The industrial group ABB traditionally operated Enterprise Risk Management on the basis of Excel templates. For consolidation, the spreadsheets of each of the more than 120 business units had to be merged – a complex and error-prone process. Occasionally the templates were even modified, making it difficult to compare them with the previous year.
Modern Enterprise Risk Management solution
ABB commissioned 1stQuad to transfer the previous Excel solution into a modern web application. The FAST Framework of 1stQuad, which had already proven itself in previous projects for ABB, serves as a basis. In the course of the development of the new application, the previously rather static risk management has changed into a dynamic process with always up-to-date information. In the agile, iterative development process 1stQuad was able to provide innovative suggestions to the customer again and again, even beyond the purely technical aspects.
For example, risk information used to be collected once a year but is now updated quarterly, and the business units are supported by subject matter experts who specialize in specific risks. The collected data can be flexibly evaluated, aggregated, and compared with previous periods via the comprehensive reporting system. As a final result, the new Enterprise Risk Management tool provides a clear risk presentation. The risks can also be viewed at any time in the form of a risk heat map.
At ABB, risk management has changed fundamentally with the web application: While evaluations used to involve a great deal of effort, important findings can now be obtained easily and in a short time. The departments involved now deal with the risks more actively – risk management has been transformed from a tiresome duty to a pleasant task that quickly provides useful information.