An implementation of efficient risk management at AGRAVIS Raiffeisen AG using the powerful CRISAM® GRC solution
AGRAVIS Raiffeisen AG is a modern agricultural trading company in the agricultural products, animal husbandry, plant production and agricultural technology segments. It also operates in the energy and Raiffeisen markets sectors, including building materials and project construction.
The AGRAVIS Group generates a turnover of around EUR 8.8 billion with over 6,800 employees. As a leading company in the industry, we operate more than 400 locations, mainly in Germany. We are active internationally through subsidiaries and associated companies in more than 20 countries, as well as exporting to more than 100 countries worldwide. The company headquarters are in Münster.
The challenge
These standards require a comprehensive risk management and control environment to ensure the integrity and reliability of reporting. Similarly, the cross-departmental simulation of our diverse business areas was an ambitious goal.
To meet these requirements, AGRAVIS Raiffeisen AG decided to implement the solution offered by CRISAM.
The implementation of a comprehensive risk management system posed a significant challenge for the risk management team in order to achieve the next level of maturity in risk management. The main challenges included:
- Growing documentation requirements: Ensuring retention, transparency and detailed records in a “single source of truth”.
- Formalization of effectiveness: Formal documentation and historization of the effectiveness of internal risk management processes.
- Comparability of risks: Ensuring comparability of different risk assessments and management approaches across different companies.
“Thanks to the high level of user-friendliness and the support provided by help texts, implementation and integration into the corporate culture and entrepreneurial thinking is facilitated for all stakeholders.”
About the collaboration
By working with our partner CRISAM, we were not only able to maintain our internal standard of holistic risk management, but even expand it. The combination of risk-adjusted earnings values with the harmonization of strategic and operational orientations has been successful. Thanks to the integration, we are more able than ever to ensure entrepreneurial options for reacting to the development of target values and exogenous risk factors. The high level of user-friendliness and the support provided by help texts considerably simplify implementation and integration into the corporate culture and entrepreneurial thinking for all stakeholders.
The integration of plan figures and risks creates considerable synergy potential. Cross-company evaluations of core risks and extensive risk simulations enable comprehensive analysis and evaluation. In addition, potential influences of cross-divisional risks can be derived, leading to forward-looking identification of recommendations for action for the risk management team and internal audit.
The solution offers comprehensive transparency for all stakeholders through direct access to detailed and customized reports. The creation of report templates further simplifies the process. Measures are reliably archived and can be traced at any time. Manual effort is minimized, thus avoiding sources of error. The risk inventories are updated by means of automated e-mail delivery, which makes our work significantly easier.
About IDW PS 340 n.F.
IDW AsS 340 is an auditing standard of the German Institute of Chartered Accountants (IDW) for assessing the risk early recognition system in companies. It ensures that risks are recognized, evaluated and controlled at an early stage so as not to endanger the company’s continued existence. The updated version (n.F.) tightens requirements for documentation and proof of effectiveness.
Would you like to get to know us?
