erisk manages risk in one of the largest clothing companies

Due to the intensive development and requirements for listed companies, VRG SA decided to implement systemic risk management. To ensure this and at the same time automate it, a specialised IT tool was needed. The client required the tool to be easy to use and flexible enough to be expanded in the future, e.g. with new methodologies without any threat to the collected data. It was also important to maintain consistency in the approach to areas such as risk management, incident management, and analysis and reporting. The choice fell on erisk software in the SaaS model, which is the most popular risk management system in Poland. We provided the necessary technical and substantive support, also after the implementation.

Basic design works were carried out between February and June 2022. The technical and substantive support service will be provided for at least another year. The design work was divided into several stages.

We provided the licence

The implementation included licence transfer, technical assistance, software installation and training. The annual licence in the SaaS model included the risk module (100 users) and the reports module (10 users). We conducted a full-day training for employees to prepare them for implementation work and present alternative solutions that will facilitate making more informed decisions. Thanks to this, employees acquired the necessary competences to maintain the risk management model at erisk after the main project work was completed.

We built the forms

In order to implement the VRG group’s risk management policy, it was necessary to build appropriate forms. We defined their structures, configured scripts and prompts, and defined roles and permissions. We used many interesting solutions here, taking into account the customer’s specific requirements. For example, the form for collecting risk data was greatly expanded, including data on inherent and residual risk.

We introduced two types of risks

A rather complicated task from an implementation perspective was the introduction of two types of risks: those managed from the perspective of the entire group and those managed locally by the company. By collecting data on these risks in erisk and building an automatic report, managing this data is much easier.

We established the structure of the database

We created separate branches for each of the five group companies, which are mirror images of each other. Thanks to this, the client gained freedom in managing permissions, as well as the ability to change the risk management methodology in selected companies. The most important benefit of this solution is easy control over risks in companies by the parent company. To improve supervision, we used a multi-stage system for verifying the results of risk analysis.

We provided training

We trained all software users during workshop meetings. During the training, risk owners and managers involved in the process learned about the functionalities and how to use the erisk tool. Additionally, we have provided instructional videos, which are valuable support for better navigation of the new software.

We have created dedicated reports

At the same time, we worked on automatic reports that provide specific users with a preview of data in a defined layout. One report that has proven to be extremely useful is the report used to oversee plans for dealing with unacceptable risks. It presents the effectiveness of the implementation of the risk optimisation plan in relation to the assumptions adopted at the stage of planning the implementation of risk minimisation activities.

We identified and assessed the risks

The most time-consuming and at the same time the most important stage. It was necessary to conduct individual workshops with each risk owner from all group companies. With the support of SDPK consultants, the owners developed optimisation plans for unacceptable risks. The meetings were held online, which streamlined the entire process, considering that we held over 100 workshop meetings.

We provided technical support

The client could count on the support of our experienced consultants at every stage. After completing the work, we also provided full availability as part of the annual technical assistance service.

• A dedicated tool in the SaaS cloud model, fully configured and tailored to the organisation’s needs.
• Integration of the organisational structure with the permissions structure in erisk.
• Automatic reports tailored to your needs in accordance with the applicable risk management policy.
• Reducing the time-consuming reporting related to the requirements for listed companies.
• Increasing the effectiveness of risk management thanks to access to quick and consistent information on risks both at the level of the company and the entire capital group.