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RCaaS - Risk & Compliance as a Service
RiskCounts provides a RCaaS – Risk & Compliance as a Service over cloud, with managed services support. The service entails setting up of risks, controls, control procedures, assessments, issue management, risk appetite, economic capital and management reporting for risk management and governance.
ERM FrameworkERM Program Design & Implementation
- Risks: Identify, define, and assess Inherent Risks including Strategic, Credit, Market, and Operational Risk.
- Gap Analysis and Maturity Assessment: Conduct gap analysis and maturity assessment against the current state in risks, controls, policies, processes, Lines of Defense (LOD) functionality, and governance.
- Risk Architecture: Establish or review required Policies and Procedures.
- Lines of Defense (LOD): Recommend an appropriate 3 LOD model for the client, considering all risks and existing gaps.
- Governance Framework: Define a governance framework including required committees and authorities, with:
- Limits: For transactional Market & Credit risks.
- Metrics (KPI, KRI & KCI): For Strategic and Operational risks.
- Reviews: Risk-Control Self-Assessment.
- What-ifs: Scenario planning for potential risk events.
- Compliance: Cross-check for Legal & Regulatory requirements and standards, as well as Board, Audit, Investor, and Client expectations.
- Reporting: Outline a methodology with a draft set of action-oriented reports and dashboards.
RCSARCSA Advisory : Controls testing
- RCSA Program: Assist in establishing a comprehensive RCSA program.
- Offer a Custom Toolkit: The application offered by RiskCounts is described in the "Solutions" section.
- Training: Train business functions (the 1st line of defense) and Risk/Compliance teams (the 2nd line of defense) in testing control effectiveness and establishing appropriate control procedures.
- Roll-Up of RCSA Results: Help consolidate RCSA outputs to inform key stakeholders, including Business Managers and Risk Management, about the status of controls and any key issues.
Issue ManagementIssue Management and remediation
- Issue Remediation: Provide guidance on collecting and consolidating all RCSA remediation actions, managing and prioritizing issues, and, as needed, assisting in the creation of suitable project plans.
Work with the practitioners
RiskCounts provides a comprehensive ERM software program with integrated RCSA application, that allows organizations to conduct their quarterly risk-control reviews, with the simplicity and workflow execution. on a single platform. The ERM application also provides an inbuilt issue-tracking and remediation module but can also easily be integrated with other issue and incident management systems that an organization may already be using.
