Case Study: Implementation of the CRISAM® GRC Platform at Softing AG

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.

Softing AG: A German technology company with a global presence, offering solutions for automation and communication technology.
Challenge: The existing processes for risk assessment, compliance monitoring, and governance were fragmented and inefficient.
Goal: Create a unified platform for comprehensive GRC management.

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:

- 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:

- 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.

Softing AG is well-equipped for the future with CRISAM® GRC

In the context of risk management strategies, Softing AG has established a forward-looking solution through the implementation of the CRISAM® GRC Platform that is compliant with the latest revisions of the IDW PS 340 n.F. Standard. This platform enables systematic risk identification and assessment, which through its transparency consolidates stakeholder confidence and thus contributes to increasing Softing AG’s competitiveness. The robust architecture of the CRISAM® GRC Platform ensures an adaptive and resilient infrastructure for risk management, enabling Softing AG to efficiently navigate both current and future market opportunities and risks.

Risk Management? No Problem!

Navigate safely through the requirements of IDW PS 340 n.F. In this exclusive webinar, Tim-Benjamin Bohmfalk and Andreas Schmitz share practical insights and proven approaches for compliant implementation.

Grab a cup of coffee, sit back, and let our experts take you into the world of risk management.

Sign up and make your risk management the highlight of the day!

View webinar dates