X-TRICATE

Risk Management System

Description

Proper risk management is now increasingly important for any organization.

It is the process by which organizations deal with the general and specific risks associated with their activities with the aim of obtaining lasting benefits in the context of each activity.

The correct implementation of a Risk Management System allows the Company to become aware of the risks and opportunities related to its business activities through a mapping of the company’s processes, which therefore enables the examination of the critical issues deriving from its activities.

The main phases are:

• Risk Identification: Strategic, Financial, Operational, Knowledge Management, and Compliance;
• Risk Description: Qualitative description of events;
• Risk Assessment: Determination of the Risk Profile (Probability and Entity) and Risk quantification (Risk Level);
• Risk Management and control mechanisms of the Risk: Measures are defined and implemented to modify the Risk Level (reduction, cancellation, transfer, and financing);

Potential improvement actions

Preventive actions for risk reduction.

Monitoring actions

Internal audits and management review.

Reports

Information from the Risk Manager, or similar job role, to the top management (Internal Report) and to the Stakeholders (External Report) on the effectiveness of the actions taken to modify the Risk Levels.

Advantages

• Greater corporate protection for business continuity;
• Greater protection of the interests of all interested parties (Stakeholders);
• Guarantee of the implementation of management controls and their proper functioning;
• Involvement of company management in the Risk Management process;
• Possibility of reducing insurance policy premiums;
• Improvement of the bank rating with significant advantages in terms of access to capital.

Certification process

Where applicable, the certification comprises:

1. An analysis of the documentation prepared by the Organization and any other documented information useful to perform the audit;
2. A field analysis aimed at verifying that the documentation accurately reflects the state of the Organization.

At the end of the certification process, the certificate of compliance to the Management System with the X-Tricate Standard will be issued.

The certification is valid for three years and includes annual surveillance audits.

AJA Excellence standards, developed by experts and designed specifically for the Italian economic-legislative context, are owned by AJA Europe Srl, partner of the A Cube Tic Ltd group.