Riskonnect, Inc. - Financial Risk and Compliance Solutions/Service Company

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Riskonnect, Inc.: Improving Decisions via Risk Prediction

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Jim Wetekamp, CEO, Riskonnect, IncJim Wetekamp, CEO
With data streaming into business organizations thick and fast, the question of authentic information becomes quite inevitable. On similar lines, organizations are looking for the cybersecurity best practices to combat loss or manipulation of data. Such a situation demands a trusted integrated enterprise risk management (ERM) technology to attain better control over all activities and manage risks in business in holistically. Here is where Riskonnect aims to create a mark. Offering a wide suite of solutions based on high-end cloud environment, Riskonnect empowers businesses with an in-depth understanding of risk control and management processes, which significantly impacts the shareholder value.

In an attempt to drive accuracy in the assessment of corporate governance, along with strategic risk, Riskonnect’s technology is designed to be highly configurable and responsive, thereby enhancing organizations’ capability to confront, strategize and respond to all potential risks. “The company’s single, unified risk assessment tool assists clients in attaining critical insights concerning operational as well as strategic risks and the steps required to be taken to level up the risk tolerance of the organization,” states Jim Wetekamp, CEO, Riskonnect. The company’s integrated risk management includes risk register, assessments, and heat maps, along with control universe, KRIs and KPIs as well as incident management and remediation. Besides, the software comprises workflows responsible for suggesting actions in cases of volatility or when risks aggravate or minimize, thereby encouraging growth and benefits.

Powering more than 100,000 businesses, Riskonnect’s uniqueness lies in its risk correlation engine that equips the software with the ability to integrate and correlate the risk relationships with an aim to provide a detailed vision regarding the influence and impact of risk in the enterprise. “The system effectively measures and manages the elements that are likely to create a risky scenario for the business, besides generating accurate reports in terms of the organization’s objectives,” explains Wetekamp.

The system effectively measures and manages the elements that are likely to create a risky scenario for the business, besides generating accurate reports in terms of the organization’s objectives

In addition, clients get easy access to comprehensible risk rankings, thereby prioritizing the mitigating process.

With one of the best client support personnel globally, Riskonnect observes a workflow-based support model. The system comprises automated escalation which works within stipulated timeframes. Clients can access support irrespective of their location or time through emails or phone calls. “The most efficient way to receive prompt support is to connect via the Riskonnect Product Management tab and the Riskonnect Chatter functionality,” states Wetekamp. These two functionalities make way for a long-term relationship between Riskonnect and the client by instilling improved transparency.

In an instance, Riskonnect assisted the risk management department of a technology distributor with a reliable risk management information system (RMIS) to help harness insurable property values capable of working for global operations users and record the values in the local currency format. Additionally, the system required recording capacity as well in square feet or square meters. Riskonnect effectively expanded the traditional property module, consequently capturing property details, more than the insurable values and COPE, resulting in a global platform for property management. Added to that, Riskonnect configured the system to record all the values in local currency, along with a daily update of the international exchange rates via SAP. The client was able to promptly identify data quality issues with the aid of exception reporting. This enabled the risk management department to receive alerts from automated workflows whenever new items were added.

Having bagged noteworthy awards and recognitions, Riskonnect aims to position itself in the market as one of the leading risk management organizations. “We are committed to bringing true risk management solutions for our clients,” concludes Wetekamp.