The report, published regularly by AMRAE (Association pour le Management des Risques et des Assurances de l’Entreprise) and EY (Ernst & Young), is a 360° market overview that compares risk management information systems (RMIS) in Europe.
The aim is to create transparency about available software solutions for risk management and to provide decision-makers with a structured overview. The analysis supports companies in the selection of suitable RMIS solutions, particularly against the backdrop of increasing regulatory requirements and complex risk landscapes.
“To help Risk Managers in their RMIS process (selection and implementation), we have summarized the key activities for each phase in the infographic below. This includes the main activities to be carried out with the level of involvement required from each stakeholder, such as IT, the Risk Management team, end users, and software vendors, along with practical advice to guide you through the process.”
The following RMIS vendors’ maps are built using solely vendors’ self assessments without any input or analysis from AMRAE and EY. They are organized by functional module showing only vendors covering this area.
For clarity and transparency, only 20 vendors are displayed on each map using their abbreviated name. These 20 vendors are selected based on a weighted average score across the modules, where functional modules count for two-thirds and technical modules for one-third of the total score.
Around 112,000 employees contribute to the success of BASF Group’s worldwide. Our global operations are clustered in six segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care, as well as Agricultural Solutions and represent the businesses BASF is conducting. All 12 Operating Divisions of these segments, along with Service Units, Regions, and Corporate Center Units, report their risks to the central risk management responsible team at Corporate Finance. Our risk reporting process if conducted monthly as part of our financial reporting, and more intensively on an bi-annual basis, where we prepare a comprehensive risk management report covering each individual risk at BASF. Additionally, we report ad hoc risks to our management between the regular reporting cycles. Two years ago, we’ve introduced the new risk management software to meet enhanced risk management requirements arising from both our increased internal needs and the new German annual audit standard for risk management. This software helps us manage complexity by creating a single point of truth. Moreover, we have significantly improved the userfriendliness of the interface, streamlined the risk assessment process, and increased efficiency through the full automation of reports for both end users and the corporate risk management team. Worldwide, more than 100 BASF colleagues across the several divisions are currently using the new risk management software and we are currently working on a further rollout within BASF.
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