Risk Management and Business Continuity Management with Aeneis: A detailed review with a practical example

Risk Management and Business Continuity Management with Aeneis: A detailed review with a practical example

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In today's business world, risk management and business continuity management are critical. They help companies minimize risks, ensure business continuity, and verify compliance with regulations. But these tasks can be complex and time-consuming, particularly in larger organizations with numerous processes and regulations. That's where the software comes in. Good risk management software can simplify these tasks, increase efficiency, and provide valuable insights. One such solution is Aeneis by intellior.

What are risk management, business continuity management, and audit management?

Before we focus on the details of Aeneis, let's clear up the basics first. What exactly are risk management, business continuity management and audit management? And why are these terms so important for today's companies?

What is risk management?

Risk management is a systematic process for identifying, evaluating, and managing risks. It can include financial, operational, strategic, and many other types of threats. Effective risk management involves developing strategies to address risks that could prevent a company from achieving its goals. These strategies may include measures to prevent, mitigate, transfer, or accept risks.

The importance of risk management for companies cannot be overstated. In an increasingly complex and uncertain business environment, risks, if not managed properly, can result in significant financial losses, reputational damage and even business failure. Effective risk management software helps companies reduce uncertainty in their business processes, make better decisions and achieve their goals.

What is business continuity management?

Business continuity management (BCM) is a framework that helps organizations identify potential threats to their businesses and develop plans to ensure they can maintain critical functions during and after a disruption. This can include natural disasters, cyber attacks, IT system failures, and other unforeseeable events. BCM includes business impact analysis (BIA), risk assessment, and the development of business continuity plans.

In today's connected world, where outages and disruptions can have far-reaching effects, BCM is critical for businesses. Business continuity management software helps companies increase their resilience to various types of disruptions and maintain their operations in times of crisis. This can help to minimize financial losses, maintain customer trust and ensure the long-term viability of the company.

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What is audit management?

Audit management refers to the process of planning, executing, and following up on audits. This may include internal audits (carried out by employees within the company) or external audits (carried out by external auditors). Audits are necessary to ensure that a company carries out its business processes in accordance with established guidelines and regulations.

Audit management is an important aspect of corporate governance and appropriate audit management software helps companies verify compliance with regulations, improve operational efficiency, and reduce the risk of errors and fraud. Through regular audits, companies can identify and fix problems early on before they become major problems. This can help prevent financial losses, increase stakeholder trust, and improve overall business performance.

What is an ISO standard?

ISO standards are international standards developed by the International Organization for Standardization (ISO). ISO is an independent, non-governmental international organization founded in 1947. It brings together experts from all over the world to develop standards that provide answers to global challenges.

The name “ISO” is derived from “isos”, the Greek word for “equal.” This name was chosen because the organization wanted to have a uniform standard name in many different languages.

ISO standards are voluntary standards developed internationally to promote best practices in a wide range of areas. They cover a wide range of topics, from technology and safety to environmental management and social responsibility.

ISO standards are important because they help improve the quality, safety, and efficiency of products, services, and systems. They promote international trade and help companies improve their performance and minimize risks.

Fun Fact: Did you know that ISO has published over 23,000 international standards to date? These standards have a significant impact on our daily lives, even though we are often unaware of them. From the specifications for nuts and bolts used in manufacturing industries to standards for air, water and soil quality, ISO standards are everywhere!

The importance of norms and standards for companies

Norms and standards are essential for risk management, business continuity management, and audit management. They provide a recognized framework that helps companies implement best practices and ensure compliance with legal and regulatory requirements.

Some of the relevant standards in this area include:

• ISO 9001 for quality management: This standard sets the criteria for a quality management system and is based on a number of quality management principles. These include a strong customer focus, the commitment of managers, the process-oriented approach and continuous improvement.
• ISO 14001 for environmental management: ISO 14001 provides a handy toolbox for managing a company's environmental responsibility. With their help, companies can continuously measure and improve their environmental impact.
• ISO 50001 for energy management: This standard helps organizations establish and implement energy systems that help improve energy efficiency, reduce costs, and improve energy performance.
• ISO 27001 for information security: ISO 27001 provides requirements for an information security management system (ISMS) to protect the confidentiality, availability, and integrity of information.
• ISO 31000 for risk management: This standard provides risk management guidance and helps organizations identify, assess, and manage risks that could affect their goals and performance.
• ISO 22301 for business continuity management: ISO 22301 sets the requirements for an effective business continuity management system (BCMS) that helps companies survive business interruptions, including those due to fire or flood damage, power outages, or IT outages.

Although certification under these standards is not always required by law, they can serve as best practice models to improve the effectiveness of a company's management processes. In some industries and regions, compliance with certain standards may also be required by law or regulation. It is therefore important that companies know and understand the standards and regulations relevant to them.

Challenges in risk management, business continuity management and audit management

Every position in a company presents its own challenges, particularly in the areas of risk management, business continuity management and audit management.

Here are a few specific challenges for each target group:

• Process manager: Process managers are faced with the task of digitizing and simplifying processes that are often only documented on paper. You need a software solution that is easy and intuitive to use to increase employee acceptance and efficiency.
• IT managers: IT managers are looking for powerful software that provides secure protection against risks while providing visibility and control. You must also ensure that the software integration is seamless and that all legal requirements are met.
• Purchasing department: The purchasing department is faced with the challenge of finding secure investments with quick ROI that are also cost-effective.
• Managers: Managers must be able to identify measurable increases in productivity and cost savings. They must also ensure that the company remains competitive and that they don't have to be consulted on every little thing.
• Quality assurance: Quality assurance managers must ensure that legal requirements are met and that the software they use meets a specific standard and can be used intuitively by employees.
• Staff: It is a challenge for all employees to quickly become familiar with the software and to find their way around safely. You also need reliable timeliness and a collaboration component.

In addition, there are also general challenges in risk management, such as managing cyber risks, identifying, evaluating and managing industrial risks, and overcoming the challenges of digitization.

Aeneis from intellior: The solution to your challenges

Faced with these challenges, organizations need a robust and reliable software solution that is specifically designed to help them address their risk management, business continuity management, and audit management requirements.

Aeneis from intellior is exactly that solution. With Aeneis, you can be sure that you have a solution specifically designed to meet the specific challenges and requirements of your role. Learn more about Aeneis and how it can help you overcome your risk management, business continuity management, and audit management challenges.

Aeneis from intellior: A comprehensive solution for risk management, business continuity management and audit management

Aeneis is a comprehensive software solution specifically designed to help you address your risk management, business continuity management, and audit management requirements. It offers a range of features specifically designed for risk management, BCM, and audit management.

With Aeneis, companies can identify, evaluate and manage risks. The software makes it possible to categorize risks, assess their effects and probabilities, and plan suitable measures to reduce risks. In addition, as business continuity management software, Aeneis offers functions that enable companies to create, test, and update business continuity plans.

In the area of audit management, Aeneis offers functions for planning, carrying out and following up on audits. The software makes it possible to create audit plans, manage audit questions and generate audit reports. In addition, Aeneis supports compliance with standards and legal requirements.

Aeneis is more than just business continuity management or audit management software. It's a comprehensive tool that helps you overcome your challenges internally. With Aeneis, you can be sure that you have the support and tools you need to achieve your goals. 

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Main features of Aeneis

Aeneis offers a wide range of features that are specifically designed to support important processes in your company.

Some of the main features of Aeneis include:

• Risk management software: Aeneis enables you to identify, evaluate and manage risks. Our risk management software provides tools for risk assessment, risk minimization, and preparation of risk management plans.
• Business continuity management software: Aeneis helps you develop and implement business continuity plans. The software provides tools to perform business impact analyses, identify critical business processes, and develop strategies to maintain business operations in the event of an outage or interruption.
• Audit management solution: Aeneis offers extensive functions for the audit process, including planning and executing audits, tracking audit results (audit trail) and preparing audit reports and audit checklists.
• Adaptability: Aeneis is flexible and can be adapted to your specific risk management system without programming. This allows you to adapt the software to your specific needs and requirements.
• Reporting and analysis: With Aeneis' powerful reporting and analysis function, all necessary reports can be conveniently created, e.g. “risk control matrix” and “heat maps.”
• Workflow support: The regular review of the effectiveness of controls is supported by appropriate activities and audit workflows.
• Integration: Aeneis can be seamlessly integrated into your existing IT landscape, which enables seamless data transfer and communication.
• Usability: Aeneis has an intuitive user interface that allows users easy navigation and operation.

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How Aeneis supports compliance with standards

Aeneis was developed to help companies ensure compliance with a wide range of standards. The software offers specific tools and functions that are tailored to the requirements of the various standards.

Here are a few examples:

• ISO9001: Aeneis supports quality management through features such as process modeling, document management, and audit management, which help improve the quality of products and services and increase customer satisfaction.
• ISO 27001: As risk management software, Aeneis helps companies implement an information security management system. The software provides tools to identify and assess information security risks, develop security policies and procedures, and monitor information security.
• ISO 31001: Aeneis provides tools to carry out risk assessments and develop risk management plans that meet the requirements of ISO 31001.
• ISO 22301: Our business continuity management software provides functions for carrying out business impact analyses and developing business continuity plans that meet the requirements of ISO 22301.

Success story: Aeneis risk management software at Infraserv Höchst

Infraserv Höchst, the operator of Industriepark Höchst in Frankfurt, also affectionately known as “Mainhattan,” has taken on the challenge of implementing a comprehensive compliance and risk management system. With the support of Aeneis, the risk management software from intellior, Infraserv Höchst was able to build an effective and efficient risk management system that meets the strict requirements of ISO standards while increasing operational efficiency.

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Industriepark Höchst: A highly regulated environment

The Höchst industrial park is one of the largest locations for the chemical and pharmaceutical industries in Central Europe. More than 90 companies with 22,000 employees are based there and benefit from the park's structures and services. The park offers efficient production through networking and synergies as well as excellent transport connections. The future sustainability of the park is ensured by its willingness to transform and develop in line with the European Green Deal. Important achievements have already been made in areas such as climate-friendly biogas production, intelligent process control and improved recycling rates. Industriepark Höchst serves as an incubator for sustainable projects and business models. The park's education and training programs guarantee the development of qualified specialists.

As the operator of such an industrial park, Infraserv Höchst operates in a highly regulated environment. Legislators are increasingly demanding proof of compliance with laws and regulations through certifications in accordance with ISO standards. These standards were gradually converted to the so-called “high-level structure,” which requires a risk-oriented approach and the evaluation of process performance. As a result, Infraserv Höchst has obtained more than 60 certificates for a wide range of requirements.

The challenge: An integrated management system

Infraserv Höchst was faced with the challenge of implementing an integrated management system that was able to effectively manage a wide range of requirements.

The challenges were varied and complex:

• Compliance: Infraserv Höchst needed to ensure that all business processes and practices comply with applicable laws, regulations and standards. This included compliance with environmental, health and safety regulations as well as data protection and information security standards.
• Work safety: The company needed to ensure a safe working environment for all employees. This included identifying and controlling occupational risks, providing safety training, and promoting a culture of safety in the workplace.
• Information security and data protection: Infraserv Höchst needed to ensure that all sensitive and confidential information about the company and its customers was protected. This included implementing security measures to prevent data loss, theft, and misuse.
• Quality: The company needed to be able to guarantee that all of its products and services met the highest quality standards. This included implementing quality management processes and systems to continuously monitor and improve the quality of products and services.
• Energy efficiency and environmental management: Infraserv Höchst needed to ensure that all of its business processes and practices were environmentally friendly and minimized energy consumption. This included the implementation of energy efficiency measures and environmental management programs.
• Risk management: The company needed to ensure that it was able to identify, assess, and manage all potential risks that could threaten its business processes and practices. This included implementing risk management processes and systems.

The solution: Aeneis risk management software

In order to meet the diverse challenges, Infraserv Höchst opted for the Aeneis risk management software from intellior. Aeneis is a comprehensive solution that is specifically tailored to the needs of companies in highly regulated industries. The software offers a range of features that help Infraserv Höchst overcome its internal challenges.

Implementation: Three phases to success

The implementation of the compliance and risk management system was carried out in three phases:

1. Concept phase: In this phase, a detailed concept for the compliance and risk management system was developed. Phase one included identifying Infraserv Höchst's specific requirements and planning how Aeneis could meet those requirements.
2. Pilot phase: In the pilot phase, the compliance and risk management system was tested and optimized in selected areas. This enabled Infraserv Höchst to test the system in a controlled environment and identify any problems or opportunities for improvement.
3. Rollout phase: During the rollout phase, the compliance and risk management system was finally introduced throughout the company. This third phase included training employees and integrating the system into existing business processes.

The high-level structure (HLS) and Aeneis

The ISO standards were gradually converted to the so-called “high-level structure” (HLS). This simplifies the integration of management systems, but at the same time requires a stronger risk-oriented approach and evaluation of process performance. Aeneis supports these requirements and enables Infraserv Höchst to implement HLS and the elementary requirements of the standards as a “best practice” model.

The benefits of Aeneis at Infraserv Höchst

Implementing Aeneis at Infraserv Höchst has resulted in a number of benefits that go far beyond mere compliance with ISO standards.

Here are the key benefits:

• Increased efficiency: By automating risk management processes with Aeneis, Infraserv Höchst was able to save time and resources that would otherwise have to be spent on manual tasks. Our risk management software offers a major advantage for any company that is looking for ways to increase efficiency.
• Improved decision making: Aeneis provides extensive analysis and reporting capabilities that enable well-founded decisions based on accurate and timely information. This is particularly important in a highly regulated environment, where decisions must often be made quickly and based on accurate data.
• Minimized risks: With Aeneis, Infraserv Höchst was able to systematically record and assess all relevant risks, which enabled the company to minimize risks and implement effective control measures. This is an important aspect for any company that wants to effectively manage and minimize its risks.
• Improved corporate culture: By implementing Aeneis, Infraserv Höchst was able to promote a culture of compliance and risk management across the organization.

The success story of Infraserv Höchst and Aeneis

The implementation of Aeneis at Infraserv Höchst is a success story that shows how the right risk management software can help meet regulatory requirements and achieve business goals. With Aeneis, Infraserv Höchst was able to establish effective risk management and ensure compliance with ISO standards. The software has not only helped to minimize risks and ensure compliance, but has also helped to increase efficiency and improve corporate culture.

If you too are looking for a solution that helps you minimize risks and ensure compliance, then Aeneis is the right choice for you. Watch this video to learn more about this success story