EDURISK is a joint offering of
a provider of risk & compliance software with nearly two decades of experience in the financial services sector
a strategy consultancy focused on higher education with extensive proficiency in risk management
What is EDURISK?
EDURISK is built on the risk register methodology which is state-of-the-art in higher education as well as in the corporate and financial sectors. It enables the evaluation and tracking of risks on a continuous basis and in line with their potentially distinctive lifecycles.
EDURISK facilitates organization-wide risk management that permits an effective delegation of risk management as well as reporting responsibilities. It helps clients to deal with the most challenging aspects of risk management – the cultivation of an institution-wide risk culture and the translation of strategic risk appetite into operational targets.
EDURISK enables clients to lift their risk management activities above and beyond the meeting of external compliance requirements; as a result, risk management can become an organic catalyst of overall institutional development.
What are the capabilities of EDURISK?
EDURISK utilizes the risk register methodology to create a comprehensive risk cartography for clients that delineates likelihood, impact, vulnerability, and speed of onset for the entire risk landscape. It allows for the netting of exposures and the linking of exposures to risk management actions.
Users benefit from the EDURISK COCKPIT, a multi-level dashboard that offers a flexible and timely overview of the client’s risk status and action requirements. It permits the comprehensive tracking of risk management activities on all levels of the organization as well as the automated scheduling of activities to ensure compliance with internal policies.
The EDURISK COCKPIT is fully customizable to deliver information and functionality that matches the user’s qualification and risk management role. It enables each “risk owner” and “risk manager” to deal with their job tasks effectively and facilitates an organization-wide risk awareness.
The transparent aggregation of risks allows for an appropriate balancing of top-down and bottom-up risk management approaches. It ensures the effective utilization of risk management capabilities throughout the client’s organization. Executive-level decision-makers can drill down in their organization to better understand the roots of their risk exposures and the performance of their mitigation actions.
APIs provide connectivity to the client’s existing IT infrastructure and enable the automatic import of risk-relevant data into EDURISK. Data-driven risk analytics enhance the robustness of risk management by reducing the scope for ad-hoc management actions driven by potentially faulty intuition.
EDURISK generates aggregate risk registers and risk maps that can be customized to meet the client’s reporting requirements and to facilitate interactions with oversight bodies (e.g., university boards, funding bodies).
The utilization of EDURISK is based on a subscription model. The annual subscription fee includes expenses for webhosting and maintenance.
Arlanto manages the technical implementation of EDURISK and facilitates any customization needs. Support for building unique features on top of the base model as well as the technical training of staff can be provided if needed.
XOLAS offers complementary, non-technical advisory in the design, implementation, and operation of risk management systems. It helps higher education institutions to develop suitable risk management frameworks including management & reporting processes, and identification of an appropriate catalogue of risk mitigation measures. XOLAS supports its advisory work with staff training solutions.