CIO Review, a leading US publication covering key trends in information technology, has just published its annual review of risk management solution providers worldwide, identifying Riskenomics as one of the 20 most promising solution providers in the field of risk management. Other companies in the top 20 include Capgemini and LexisNexis.
Riskenomics is a premises risk management tool developed by Aadroit Systems Limited, based in London. Riskenomics is used to capture, evaluate, manage and close out risk across property portfolios of multinational organisations, particularly those in the financial services arena, where continued availability of premises is essential.
Many of their clients are the Corporate Real Estate Services (CRES) teams in retail and investment banks and their reasons for using Riskenomics are to support them in demonstrating governance in terms of legal and regulatory compliance, life safety and availability of premises, particularly those classified as critical and mission critical.
Riskenomics has three core components – dependency models, risk capture and management information.
The dependency models map the systems, processes (hard and soft) and critical dependencies within each site. They identify how the business would manage if it lost any critical systems and what safeguards it can put in place to mitigate the risk. There are standard and customizable dependency models across a range of functions including compliance, health and safety, critical engineering, facilities management, security and supply chain. The company can also develop bespoke models where required.
Risk capture is achieved in a number of ways – we offer a self-assessment module that uses a pre-agreed question set, ensuring that users check all systems and capture and evaluate all associated risks in a consistent manner. The self-assessment module works on mobile devices, so that the RCA (risk and control assessment) can be completed in situ. The user can also take photos and videos and uploaded these to associate them with the particular risk. Documents and other supporting evidence may also be uploaded.
Riskenomics also captures risk via live feeds from other networks such as the building management system (BMS) and can integrate with other solutions via an API.
Management information is provided via a suite of highly interactive dashboards, where the user can view every aspect of premises risk, from a global level, to region or country, right down to an individual building and the fine detail of each risk in that building. The issues are colour-coded using a red, amber, green approach, making it simple to zone in on the areas that need addressing as a priority to avoid the loss of any critical or mission critical systems. The data is live and dynamic, so reports can be produced instantly.
Glen O’Leary, Managing Director of Aadroit Systems and development lead for Riskenomics comments:
“We are delighted to have been selected as one of the most promising solution providers in risk management, a great endorsement of our commitment to developing and delivering cutting edge solutions in premises risk management. We have built our reputation in the risk industry over many years – many clients say that risk is part of our DNA.”
Notes to editor
CIO Review is a California based technology magazine that covers and shares innovative enterprise solutions to help technology and business leaders analyse information technology trends and gain a better understanding of how technology solutions can help them achieve their business goals. The full list is available to view online at http://magazine.cioreview.com/June-2015/ERM/.
Aadroit Systems Limited
London-based Aadroit Systems was formed in 2004 to develop and market Riskenomics, which had originally been developed by its sister company, BSCM Operational Risk, to support its operational risk consultancy. Due to client demand for access, the directors decided to develop the modelling tool into a formal software platform. Since 2004, Aadroit has continued to evolve and enhance Riskenomics, adding new functionality and additional modules, such as dashboards and risk capture. Aadroit is a privately owned self-funded and profitable company.