Vossloh AG, the world's leading rail technology company, implements CRISAM® GRC to fulfill the IDW PS 340 n.F. standard.
Vossloh AG is a leading global supplier of products and services for rail transportation. Around 3,800 employees work for the approximately 75 Group companies in almost 30 countries and over 40 production sites. The company has set itself the goal of improving the safety, efficiency and sustainability of rail transportation and making an important contribution to the sustainable mobility of people and goods. But how does Vossloh AG manage to meet these high standards and at the same time manage the risks and compliance requirements?
The answer lies in the introduction of the CRISAM® GRC platform, an innovative solution for governance, risk and compliance (GRC) for listed companies. CRISAM® GRC enables Vossloh AG to identify, assess, manage and monitor all relevant risks and controls. The company benefits from an integrated and standardized approach based on industry-specific requirements and best practices.
The challenge
IDW PS 340 revised standard requires systematic and transparent risk reporting
The IDW PS 340 n.F. standard is a new auditing standard of the Institute of Public Auditors in Germany, which has been mandatory for all capital market-oriented companies since the 2021 financial year. The standard requires systematic and transparent risk reporting that includes both the material risks and the appropriate countermeasures and controls. Risk reporting should be based on a qualitative and quantitative assessment of the risks, taking into account the probability of occurrence, extent of damage and risk-bearing capacity.
The solution
CRISAM® GRC enables an efficient and traceable risk management process
Vossloh AG decided to introduce the CRISAM® GRC platform in order to meet the requirements of the new IDW PS 340 standard. The CRISAM® GRC platform is a modular and flexible software that covers all aspects of risk management, from risk analysis and risk management to board reporting. The software enables an efficient and comprehensible risk management process, and the following aspects were particularly important to Vossloh AG:
- Identification of relevant risks from internal and external sources
- Assessment of risks according to qualitative and quantitative criteria
- Aggregation of risks at different levels (e.g. business units, Group)
- Definition and monitoring of measures to minimize or avoid risks
- Preparation of meaningful risk reports for various addressees (e.g. Management Board, Supervisory Board, investors)
The advantages
CRISAM® GRC supports Vossloh AG in fulfilling the IDW PS 340 n.F. standard and optimizing risk management
By introducing the CRISAM® GRC platform, Vossloh AG was not only able to meet the new version of the IDW PS 340 standard, but also optimize risk management within the company. The software supported Vossloh AG with the following objectives:
- Increased transparency and traceability of risks
- Improving the quality and consistency of risk assessment
- Reduction of effort and costs for risk reporting
- Strengthening the risk culture and awareness of risks
- Identification of opportunities and potential from the risks – (upside & downside risk)
Are you also obliged to organize your risk management in accordance with IDW PS340 as amended?
Book your slot now for the next webinar on this topic with Tim-Benjamin Bohmfalk & Andreas Schmitz.
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