i-ERM empowers organizations to assess, mitigate, and monitor risks seamlessly, aligning risk strategy with overall business goals.
It is designed to embed risk management into core business processes enabling better visibility, improved control, and a faster response to potential threats. From ensuring regulatory compliance to maintaining operational continuity, i-ERM integrates risk oversight across all levels of the organization.
With increasing oversight from investors, regulators, management teams, and customers, i-ERM fosters a transparent, accountable, and forward-looking risk culture helping businesses stay resilient, agile, and prepared for the future.
Why Choose i-ERM?
The key features of the solution are:
Risk & Control Self-Assessment (including risk aggregation and risk quantification & analytics)
Top Risks & Key Risk Indicators
Incident & Operational Loss Management
Issue & Action Plan Management for tracking actionable status
Risk Appetite
Enterprise Risk Management Reports and Graphical Dashboards
Data Repository
Technical requirements like information security
Built on latest technology this solution adds immense strategic value to financial entity and enables it to be aligned with regulatory requirements as well.
ERM is an organization’s approach to managing risk. It is the sum total of practices, policies, and framework for how an organization handles a variety of risks its business faces. ERM is important because it helps prevent losses or unexpected negative outcomes.
Regulatory authorities have time and again issued instructions & guidelines to Financial Services entities to set high standards in governance especially for aligning Risk with Business Strategy. The “risk appetite” of a Financial entity is the aggregate of all levels and types of risk it is willing to take in order to achieve its strategic business objectives. A Financial entity’s Risk Appetite Framework is the overall approach to establish, assess and monitor risk appetite. It considers the various risks to the entity as well as to its reputation.
Subsequent to multiple crises, the Financial Services Sector felt the need for an Enterprise Risk Management (ERM) framework. The need of the hour for organisations is to transform their ERM framework to be forward-looking and align Risk Governance with organization’s strategic business goals.
The sum total of implementing an Enterprise Risk Management (ERM) solution is to maximize an organization’s value. Implementing an ERM system ensures that objectives of an organization pertaining to managing various risks are successfully met. ERM also ensures that the chosen objectives support and align with the organization’s mission and are consistent with its risk appetite.
The ERM process includes five specific elements – strategy/objective setting, risk identification, risk assessment, risk response, and communication/monitoring.
ERM enables forward-looking strategic risk insights to track mitigation plan and effectiveness. It requires setting limits, analysis of data, working on probability of occurrence to get a quantified score viz-a-viz the threshold limits. That is where quantitative key risk indicators (KRIs) come into play. For each top risk, quantitative KRIs are defined to help anticipate when a risk might occur. Risk owners will be able to determine when and how to escalate risks for corrective discussions and actions. KRIs serve as the triggers to support actionable risk monitoring. Thus a robust ERM eventually serves as a tool for taking actions towards mitigation.
The ERM framework developed by IDBI Intech captures the critical building blocks that we have identified from experience of successful and sustainable implementations in the insurance industry. We strongly believe that a comprehensive framework is essential to achieve the desired state of a matured enterprise risk management.
We work closely with customers from the conceptual stage, building the framework to development and deployment of the solution. This approach helps customers accurately understand risk exposure at multiple levels in their organization.
The solution has been widely recognized and acclaimed by BFSI forums. The solution has been awarded at the Banking Frontiers Technoviti Awards in May 2022.
