Insight ERM© is a web-based enterprise risk management software developed by INSIGHT for companies interested in implementing the Insight ERM© method in their business.
Insight ERM© is one of the web-based applications included with ChancesR® , INSIGHT’s web-based risk management information system (Web-RIMS). The application is divided into three modules: Resource Risk, Activity Risk, and Product Risk.
Resource Risk Module
We use this module to identify, analyze and find ways to mitigate the risk associated with what the company brings to the business (resources). This is the only one of the three modules that includes cost information, and only to find company’s exposure (total at-risk) associated to resources. This module include screens to separate balance sheet exposures (those threaten company’s financial position), from income statement exposures (those threaten company’s profitability).
Activity Risk Module
This is the module to identify, analyze and find ways to mitigate the risk associated with what the company does. This module include screens to list activities based on various risk exposures (property, liability, hazard index, skill level, etc.), and to add new activities. The module also allows us to record emails messages to the “risk owners” to request notification before (or after) a particular activity is performed.
Because the riskiest activities performed by companies are those to mitigate risk like hedging, insurance purchasing, contract management, safety management, training, claims management, litigation, and business continuity planning, ChancesR© includes separate applications for each one of these risk management activities.
Product Risk Module
This is the module to identify, analyze and find ways to mitigate the risk associated with the products (or services) that the company makes or has for sale. This module includes screens to list products based on various risk exposures (revenue, liability, marketing channels, and consumer locations, etc.), and to add new products.