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Soteria Risk: Driving Accountability and Risk Mitigation
Organizations continue to struggle to create internal solutionsfor ERM programs that track the critical data that provides a better risk posture. However, given the esoteric nature of risk, the need to collaborate deeply with risk professionals and the demands of all the other critical aspects of key jobs, many organizations are still looking for the right solution. Soteria Risk, a specialized Enterprise Risk Management (ERM) consulting and technology firm, positions itself in this space by offering turnkey customized portal solutions that allow organizations to build an end-to-end system designed around the organization's unique ERM needs. “Instead of offering an off-the-shelf solution, our goal is to provide a highly configurable platform for the sole function of ERM and related activities,” remarks David Young, CEO, Soteria Risk. Today, the organizations that have already invested in off-the-shelf risk management solutions are experiencing inefficient risk assessments, incompatibility issues around existing systems and the inability to provide adequate senior management risk reporting.Soteria Risk provides organizations with a custom designed cloud-based consulting portal solution, ERMView™ that helps them effectively identify, assess, manage, and mitigate risks across silos, while providing enterprise-wide visibility, oversight, and risk ownership. The solution is designed to help organizations accomplish more than just track risks. While it does deliver a heat map of key risks to senior management, it also keeps track of all key risk categories within the organization, whatever they have specified them to be. “It also tracks all risk mitigation efforts on key risks, many of which are not insurable,” states Young. The solution tracks and retains all the risk transfer information, along with business continuity, disaster recovery, loss prevention, and high-level claims information. “ERMView™ acts as a central repository for all things related to risk, ensuring information is made available to key risk owners.”
“One of the biggest differentiating factors of the company is the desire to understand client’s specific risk information needs and goals, and create tools that allow any organization to take their ERM program to the next level,” explains Young.
By creating a dedicated, highly secure, user-based platform that focuses on ‘risk owners’ throughout the organization, ERMView™ creates a high level of transparency and accountability to ensure their clients meet their risk management goals and obligations. Effectively, it works as a tool for the CRO who has oversight on the key risk owners within the organization.
To ensure an effective implementation of ERMView™, the company offers consulting and training services. During the implementation process, Soteria Risk assists clients in identifying critical areas for improvement in their ERM program and provides the expert guidance necessary to improve that area.
From a regulatory necessity to improving corporate efficiency, Soteria Risk’s subscription-based tool has changed the outlook of many organizations toward ERM. One client has stored years’ worth of insurance and risk information to provide access to key data anytime, anywhere. ERMView™ improved efficiency with outside auditors by granting site access to their risk site to observe what key risks were being tracked and mitigated.
Soteria Risk is currently developing a standardized site template that allows for rapid and easy client configuration and implementation. For organizations with an immature ERM program, this will allow them to quickly address both key risks within the organization as well as meeting senior leadership responsibilities to understand key risk issues, like cyber security. “Our goal is to ensure that the executive management and boards of directors have a tool that helps them meet regulatory and fiduciary responsibilities in enterprise risk oversight,” concludes Young.
Executive management and boards of directors have a tool that helps them meet regulatory and fiduciary responsibilities in enterprise risk oversight
To ensure an effective implementation of ERMView™, the company offers consulting and training services. During the implementation process, Soteria Risk assists clients in identifying critical areas for improvement in their ERM program and provides the expert guidance necessary to improve that area.
From a regulatory necessity to improving corporate efficiency, Soteria Risk’s subscription-based tool has changed the outlook of many organizations toward ERM. One client has stored years’ worth of insurance and risk information to provide access to key data anytime, anywhere. ERMView™ improved efficiency with outside auditors by granting site access to their risk site to observe what key risks were being tracked and mitigated.
Soteria Risk is currently developing a standardized site template that allows for rapid and easy client configuration and implementation. For organizations with an immature ERM program, this will allow them to quickly address both key risks within the organization as well as meeting senior leadership responsibilities to understand key risk issues, like cyber security. “Our goal is to ensure that the executive management and boards of directors have a tool that helps them meet regulatory and fiduciary responsibilities in enterprise risk oversight,” concludes Young.
