Enterprise Risk Management
Centralize how your organization identifies, assesses, and mitigates risk — with real-time visibility, consistent methodologies, and alignment to strategic objectives.
Product Overview
Operationalize Enterprise Risk Across Your Organization
Enterprise Risk Management (ERM) is a structured approach to identifying, assessing, and managing risk across an organization. SmartSuite’s Enterprise Risk Management software gives risk teams one system to run a formal, enterprise-wide risk program in place of fragmented spreadsheets and departmental registers.
SmartSuite establishes one approach to identifying, assessing, and mitigating risk across business units, aligned across strategic, operational, financial, and compliance domains. With a single system of record, defined scoring methodologies, and governed workflows, organizations standardize risk management in a way that is repeatable, auditable, and defensible.
The product supports widely adopted frameworks such as COSO ERM, ISO 31000, NIST RMF, and the CRI Profile, while remaining flexible enough to align with internal methodologies and organizational structures.
Dashboards give executives and board members current enterprise risk exposure: risk posture, mitigation progress, and emerging threats. Decisions are informed by the live register rather than by a quarterly summary, and risk management stays aligned with strategic objectives.
Within SmartSuite’s GRC suite, ERM extends beyond a standalone risk register.
Risk exposure is informed by:
- Third-party assessments and vendor risk activities
- Control testing and compliance programs
- Incident management and operational events
- Business continuity and resilience planning
- Issues management and remediation tracking
Risk is therefore managed as a living program across governance and operations, not as a static register.
The product supports a wide range of enterprise use cases, including:
- Strategic risk management and executive oversight
- Regulatory risk and compliance alignment
- Board-level reporting and risk communication
- Cross-functional risk identification and mitigation
Together, these give teams an ERM program that is:
- Documented and defensible for auditors and regulators
- Operational and actionable for risk and compliance teams
- Transparent and meaningful for executives and the board
What is Enterprise Risk Management (ERM)?
Enterprise Risk Management (ERM) is a structured approach to identifying, assessing, and managing risks across an organization. It enables organizations to align risk with strategic objectives, maintain visibility into enterprise risk exposure, and improve decision-making across business units and functions.
Core Capabilities
SmartSuite’s Enterprise Risk Management product provides the core capabilities required to manage enterprise risk at scale — combining consistent data, automation, and dashboards in one platform. Each capability works with other SmartSuite products, ensuring traceability from risk identification through mitigation and reporting.
Centralized Risk Register
Maintain a single source of truth for enterprise risks with configurable fields, attachments, and complete audit history across all business units.
Risk Assessment Models
Apply consistent qualitative and semiquantitative scoring aligned with COSO ERM, ISO 31000, NIST RMF, and CRI Profile frameworks.
Risk Mitigation Tracking
Define mitigation plans, assign owners, and track progress with automated reminders, escalations, and workflow-driven accountability.
Key Risk Indicators (KRIs)
Monitor thresholds and trigger alerts automatically to proactively identify and respond to emerging risk conditions.
Linked Risk Relationships
Link risks to controls, incidents, audit findings, and third-party assessments for complete lifecycle traceability and context.
Dashboards & Risk Analytics
Visualize exposure, trends, and concentrations through dashboards, heatmaps, and executive-ready reporting views.
Workflow Automation
Automate assessments, approvals, reviews, and escalations using no-code workflows to improve efficiency and consistency.
Framework Configuration
Align risk categories, scoring logic, and templates with internal methodologies or regulatory frameworks without requiring development.
Role-Based Access Control
Ensure secure access with granular permissions by role, department, or business unit to protect sensitive risk data.
The Enterprise Risk Lifecycle
SmartSuite supports the full enterprise risk lifecycle — from identification through reporting — with linked workflows, automation, and current data.
Each stage is configurable to align with your organization’s methodology and industry frameworks.
Identify Risks
Capture risks through intake forms, integrations, or linked workflows across departments and systems.
Assess & Prioritize
Evaluate likelihood and impact, inherent and residual, using standardized scoring models to prioritize focus and resources.
Mitigate & Assign Actions
Define mitigation strategies, assign owners, and track execution through automated workflows and approvals.
Monitor & Review
Track KRIs, update risk scores, and continuously evaluate exposure as business conditions change.
Report & Communicate
Deliver dashboards and audit-ready reports to executives, auditors, and regulators with full visibility into risk posture.
Connected Risk Ecosystem
SmartSuite products work together as one Governance, Risk & Compliance (GRC) platform, so risk data is shared, updated, and given context across your organization. The Enterprise Risk Management product integrates with related products to provide a complete view of risk.
Keep controls in one library and map them across frameworks to reduce duplication and enable a test-once, comply-many approach.
Standardize vendor due diligence, centralize assessments, and monitor ongoing risk exposure to ensure supplier reliability and compliance.
Define critical services, map dependencies, and validate recovery strategies to ensure business continuity, regulatory alignment, and organizational resilience.
Track and remediate issues across audits, risk, and compliance with structured workflows, clear ownership, and real-time visibility into resolution status.
Who This Product Is For
The Enterprise Risk Management product supports stakeholders across governance, risk, and business operations — providing role-based access to relevant data, workflows, and insights.
Chief Risk Officer
Risk Manager
Compliance Manager
Internal Auditor
Business Unit Lead
Executive / Board Member
Frequently Asked Questions
Answers to the questions readers ask most about this topic.
Enterprise Risk Management (ERM) is a formal approach to identifying, assessing, and managing risks across an organization so that leadership sees total exposure and can align risk decisions with strategy. Managed in silos, risks are assessed inconsistently and gaps go unnoticed. SmartSuite holds the risk register, assessment methodology, and mitigation tracking in one system, with each risk linked to its operational context, and leadership reads exposure from dashboards built on that register.
Risk categories, scoring criteria, and qualitative or quantitative models are configured once and applied to every assessment, so results are comparable across business units. Intake, review, and approval run as workflows with assigned reviewers. Subjectivity drops because each assessor answers the same questions on the same scale.
Each risk links to the assets, processes, business units, and systems it affects, and prioritization reflects where the impact lands. Links to incidents, controls, and issues keep the risk record current as those workflows progress. Risk owners see the operational picture behind each score.
Mitigation plans are defined on the risk with actions, owners, and deadlines, and automated notifications keep owners on schedule. Actions link to the issues and controls they rely on, which keeps progress tracked where the work happens. Reviewers see which risks have overdue or incomplete responses.
Dashboards aggregate the register by category, business unit, and impact level, showing current risk levels, trends, and emerging issues. The figures come directly from the records, and no one compiles a manual report. Leadership opens the dashboard and drills into any risk.
Risks link to the controls that mitigate them and to the compliance requirements and regulatory frameworks they fall under. Control testing and assessment results flow back to the risk record, which shows where a control has failed or a gap exists. Risk and compliance teams work from one set of records.
Yes. Multiple teams, regions, and business units maintain their own risks under one methodology, with role-based access that scopes what each group sees. Flexible data models accommodate local categories without breaking enterprise reporting. Dashboards consolidate exposure for the whole organization.
Leaders evaluate trade-offs on current risk data rather than on a quarterly snapshot, because the register updates as incidents, assessments, and mitigation actions are recorded. Priorities follow the exposure the data shows. Over time, the organization responds to change with a documented, risk-aware record of its decisions.
Connect Risk to Every Part of Your Business
SmartSuite delivers a complete GRC suite that unifies risk, compliance, and operational workflows in one platform.