Introduction to Pelican enterprise risk management (ERM) system

Pelican is a simple to use, yet powerful, integrated corporate risk management software system, comprising four modules:

• Identification of the risks a business faces, and description of the strategy for managing those risks
• Quantitative evaluation of the potential for the risks to occur and the various impacts they may have on the business
• Risk dashboards to measure the overall risk profile of the business, adherence to the risk management strategy, and to track changes in risk-based performance and potential threats
• Assignment and monitoring of the tasks required to maintain the risk management strategy, with alerts for incomplete or overdue tasks

 

Pelican helps a business ensure that it has a deep understanding of the risks it is faced with, and that it has implemented the most efficient and effective risk management strategy possible across the business.

 

Visualizing risk management strategy

A Bowtie diagram is a visual representation where risk events are represented with the threats that can cause the event and the consequences of the event. Pelican is a communication tool that describes mitigation strategies (proactive) and control strategies (reactive). It gives the latest updates and includes various types of reporting including top risks, probability-impact tables, raw and mitigated severity scores and cost-benefit analysis for the mitigation strategies, bow tie diagrams of risk management strategies, alerts for out-of-date controls, analysis of most and least effective risk control and management strategies, and much more

Learning from the past

Database of past experiences of risks and risk management strategies helps the company ensure consistency and pick the most effective strategy to tackle new and similar risks. In this way, the company can build on past experience and provide a systematic way to address revised issues similar to these that have previously been addressed.

Comparison and ranking

With Pelican the users can compare and rank risks across multiple types of exposure (financial, health and safety, environmental, legal, strategic, cashflow and custom impact scales of your choosing.

More than a risk register

Pelican promotes the involvement of everyone in a company to manage risks. Pelican’s risk descriptions and reporting methods promote risk management best practices, and stimulate strategic thinking for managing and monitoring risks.

Take all risks into consideration

It is possible to allow any employee to raise a potential risk issue online, with an anonymity option. These risks can then be approved and taken into the calculation. In this way, the company is sure that risks are tackled through a top-down and bottom-up approach.

Assigning tasks to different users

A company needs to make sure the right mitigations and controls are in place, but also that these strategies are assigned to the right users. Different tasks can be assigned to different users combined with a schedule of completion. Automatic email reminders are sent for upcoming or overdue tasks and deadlines.

Easily accessible for multiple users
Pelican is a web-enabled database and dashboard where authorized people within an organization can contribute and share their ideas and concerns. Access rights can be set according to each individual’s role. The dashboard can be accessed from a tablet, PC, Mac, or smartphone.

Accountability

Drilling down through a risk issue, one can quickly identify who is in charge of each part of your risk management strategy, how effective they are and how to contact them.

Files and documents can be attached to any part of the risk management strategy to describe the rationale and provide supporting evidence. A logging feature makes sure there is accountability for every step of the risk management strategies.

Key risk management performance indicators

Taking all the hard work out of the manager’s hands, Pelican compares the risk position against earlier dates. A custom dashboard makes sure different roles see exactly what they want to see when they’re logged in.

Accounting for cascading risks

It is common that the occurrence of one risk creates or increases the chance of another risk occurring. Through the cascading risks module, this sequential flow can be incorporated into your risk management strategy.

Seamless integration with ModelRisk and Tamara

Pelican fully integrates with ModelRisk and Tamara. In this way the information is centralized and shared by importing and syncing with the Vose modeling environment (ModelRisk and Tamara).