SAP Risk Management
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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.
405 results
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Due Diligence in M&A Transaction: How SAP Helps Mitigate Risks
Reading time: 13 mins
Due diligence is a key step during mergers and acquisitions (M&A). SAP offers four tools (SAP BusinessObjects Watchlist Security; SAP BusinessObjects Governance, Risk, and Compliance solutions; SAP BusinessObjects Access Control; and SAP StreamWork) to help you mitigate risk during the M&A transaction. Key Concept A merger and acquisition (M&A) process is intense and complex spanning…...…
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Avoid Risk and Improve Efficiency – Proactive SAP GRC
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Although not the glitziest module in an SAP installation, SAP Governance Risk and Compliance (GRC) is a module that if not done right can nearly ruin a company. Similarly, if proactively and robustly implemented, it can mitigate risks and help the business run more smoothly. This content is for SAPinsider Monthly Subscription, SAPinsider Annual Subscription,…
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Mitigate Residual Risks When Using SAP’s Green Software Solutions
Reading time: 10 mins
Learn how to mitigate residual risks of carbon emissions when using SAP’s green software solutions. Find out more about SAP Carbon Impact on-demand service, how to visualize and compare carbon footprint data with dashboards, and how to mitigate sustainability residual risks. Key Concept Residual risks of carbon emissions are the remaining risks after sustainability controls…...…
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Internal Controls: The Journey from Compliance to Risk Management
Reading time: 11 mins
See how to make compliance more operational with a more preventative, integrated approach that emphasizes risk management over compliance. By embedding more controls into this approach, your organization achieves greater efficiency and lower compliance testing costs than in the more manual report and review model that many companies use. Key Concept The Sarbanes-Oxley Act prompted…...…
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How to Build a Strong Security and Compliance Foundation for Your SAP Landscape
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While most successful cyberattacks are carried out on a company’s application layer, many security departments see the SAP application layer as a “black box,” and its security as the responsibility of their Basis or SAP application colleagues or of a service provider, making the security of this layer a blind spot within many organizations. Compounding…
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- SAP Audit Management
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Better Manage Enterprise Risk and Streamline Audit Life Cycle Management with SAP Audit Management (Part 1)
Reading time: 18 mins
See how SAP Audit Management can help improve the different facets of the internal audit life cycle including audit planning and preparation while enforcing process control and risk management. Key Concept Audit is a process that defines the time, scope, resources, and other attributes for an audit engagement and documents evidence, results, recommendations, and reports…....…
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Manage NAFTA Trade Preference to Mitigate Risk with SAP BusinessObjects Global Trade Services
Reading time: 18 mins
In growing globalization, free trade agreements provide a comparative advantage for companies engaged with business within a specific trade zone. Implementation of the North American Free Trade Agreement (NAFTA) with SAP BusinessObjects Global Trade Services creates a combined solution to mitigate risk, better manage the process life cycle, and automatically deliver NAFTA certificates to customers…....…
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- SAP CyberSecurity
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Risk Assessment in SAP Against a Cybersecurity Framework
Reading time: 4 mins
In part two of the three-part series “Becoming CMMC or NIST Compliant and How to Prove It,” SAPinsider expert Julie Hallett demonstrates for readers how they can assess cybersecurity threats against a cybersecurity framework. In order to effectively evaluate all of the cybersecurity threats and vulnerabilities that a company has, they must first apply a…
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- SAP Accounting
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Track Intercompany Loans Using SAP’s Transaction Manager Module: Part 2
Reading time: 49 mins
Learn the configuration steps needed for the intercompany loans process outlined in the article “Track Intercompany Loans Using SAP’s Transaction Manager Module, Part 1.” The configuration is in line with the process described in part 1 of this article. Key Concept When companies reach a more complex size, they often need to implement financing processes…...…
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What’s New in Version 10.0 of SAP BusinessObjects Access Control?
Reading time: 16 mins
Learn about the key benefits arising from recoding version 10.0 of SAP BusinessObjects Access Control on the ABAP platform and its harmonization with other SAP BusinessObjects GRC solutions such as version 10.0 of SAP BusinessObjects Process Control and version 10.0 of SAP BusinessObjects Risk Management. Walk through the key improvements in the areas of access…...…
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Paul DeCrane
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Erik Mekelburg
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Aric Quinones
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