ACL Certified Professional

What’s New in the Spring 2017 Release Part I – Strategy

Strategy, formerly known as Risk Manager, received some much deserved love from our Product Design team and has undergone a major facelift. First, we have renamed this module to better reflect the emphasis on using this tool to manage your top-level enterprise risks that relate to the strategic goals of your organization. With this in mind, we have incorporated some core capabilities within Strategy to support your organization’s enterprise risk management process. In this newsletter, we will go through two major capabilities in detail.

Strategic Risk Library

Need some inspiration to start your enterprise risk assessments? We’ve got just the thing! Introducing Risk Library, a collection of common key risks, curated and normalized from the S&P 500 10-K reports, that you can easily import into your organization’s Risk Profile. Once you have imported the risks into your Risk Profile, you can either use them as they are, or customize the details as needed. ACL will regularly update the risks in Risk Library to ensure the content is relevant and current.

You may ask, “Can I add risks to my Risk Profile both manually and through the Risk Library?” You can certainly use a combination of both methods! Take a look at the benefits for the two different methods:
Adding Risks Methods

For more information about Risk Library, please visit the ACL Help Doc >>

Strategic Risk Workshop

Do you feel like you’re herding cats when you’re trying to get your colleagues involved in the risk assessment process? Facilitate a Risk Workshop! This is one of the latest Strategy features that allows you to collaborate with other stakeholders in one centralized location. As a facilitator, you can set up a Strategy map, configure the risk scoring, invite participants, view real-time responses and votes, and apply the risk assessments to the Risk Profile.

You can find out more information about being a Facilitator for a Risk Workshop in ACL Help Docs.

Risk Workshop

Here is a quick comparison of using Risk Workshop vs. individually assessing risk in Risk Profile:

Risk Workshop vs Individual

Frequently Asked Questions

Here are some Frequently Asked Questions about the Strategy module:

  • When participating in a Risk Workshop do I need to click on a submit button or save it somehow?
    • No, when you input your answers, it is automatically pulled into the facilitator’s view.
  • How are inherent, residual, and assurance risks calculated and how does ACL define these?
Calculation ACL’s Definition
Inherent risk All risk scoring factors are multiplied together, with each risk scoring factor multiplied by its assigned weight Derives from an assessment of an untreated risk. It is the raw risk an organization faces if no controls or other mitigating factors have been put in place.
Residual risk Inherent risk score x (1-Treatment%) Derives from an assessment of how much risk remains after controls and other mitigating factors have been put in place.
Risk assurance Calculated through the combination of Expected Risk and Actual Risk scores. Normalized value that allows you to benchmark how well the organization is doing across different control objectives so resources can be allocated appropriately.
  • What is ACL’s methodology based on?
    • ACL’s methodology is compliant with the COSO and ISO ERM frameworks.

Tip of the Month

We know you can’t wait to start streamlining your team’s collaboration on risk assessments using the new Risk Workshops in ACL GRC.
Say you’re about to get started when you suddenly realize–gasp!–not all of your team members have ACL GRC licenses.
Not to worry! You can send invitations to a Risk Workshop via email, so anyone in your organization can cast their vote, whether they have an ACL GRC license or not.

Product Release

In addition to the new features listed above for Strategy, here are some other ones that you should be aware of:

1. Product Names updates
All ACL GRC module names have been simplified, by removing “Manager” from the name, to better reflect the purpose of each module in relation to the entire platform.

Module Name Changes

2. Linking metrics to risks
If you need to track key metrics related to your organization’s top-level enterprise risks, you can now associate key risk, performance, or control indicators created on investigations, surveys, analysis, and testing data to strategic risks to help inform risk assessments.

3. Assessing residual risks
If you are wondering how much risk remains for your organization, you can now assess residual risk, and show stakeholders exactly where the areas of highest risk are in the organization to deploy resources accordingly.

4. Define custom risk attributes
Do you need the ability to capture certain risk attributes for reporting purposes? You can now define custom fields that capture different risk attributes to help you characterize, assess, and report on risks.

To find out more details about the Spring ’17 release, please see our Release Notes on ACL Community.

Learn more best practices and how to make the most out of your ACL technology at ACL Connections, September 24-27 in Nashville, TN. This event features four days of training and offers 21.5 CPE credits. Access the full event details here >>

ACP Bootcamp Newsletter

Did you miss last month’s edition about ACL Launchpad? Don’t worry, just visit here to check out the last edition.

In May’s edition, we will be exploring the new Spring 2017 release features in ACL GRC’s Projects module.

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