Corporater software solution for Risk Management is a digital tool for early identification, analysis, and management of risk. It enables organizations to implement effective measures following § 91 (2) AktG for the early recognition of risk developments that could jeopardize the company's continued existence, and demonstrate compliance with the IDW PS 340 n.F. – audit standard issued by the Institute of Auditors (IDW – Institut der Wirtschaftsprüfer).
The solution functions as an integrated system where users can identify, analyze, evaluate, communicate, and carry out regular assessments and controls on risks. It includes an early risk warning system (Risikofrüherkennungssystem) set up specifically for risk identification, risk assessment, and risk communication. Additionally, the system comes with Monte Carlo simulation to estimate the probability for loss according to the Value at Risk methodology – both on the individual risk level and on aggregated / consolidated scenarios.
Corporater solution for IDW PS 340 allows organizations to:
- Establish an efficient risk management system (Risikomanagementsystem) for early detection of existential risks
- Demonstrate that appropriate measures have been taken to proactively identify and manage risks
- Clearly define roles and responsibilities for risk identification, assessment, and mitigation
- Run Monte Carlo simulations and reports on risks through pre-defined workflows
- Generate comprehensive risk management reports
- Adjust and configure solution