Protecht Group, an Enterprise Risk Management (ERM) company, announces the launch of the Protecht.ERM Operational Resilience module, which helps organisations manage disruptive events. The purpose-built visual mapping tool, templated forms & reports, & integration with existing ERM data will allow organisations to monitor the services their customers rely on.
What is the product offering of Protecht.ERM?
The module will also enable businesses to meet the tightened regulations impending in the Aussie Prudential Regulation Authority’s (APRA) CPS 230 operational risk mgt draft standard released in July, with requirements on critical process mapping & operational resilience.
Informing the module’s development phase, Protecht surveyed risk professionals to explore their organisations’ operational resilience preparedness & requirements. The findings revealed that 96% believe operational resilience should be a priority for their organisation, under half 46% currently rate their organisation’s operational resilience capacity as “high or very high.”
Despite low adoption of robust systems, there is a strong customer desire to see risk mgt tools that can largely consolidate existing framework capabilities, with 53% of respondents reporting the strain of needing new concept requirements when building operational resilience. Additionally, 35% were ranked as the top driver of organisational operational resilience.
What do the executives think about the launch?
The Protecht ERM Operational Resilience module provides regulation-ready tech that is easily integrated into the ERM capabilities ensuring an easier implementation for the end users.
“With a high incidence of large disruptive events expected in the future, prioritising operational resilience has accelerated focus for industry bodies such as APRA and business leaders. Operational resilience is the key to an organisation’s survival and even thrive from these episodes,” said David Bergmark, Chief Executive Officer and co-founder of Protecht Group.
“More than ever, customers are seeking solutions that can be easily activated at scale to detect new threats, adhere to a new regulation, and work with existing systems. We are absolutely delighted to be launching this industry-leading solution in the market,” he added.
Damien Stevens, Chief Product and Marketing Officer, Protecht Group, said: “Operational resilience is relevant and important to everyone. Protecht.ERM’s Operational Resilience module provides an end-to-end solution to incorporate within your ERM system. It gives visibility of important business services, shows you if you are resilient and which vulnerabilities you need to fix, saves time & effort in data capture, & ensures you can meet regulatory requirements.”
What are the features of the Protecht.ERM?
Isolates vulnerabilities for improved resilience
Visual mapping of overarching services rapidly identify risks relating to resource vulnerability, criticality, and recovery time for a risk free experience. Its scenario capabilities allows organisations to consider and record plausible scenarios, preventative controls, recovery plans and testing activities. The automatically generated resilience self-assessment report delivers key metrics, resources, scenarios and associated actions for each important business service.
Integration with ERM framework
Rather than a reset, users can leverage the risk & control identification & assessment work that already exists in their ERM system to save time & cost. The module ensures that there is a single source of truth for ERM & operational resilience purposes and can link to existing taxonomies & data such as risk & control self-assessments, incident mgt & crisis mgt plans.
Contains a purpose-built mapping tool that allows organisations to build, communicate and collaborate on a visual process map of their important business services. The tech is template registers link and aggregate resources, supporting processes to the overarching service.
Addresses regulatory requirements
The module design is informed by existing international regulatory requirements & standards (FCA Handbook) and is in line with APRA’s new draft Standard CPS 230: Operational Risk Mgt