One of the challenges around performance and risk management and management information in general is enabling the business approach with easy-to-use software. It is no different for the Risk Risk-based performance methodology.
For Risk-based performance to be sustainable for our clients it must be supported by software. Over the last 18 months, we considered a number of options for supporting the methodology with software and finally decided that PerformancePoint, Microsoft’s flagship Business Intelligence application was the best platform on which to develop for a Risk-based performance solution.
On this site we have attempted to keep the conversation focused on performance and risk management from a business perspective, however in this post we will touch on the technology side.
It is very pleasing to be closing the year having successfully developed and deployed the Risk-based performance solution to multiple clients. PerformancePoint is proving to be a very powerful platform on which to deploy performance and risk management solutions; used in combination with SharePoint we are able to address both the qualitative and quantitative sides of these disciplines.
Some of the capabilities incorporated in the Risk-based performance solution include:
- Strategy Maps
- Balanced Scorecard
- Risk Maps
- Performance Dashboards
- Risk Dashboards
- Controls Dashboards
- Risk Appetite definition and monitoring
- Risk Assessment
- Risk events (Incidents/Near Misses/Losses) capture and reporting
- Exception reporting and trend analysis
- Key indicator capture and analysis (KPIs, KRIs and KCIs)
- Scenarios and what-if analysis
- Capture commentary and feedback
This system is currently deployed with a handful of financial services clients and is proving how valuable the Risk-based performance methodology is, particularly when enabled via Microsoft’s PerformancePoint.
Look out for screenshots of the application which will be posted in coming weeks (we are currently in the process of building a system with generic data).
Click here for relatedposts about Risk-based performance.