 The Risk Assessment Module identifies and assesses risk across the entire organization. The module establishes a structured approach toward risk assessment by using a globally accepted risk assessment framework.
- Objectives are identified for each business area, and processes are determined down to an activity level.
- Risk events and event scenarios are identified and linked to risk categories and potential causes.
- Consequences are clearly defined.
- Indicators for the risk are determined and rule thresholds are defined.
- Risks are scored by impact and probability; while controls are scored by adequacy, effectiveness and compliance. The assessment produces a calculated residual risk score which then provides a clear indication of the assessed risk exposure.
- Risk management methods already in existence in the organization are easily incorporated into the Risk Assessment Module.
- User profiles already set up in the Module define different levels of access for each user to ensure security of data.
 The Event Management Module allows a company to capture, manage, and monitor risk events in the organization’s business environment. Users can record all risk events and actual losses, risk assessing each event for its current impact, maximum potential impact, and key control failures. All information on risk events is stored in the system, and action plans are generated and monitored for compliance.
- Users can record all risk events that occur both inside and outside the organization. Potential losses, actual losses and missed opportunities are all captured into the system. A risk assessment is done on each event for its current impact, maximum potential impact, and key control failures. The system then analyzes past events and calculates a potential future trend based on frequency and aggregated impact/severity.
- The ability to record positive events is also built into the system to create a balance of information for analysis and trend modeling purposes.
- Users can set up business rules, risk notification rules, risk owner escalation criteria, and rules for automated risk identification with early warning detectors.
- Incident reports and trend analysis can be generated by the system in real-time.
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 The Audit Module allows a company to create and implement custom audits throughout the organization.
- Custom audits can be built to create a user-friendly audit structure for each audit area.
- The Audit Module can be used for SHEQ, ISO, COSO, GARP, or any other audit protocol that may be required within the organization.
- All audit findings can be tracked by the system, and action plans can be generated and monitored for compliance.
- Unhandled findings and poorly scoring areas automatically adjust the risk profile for each business area through the integration link between each module.
- Templates can be created and used for different audit protocols.
- Management reports can be generated in real-time.
 The Key Risk Indicator (KRI) Module integrates all information from each of the other three modules, as well as monitoring risk information from core transactional databases within the company.
Through the use of Key Risk and Key Performance Indicators the KRI Module provides early warning indications of potential risk exposures in the business area.
- When a KRI threshold is exceeded RUBI generates emails to the relevant risk owners giving impact, frequency and trend analysis of the risk indicator.
- The Key Risk Indicator trends are monitored on an ongoing basis to continually improve the risk profile.
- The KRI Module is customized to suit the particular needs of each individual client’s business environment and pulls information from all important systems and databases.
- Examples of Key Risk Indicators: performance targets not met; budgets exceeded; potential fraud; suspicious activity; excessive staff turnaround; repetitive control failures for a business unit; etc.
- The KRI Module has a dynamic dashboard reporting environment where management can view risk information from all four modules. Through this user-friendly interface, management can view reports and trend graphs as well as drill down into each risk category, cause category, or business area.
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