ERM Core overview

ERM Core is Risk Core’s enterprise risk module, built for the risk desk of each company and of the group. It runs the whole risk life cycle — identify, assess, respond, monitor, recover, report & review — as connected registers and workflows rather than spreadsheets.

ERM Core shares one core with BCP Core: one organisation structure, one account per person, one action register and one audit log. The platform overview is at What is Risk Core.

The life cycle

One closed loop across ERM Core and BCP Core. Each arrow is a hand-off the system makes; dashed lines are data feeds.

Risk Core runs one closed loop across its two modules: Identify → Assess → Respond → Monitor → Recover → Report & Review, then back to Identify. Recover runs in BCP Core; every other stage starts in ERM Core. Each arrow is a hand-off the system makes, not a step someone re-keys.

Stage	What happens	Hand-off to the next stage	Pages
Identify	Risks are entered in the entity’s risk register. Loss events are recorded as they happen. Critical activities are listed in the BIA.	The risk is scored on the group’s criteria set.	Risk register · Recording a loss event · Critical activities
Assess	Likelihood and impact are scored against the group’s criteria set; inherent and residual risk, tier and band are computed. A loss event’s materiality tier is computed from the group’s thresholds.	A risk above appetite is flagged.	Scoring a risk · Materiality tiers · Risk appetite statements
Respond	Controls and treatment are recorded; controls are tested; findings and failed tests become action items with an owner and a due date.	Controls are tested and each KRI carries its threshold bands.	Controls and control testing
Monitor	KRIs are observed against threshold bands. Loss events are validated, and their valuation is kept up to date.	A hazard alert becomes a BCP level on every staff phone.	KRI · Validation and visibility
Recover	In BCP Core the BCP head sets the level and every phone receives it; staff check in; the call tree reaches critical activities first, in the order and recovery time the BIA sets. Each BCP level is recorded back as a KRI observation.	Closing the incident creates a draft loss event in ERM Core.	BCP levels · Check-in · Activating the call tree · External KRIs from BCP Core
Report & Review	Each entity’s RCSA filing is reviewed and approved; each entity files its monthly loss report. Dashboards and the group roll-up are built from what was approved and reported up. The management review records its decisions as action items.	Losses and review decisions flow back into the risk register — the next Identify.	Submission and sign-off · Monthly loss report · Dashboards · Management review

The life cycle is aligned with COSO ERM and ISO 22301; see Standards mapping.

How the parts feed each other

• Loss Event → RCSA. Every loss event is tied to a risk in the register, so the heat map reflects what actually happened.
• RCSA → KRI. Each KRI is defined against a risk. A breach creates an action item.
• RCSA ↔ BIA. Each critical activity shows the risks that threaten it, with their residual scores; each risk shows whether it protects a critical activity.
• ERM Core → BCP Core. The BIA tells BCP Core which activities are critical, how fast each must recover (RTO) and the minimum staffing.
• BCP Core → ERM Core. Closing a BCP incident creates a draft loss event for the entity’s Entity Risk Manager to complete. Each hazard’s BCP level is recorded as a KRI observation.
• Everything → Dashboards. The executive summary reads the entity’s own registers; the group roll-up reads what each company has reported up.
• Every act → one audit log and one action register, shared with BCP Core.

Who works in ERM Core

Persona	Main work in ERM Core	Start here
Risk Champion	Drafts the team’s risks and RCSA filing; reports loss events	Risk register
Reviewer	Reviews RCSA filings and returns them with a reason	Submission and sign-off
Approver	Approves RCSA filings	Submission and sign-off
Entity Risk Manager	Validates or rejects loss events, reopens filings, rolls the cycle forward, files the monthly loss report	Validation and visibility
Executive / RMC	Reads the entity and everything beneath it; the RMC accepts the monthly loss report	Heat map
Group RM / Group Reader	Reads the whole group; the Group RM opens the year at the group root	Reporting periods and roll-forward

What each role may read and do is set out once, in Roles and permissions.

Every company works on its own

Each company keeps its own registers, apart from every other company’s, and runs its own life cycle. A parent reads what its subsidiaries have reported up and never acts on their records. These are product rules, explained in Product rules: Down-Only Visibility, Subsidiary-Independence and Report-Up-Only.

Related

• RCSA · Loss Event · KRI · BIA · Dashboards and reporting · Risk appetite and taxonomy
• Key concepts — the entity tree and where roles are granted
• Standards mapping — COSO ERM and ISO 22301