Strategic Thought Group (STG), developer of the most widely deployed Web-based Enterprise Risk Management (ERM) software, has released major enhancements to support operational, financial and regulatory controls management. The new release provides a set of advanced capabilities which address external compliance requirements, such as Sarbanes-Oxley, and internal enterprise-wide control frameworks for health and safety, IT, human resources and quality management. It further allows the tracking and management of controls relating to operations, performance and risk.
ARM now integrates controls related to external and internal compliance programs with a single performance-driven risk management process. It replaces the need for inefficient and expensive specialized financial and operational controls management solutions. With ARM, financial compliance activities and reporting are consolidated as part of the wider management framework.
ARM’s re-engineered, easier-to-use interface is configurable for the needs of different user communities providing the view appropriate for each level of the organization. This gives ARM customers and their partners the ability to measure compliance statuses and issues in a simple and consistent way. ARM helps embed a ‘risk- and opportunity-aware’ culture throughout the business and increase individual accountability.
Mark Brown, director of ERM Strategy at Strategic Thought commented, “ARM has led the way in providing robust, performance-driven, enterprise-wide risk management software. We have now brought into ARM the ability to manage very specialized compliance and management controls requirements within a single ERM framework. This provides customers with even greater benefit from their risk management investment and supports the ARM philosophy of driving risk and controls management from a performance and economic perspective. Using ARM will reduce the cost of controls management and help identify better investment options around the financing of IT, financial, health & safety, HR, and quality management processes.”
ARM maps the complex relationships between elements and enables the effective management of the associated costs and business risks of failing to comply or meet the required standards by focusing on the risk/reward trade-off from an economic perspective.
Brown added, “ARM underpins a viable long-term strategy to meet multiple regulatory, legal and audit requirements with a single enterprise-wide system. Customers can also “sunset” their stand-alone specialist controls management products. ARM will deliver cost savings, better management information and enhanced communication and collaboration on key performance targets. ARM turns what is often seen as a ‘cost of doing business’ into a system which can drive improved business performance.”
