherever possible — it’s best for repeatable processes. Risk management tools that automate risk monitoring and reporting reduce manual labor for GRC staff and free them up to do more strategy and planning.
  • You can improve risk strategy and decision making across the entire company, from operations through audit, with risk-aware, risk-adjusted management. You should work toward this goal with strategies such as risk training for line-of-business users and by creating an interdisciplinary risk management committee.

15 results

  1. Parham Eftekhari - third-party risk - image

    Third-Party Risk Is Major Concern for Organizations

    Data breaches often result from attackers gaining access to poorly secured third parties as a path to breach their primary target. Unfortunately, many companies have little visibility into or control over third parties that connect to their systems. To counter these risks, organizations should implement a third-party risk management program, advises Parham Eftekhari, senior vice…
  2. Expert Q&A: The Importance of Integrating Cybersecurity and Enterprise Risk Management

    As security professionals are all too aware, cyber threats have become dramatically more visible to many organizations in the last couple of years. And risks have proliferated across the enterprise. Gabriele Fiata, head of enterprise risk management and innovation at SAP, recently sat down with SAPinsider to share his thoughts on the common mistakes that…
  3. Least Privilege 2.0: Controlling Risk in a Dynamic Environment

    A growing landscape of laptops and smartphones, widespread internet access, and remote workforces throughout the world have increased the need for risk and identity management and has changed how security models should operate. Continuing to focus on only two dimensions, the “Who” (users and user groups) and the “What” (roles and authorizations), leaves organizations vulnerable…
  4. Beyond SOX: Addressing non-financial risks through SAP configuration and sound supporting processes

    While many organizations focus on compliance during an SAP implementation, often related to financial reporting and regulations such as Sarbanes-Oxley (SOX), they might be underutilizing optional SAP controls that could provide extreme value to their SAP system and supporting processes. How can you apply SAP configuration and sound supporting to minimize and mitigate operational and…
  5. Automating risk management at the speed of threats

    With an increase in malicious cyber activity, organizations are racing to secure their mission-critical applications powered by SAP. An increase in exploitable vulnerabilities means your essential applications, the data running through them, and your operations as a whole are at risk. In this session, we will highlight the current risks organizations are facing and share…
  6. chain with red link image

    Increasing Threats Highlight the Need for Robust Enterprise Risk Management

    Reading time: 2 mins

    In the face of challenging micro and macro events, companies need to be able to anticipate and better manage risks that impact their core business objectives. Additionally, legacy business models and IT landscapes don’t contain all of the capabilities necessary to manage risk across the entire enterprise. For example, intelligent technologies like robotic process automation…
  7. How to Manage Enterprise Risk in Remote and Digital Environments

    Reading time: 12 mins

    As organizations migrate to SAP S/4HANA as part of their digital transformation effort, they should prioritize governance, risk, and compliance (GRC). The Institute of Internal Auditors (IIA) has developed a Three Lines Model to help with that journey. First-line roles include operation and support functions; second-line roles encompass corporate risk, compliance, and quality assurance functions;…
  8. GRC Strategy and Risk Management

    Reading time: 2 mins

    There are many unforeseen risks that can impact your business. How do you manage and develop strategies to better understand and manage your risk portfolios? How can you prepare for unforeseen risks before it is too late? This track helps you refine your overall strategy and explore key solutions and technologies that can support you in…
  9. Jayden Weinschenk image

    Things that Go Bump in the Night: What your Admins are up to when You aren’t Looking

    SAP administrators are often thought of as gatekeepers who hold the keys to accessing a company’s SAP systems. While they often prevent users from gaining access to sensitive information, their own position comes with risks that they themselves could commit security breaches. In this session, we will discuss the different ways SAP admins expose your…
  10. 5 Strategies for Faster Risk Remediation in SAP

    Reading time: 4 mins

    If left undone, remediating access risks can be tedious, time-consuming, and even costly. Companies can avoid running into these negative consequences by viewing remediation tasks as necessary and approaching them with the same urgency they would apply to discovering violations. This blog post explains 5 strategies to help reduce remediation work. Read this blog post…
  11. Working remotely

    Streamline Enterprise Risk Management in a Virtual Environment

    Reading time: 3 mins

    The ability to respond quickly and decisively to emerging enterprise risks is more crucial now than ever in the “new normal” of virtual work environments. This post highlights one of the sessions as part of SAPinsider’s 2020 virtual event, presented by SAP and Protiviti, about how to leverage SAP Process Control and SAP Risk Management…
  12. GRC: Case study: How Honeywell increased risk visibility and improved efficiency with its enterprise risk and controls strategy

    Reading time: 1 min

    Learn how Honeywell has driven standardization of controls and processes, improved efficiency, reduced costs, and increased organizational risk visibility using SAP Process Control and SAP Risk Management. Click this link to view the slides from this session — GRC2017_Chirico_Casestudyhowhoneywell_V2.   Karen Chirico If you have comments about this article or publication, or would like to…...…
  13. Global Law Firm Motions to Eliminate Risk

    Reading time: 8 mins

    Managing risk and keeping controls in place are important concepts for companies of all shapes and sizes — not just public companies needing to comply with Sarbanes-Oxley. Linklaters, a private, global law firm, felt these challenges first-hand after spending too long cobbling together external spreadsheets and manual processes to track access among users distributed around…
  14. How to Use the SAP DLL Framework to Synchronize Foreign Exchange Rates from ECC to SAP Insurance Analyzer

    Reading time: 7 mins

    Learn how to develop an end-to-end process to synchronize market data foreign exchange (FX) rates in SAP Insurance Analyzer from SAP ERP Central Component (ECC) using the Data Load Layer (DLL). Key Concept Data Load Layer (DLL) is the new strategic framework to update market data, such as exchange rates and interest rates, the Source…...…
  15. How to Define Position Management Procedures in SAP Treasury and Risk Management

    Reading time: 14 mins

    Learn how to define and use the position management procedures in SAP Treasury and Risk Management to determine the sequence of steps for generating a derived business transaction. Key Concept SAP Treasury and Risk Management is a series of solutions geared toward analyzing and enhancing business processes in the finance area of a company. In…...…