Explore how Softing AG uses CRISAM® to streamline enterprise risk management with greater transparency, efficient risk assessments and reliable reporting.
Softing AG, a leading company in industrial automation and communication technology, faced the challenge of optimizing and centralizing its governance, risk, and compliance processes. To meet this need, Softing decided to implement the CRISAM® GRC Platform.
The IDW PS 340 n.F. Standard is a new auditing standard from the Institute of Public Auditors in Germany. It has been mandatory for all capital market-oriented companies since fiscal year 2021. This standard places particular emphasis on systematic and transparent risk reporting. It requires not only the identification of material risks, but also appropriate countermeasures and controls. Risk reporting is based on a qualitative and quantitative assessment of risks, taking into account probability of occurrence, potential damage, and risk-bearing capacity.
CRISAM® GRC enables an efficient and traceable risk management process
Selection of the CRISAM® GRC Platform:
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- Softing AG evaluated various GRC solutions and chose CRISAM® for its comprehensive functionality, user-friendliness, and flexibility.
- The platform covers risk management, internal control system, compliance, audit, and more.
Implementation and Customization:
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- Softing worked closely with the CRISAM® team to customize the platform to their specific requirements.
- The configuration included the integration of corporate policies, risk assessment methods, and compliance standards.
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