Risk Management Software - IRIS Overview
IRIS is consistently hailed by organisations and individuals alike as the most intuitive and user friendly risk management software package available.
IRIS was designed using over 20 years of experience managing risks in organisations across all industries and of all shapes and sizes. It embeds the Istria Risk Management Method to ensure that clients do not just benefit from a user friendly piece of software, but also from a wealth of practical experience in managing risk.
Benefits of our Risk Management Software
IRIS enables clients to:
- Align project and programme activity with corporate goals and objectives
- Identify, evaluate and address risks before they arise
- Implement robust contingency plans to minimise the impact of risks should they crystallise
- Understand the total risk exposure of their company as a whole, individual departments or divisions or specific programmes and projects of work
- Make informed decisions on which areas of risk management should be prioritised and whether the costs of mitigating each risk outweigh the benefits of doing so
IRIS Risk Management Software - Features
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All versions of IRIS have been specifically designed by risk managers. As a result all features of the software have been driven by specific needs identified in the field.
Each product is tailored to the client’s organisational hierarchy and can be specifically customised as required. Most customisation can be driven by a simple selection from a menu of preferences at the start of an implementation, although Istria’s team of developers are also available to deal with specific requests.
This section outlines some of the standard functionality of the tool, based on the Enterprise version of IRIS. For details of the other product versions, click here.
Dynamic Risk Matrices
Our Risk Matrices provide an instant snapshot of the most significant risks faced by the organisation, ensuring the organisation (and the individual) can immediately focus on the most important risks and prioritise their risk management activity.
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The current status of each risk is displayed on the matrix, along with the change during the period. A simple click on any risk leads the user directly to the detailed Risk Action Plan, with links to the mitigation strategy, impact assessment and contingency plan.
Quantified Risk Exposure
IRIS provides robust decision support through the use of sophisticated Monte Carlo simulations. Utilising the @Risk package developed by Palisade, IRIS provides the user with the ability to quantify the total risk exposure of the organisation, programme or project and understand the relative cost and benefit of implementing risk mitigating actions.
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Secure access rights and a clear audit trail
IRIS is designed to provide internal and external auditors with assurance on the effective management of risk within the organisation. Every user is set up with specific access rights (either read only or read-write) according to their position in the organisation. For example, specific departments can only view the risks associated with their own department, while sensitive projects could be restricted to a single individual. Each time a risk is updated, IRIS captures any changes made and the individual that made it, providing a clear audit trail on how every risk has been managed over time.
Automated E-mail Notification and Export to MS Project
Once a risk is due to be reviewed, IRIS automatically sends an email reminder to the risk owner to address the issue. If the action is not addressed within a specified time frame, the risk is escalated to the appropriate level.
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IRIS is also fully compatible with Microsoft Project. All mitigating actions are automatically exported into an overall plan for the project or programme.
Customisable Reports
IRIS offers a variety of reporting formats. Risks can be viewed by risk owner, by department, by risk status etc. All reports can be customised and exported into specific report formats according to client requirements
Click here to understand more about the product portfolio to see which version of IRIS is most applicable to your organisation