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.

16 results

  1. 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…
  2. risk strategies sap

    5 Strategies for Faster Risk Remediation in SAP

    Reading time: 3 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…
  3. GRC: Case study: How Honeywell increased risk visibility and improved efficiency with its enterprise risk and controls strategy

    Reading time: 1 mins

    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…...…
  4. 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…
  5. 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…...…
  6. How to Define Position Management Procedures in SAP Treasury and Risk Management

    Reading time: 13 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…