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Covalent's Risk Management software manages the entire life-cycle of risks, supporting planning and providing Board-level assurance on the effectiveness of your internal controls for mitigation, governance and compliance.

1

Assess a risk's impact and likelihood, and initiate treatment or mitigation actions for higher priority risks

2

Monitor changes to individual risk profiles and provides assurance about the effectiveness of internal controls at mitigating risks as expected

3

Consolidate all risk registers into an integrated, organisation-wide repository where all risks can be managed in a consistent manner

Risk Management Software 1

Support and manage all types of risk management

Covalent's Risk Management Software is designed to help you manage all types of risk as part of the risk management process including project, business unit, enterprise or operational.

  • Manage operational risk associated with internal processes and systems

  • Ensure risk-based verification of third parties and compliance monitoring to standardise assessment processes, and ultimately track third party KPIs and SLA objectives in a scorecard

  • Conform to any regulatory framework or risk standards such as AS/NZ 4360, ISO 31000, COSO Integrated Framework, COBIT, Sarbanes-Oxley and Basel III

Bring risk management to life

Covalent's Risk Management Solution allows you to identify which risks need priority and immediate attention with visual displays and dashboards.

  • Organise your risk registers in a tree hierarchy mirroring your organisation's framework

  • Identify issues at a glance with traffic-lighting that brings your risk registers to life and focuses people's attention on areas of concern

  • Give risk owners personalised, one-click access to risks they're responsible for, with exception reporting to highlight changes

Risk Management Software 2
Risk Management Software 3

Develop a risk aware culture throughout the business

Covalent's Risk Management Software encourages employees to take ownership and control over their assigned risks with triggers and individual displays.

  • Assign risk ownership at a number of levels (e.g. manager, assignee) to enforce accountability

  • Encourage risk owners to add commentary and status updates in the Notes panel

  • Upload supporting evidence, associated policies and procedures to the Covalent Document Vault

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Configure, evaluate and treat risks

Covalent's Risk Management Solution provides you the ability to effectively manage Risk Assessments across the business, monitor internal controls and define mitigation plans.

  • Assess risks on a Likelihood/Impact matrix, with each cell position traffic-lighted and equivalent to an overall risk score

  • Utilise multiple risk matrices to track opportunities and evaluate risks

  • Define mitigation controls by referencing the COSO Internal Controls framework

  • Monitor effectiveness of internal controls that have been put in place

  • Create a pre-defined schedule for re-assessing risks, with due dates for completion.

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Risk Management Software 4
Risk Management Software 5

Simplify reporting of risk 

Covalent's Risk Management Software can produce the reports that you want at the press of a button providing you with key information that can be linked to other performance data within Covalent.

  • Standardise your reports with templates that can be run time after time in the same format, but with the very latest data

  • Present risk information in layouts senior management can digest and that bring an evidence-based approach to decision making

  • Simplify assurance or annual reporting with custom-built reports that evidence governance and compliance activities

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Nottingham City Council

'We purchased the risk module from the start as Covalent offers a solution to the issues from Word and
Excel. Not only has Covalent provided less data handling, which allows more time to complete higher value work,
it creates links across priorities and plans to provide clear accountability and transparency.'

Josie Slater-Guynan, Senior Corporate Performance Specialist, Nottingham City Council 

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