Case Study: Introduction of the CRISAM® GRC platform at Softing AG

Softing AG, a leading company in the field of industrial automation and communication technology, was faced with 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 that offers solutions for automation and communication technology.
Challenge: The existing processes for risk assessment, compliance monitoring and governance were fragmented and inefficient.
Goal: Create a standardized platform for the entire GRC management.

The IDW PS 340 n.F. standard is a new auditing standard of the Institute of Public Auditors in Germany. It has been mandatory for all capital market-oriented companies since the 2021 financial year. This standard places particular emphasis on systematic and transparent risk reporting. Not only should the main risks be recorded, but also the appropriate countermeasures and controls. Risk reporting is based on a qualitative and quantitative assessment of risks, taking into account the probability of occurrence, level of 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 opted for CRISAM® due to 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 company guidelines, 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 future-oriented solution by implementing the CRISAM® GRC platform, which is compliant with the latest revisions of the IDW PS 340 n.F. standard. This platform enables systematic risk identification and assessment, which consolidates the trust of stakeholders through its transparency and thus contributes to increasing the competitiveness of Softing AG. The robust architecture of the CRISAM® GRC platform ensures an adaptive and resilient risk management infrastructure that enables Softing AG to efficiently navigate both current and future market opportunities and risks.

Risk management? No problem!

Throw your worries overboard and sail with us into safe waters. Book your front row seat at our exclusive webinar where Tim-Benjamin Bohmfalk and Andreas Schmitz will show you how to comply with IDW PS340 n. F.!

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

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