Global Excellence Awards 2023

34 | Acquisition International, Global Excellence Awards 2023 18 | Issue 1 2024 In recent years, there has been a significant increase in the demand for combined risk management and process tools. Of course, this is primarily due to the surge of technological advancements but also increased vulnerability to risks that we, as a society, have faced over just the past decade alone. Since 2015, CERRIX has been delivering operational risk management for banks, but it has gradually shifted its focus to become a full scale GRC tool provider. Now heralded as the Best Risk & Process Management Software Provider 2023 - Western Europe, CERRIX promises to stay one step ahead of the game. From Fear to Preparedness: Mastering Risk and Process Management esponding to the ever-present need for integrated GRC tooling, CERRIX is a software provider whose creativity and innovation knows no bounds. Initially founded in 2015, it has since enhanced and upgraded its software products with one sole goal in mind – to deliver a comprehensive suite of services that are set on ensuring risk and process management. Across the industry, it’s exceedingly common for firms to provide a single tool for each risk domain, resulting in a very cluttered and inefficient approach. Aiming to eliminate this issue is CERRIX, with its integrated solutions proving to be game changers on the wider market. Covering all risk domains, from privacy, cyber security, and quality control to process management, tax, whistleblowing, and financial accounting, CERRIX’s integrated solutions are more than deserving of the recognition that they have received. After all, the company is acutely aware of how crucial it is to connect business process management, audit and risk management, while also demonstrating an immense love for European geography. Combined, these factors allow it to differentiate itself from its competitors – while some may promise an understanding on a smaller scale, CERRIX holds a capability that others simply can’t hold a candle to. Aspiring to become a dominant player in the European risk management market, CERRIX utilises its two interconnected disciplines to guide itself forward. By recognising the vital role that these aspects play in the success of both the company and its software, it concocts a brilliant union that has certainly spurred it forward in its journey towards achieving its primary goal. Despite each of its own strengths possessing their own objectives, combined they complement one another in efficient, effective, and resilient ways. However, to better understand how CERRIX succeeds so flawlessly in this vein, we feel it necessary to explore the intricate relationship between risk and process management. While risk management focuses on the identification, analysis, and response to potential threats to a company’s overarching goals and objectives, process management handles the systematic design, implementation, and evaluation of business processes. When paired together, it creates a concoction of brilliance – one that, in turn, is able to bring an entirely new approach towards guaranteed business success. The process management, often exposed to a myriad of risks, is ultimately covered by risk management and monitoring, allowing it to mitigate issues before they even arise. Fundamentally, it produces a stable framework that companies can utilise to improve their inner workings, without having to dedicate an excess of resources to do so. Drawing on insight from CERRIX itself, we came to learn some fascinating details about the roles and responsibilities of process managers. Process managers are expected to be held accountable for proper risk management, often times meaning that they need to continuously evaluate a multitude of business processes. From the control environment, vulnerabilities, status of improvement initiatives, and root-cause analysis of incidents, to metrics pertaining to the internal workings of a company, it’s a process manager’s duty to ensure all stays on track. This is where CERRIX comes in – it can reveal the processes that require special attention, ensuring a straightforward approach towards risk management as a whole. All businesses will agree that having risk management reports is needed, but there’s a unanimous agreement that preparing these reports is almost always a very laborious task for any involved. As such, many operational managers are wary to embrace risk management – by doing so, they fear the extra workload for the team and often do not understand the need for it. To rectify this, risk managers and board members seek to remind process managers that risk management is also a part of their responsibility. The CERRIX tooling will bring more automation to the data gathering process as needed for obtaining insights about potential threats and the status of the control environment, thus this will significantly lower the workload for the operational staff. In order to convey this, CERRIX developed a wholly unique control assurance model. Geared towards increasing efficiency, whilst simultaneously providing insights at a much faster pace than ever before, the model ensures that businesses see increased levels of efficiency. The automation that it presents R Nov23161 34 | Acquisition International, Global Excellence Awards 2023