NORMA Holding, a renowned company in the manufacturing industry, was faced with the challenge of implementing an effective risk management system that fulfils the requirements of the IDW PS 340 nF standard. The choice fell on the CRISAM® GRC software.
The company manufactures a wide range of innovative connection solutions in three product categories (fastening clamps, connecting elements and fluid systems) and is a leading provider of system solutions. Quality awareness and technological excellence have earned NORMA Group the trust of more than 10,000 customers in 100 countries.
Before the introduction of CRISAM® GRC, risk management at NORMA was fragmented and inefficient. There was no standardised view of risks and compliance requirements were not systematically recorded.
The main objectives of the implementation were:
The implementation of CRISAM® GRC led to significant improvements in risk management at NORMA Holding:
IDW PS 340 nF is an auditing standard that defines the requirements for the audit of a company’s risk early warning system. It emphasises a company’s obligations with regard to risk-bearing capacity and risk aggregation and makes it clear that the audit of the risk early warning system belongs in the context of the annual audit.
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