Book a demo with one of our product specialists today to find out more about risk appetite in Protecht ERM:
Product tour contents
Introduction:
- Limitations of spreadsheets: Discusses how spreadsheets increase costs, time, and resources for risk projects. The complexity of handling multiple sources and creating reports hinders analysis and raises risks.
- Protecht’s solution: Introduces Protecht as a centralised platform addressing key pain points, offering several benefits over traditional spreadsheet methods.
Data management:
- Issues with spreadsheets: Managing large volumes of data across multiple spreadsheets leads to version control issues and data integrity concerns.
- Protecht’s advantage: Provides a centralised repository for risk-related data with structured templates, registers, forms, and standardised workflows, enhancing data integrity, accessibility, and version control.
Insights for improvement:
- Challenges with traditional methods: Traditional methods are complex and time-consuming.
- Protecht’s insights: Delivers actionable insights through dashboards, reports, and visual risk tools, allowing users to prioritise actions and generate custom visualisations easily.
Functionality and features:
- Limitations of spreadsheets: While spreadsheets allow customisation of formulas and formatting, their advanced features for risk analysis, reporting, and automation are limited.
- Protecht’s features: Offers specialised features tailored to risk management, including risk assessment tools, mitigation planning, automated notifications, and customisable reporting, enhancing efficiency and decision-making.
Collaboration and communication:
- Spreadsheet collaboration Issues: Sharing files via email or network drives leads to version conflicts and communication delays.
- Protecht’s collaboration tools: Facilitates collaboration through centralised data access, real-time updates, commenting features, and task assignments, improving communication and coordination.
Automation and efficiency:
- Manual efforts in spreadsheets: Spreadsheets require manual effort for data entry, calculations, and reporting, leading to errors and inefficiencies.
- Protecht’s automation: Offers automation capabilities that streamline risk assessment, scoring, notification alerts, and report generation, saving time and reducing errors.
Customisation and scalability:
- Challenges with spreadsheets: Managing multiple spreadsheets and ensuring consistency across different versions is challenging.
- Protecht’s customisation: Provides greater customisation options and scalability, accommodating growth and changes in risk management processes without sacrificing data integrity or efficiency.
Compliance and security:
- Security risks in spreadsheets: Spreadsheets lack built-in compliance features and may pose security risks.
- Protecht’s compliance: Includes compliance features like predefined templates and audit trails. Enhanced data security with centralised storage and encryption.
Conclusion:
- Advantages of Protecht ERM: While spreadsheets offer flexibility for basic tasks, Protecht provides advanced features tailored to modern risk management complexities.
