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30 years in risk management working with the likes of Dept of Defence, Victorian Infectious Disease Laboratories and Dept of Justice, as well as with business excellence leaders such as Motorola, Fosters and Serco, has given Fast Track the understanding that all risks are related and therefore their complex interrelationships need to be modeled to be effective.
Understanding risk means we know to set risk objectives to strategic business objectives and allow aggregation of risk both horizontally as well as vertically.
Commercially-Off-The-Shelf (COTS), Fast Track delivers a comprehensive 21st century enterprise risk management system fully reflective of ISO31000 processes: Establish context; maintain multiple risk profiles & risk calculators; aggregate risks both horizontally and vertically; use environmental scanning thru KPI triggers; use hierarchical risk models with consolidation on value not just indicators; monitor risk appetite thru surveys, VaR limits and interactive engagement; and much more.
Advanced risk assessment tools
Fast Track Risk Assessment provides a comprehensive system for identification, assessing, allocating control items and control measures and reporting and scheduling ongoing reviews of risks. The hierarchical structure allows for categorization and consolidation of risk across the enterprise. Automatic reporting of high risk provides greater confidence and allows for quicker mitigation of risks. Scheduling and reminders ensure continuing focus on risk in the longer term. Structured assessment tools provide consistency across Depts. and across changes in personnel allowing greater reliability of data.
User-defined rules for risk calculation & weighting
Fast Track’s 4 dimensional Risk Calculator allows users definition of scales and ratings per area. Even the business rules for calculation and weighting are user definable by area. This allows different calculators for OHS, Environment, Process, etc. Extending the calculator to 4 dimensions allows inclusion on indirect effects such as political or press involvement produces a real world rating and there greater operation acceptance of the Risk Management framework.
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