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What is Pelican?
Enterprise risk management (ERM) seeks to develop a global approach to managing corporate risks, as well as assuring regulators and investors that the business is taking risks in a manner that is consistent with the risk appetite of the business, and that a structured, comprehensive and documented approach to managing these risks is in place.
Pelican is a simple to use, yet powerful, integrated corporate risk management software system, comprising four modules:
- Identification of the risks a business faces, and description of the strategy for managing those risks
- Quantitative evaluation of the potential for the risks to occur and the various impacts they may have on the business
- Risk dashboards to measure the overall risk profile of the business, adherence to the risk management strategy, and to track changes in risk-based performance and potential threats
- Assignment and monitoring of the tasks required to maintain the risk management strategy, with alerts for incomplete or overdue tasks
Pelican helps a business ensure that it has a deep understanding of the risks it is faced with, and that it has implemented the most efficient and effective risk management strategy possible across the business.
What makes Pelican so powerful?
Over twenty years of risk consulting experience has shown us that the risk register approach to logging and presenting risks simply does not work effectively. We set out to design a system that would be easy to use, require the least effort to maintain, and provide the best possible information. Pelican achieves this in a number of ways:
It is a web-based application, giving immediate access to the latest risk information. Managers can use Pelican via their computer, smartphone, or tablet.
Access rights, roles and filters ensure that a user can focus on the risk information relevant to their work.
Pelican provides quantitative evaluation of risks, instead of the more common qualitative evaluations which are too ambiguous and vague to support a robust and consistent risk management strategy.
Pelican is very visual – dashboards show managers the important risks, recent changes, historic performance, where any risk management activity is lapsing and its importance. The user can drill down to see the people responsible for individual risk management activities, or to review the bowtie diagram for a specific risk of concern.
It uses a graphical bowtie approach to describe a risk event, the drivers that can increase the probability of the event occurring, the controls that would prevent it from
occurring, and the mitigations that would reduce any consequences, as well as the various different consequences that could occur. Bowtie diagrams provide a logical framework for laying out precisely what the risk is, and eliminate the common problem that risks are described very inconsistently when there is no standard methodology
Pelican evaluates the effectiveness of control and mitigation measures across the portfolio of risks. This offers a more logical and realistic assessment of risk management strategies than traditional methods which evaluate their effectiveness separately for each risk event
It allows a business to consider other types of impact beyond the usual financial loss, like environmental, H&S, cashflow, reputational and strategic. Other custom impacts can be added that define the performance of the business – for example, the number of service interruptions that a utility company’s customers experience
Our ModelRisk and Tamara risk modeling software can link to the database of active risks within Pelican, ensuring that a corporation's financial and project risk analysis models are kept up-to-date.
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Instant updates of what you care about
If you need something more that our standard role-based risk dashboards, Pelican can be configured to show you the risk information and risk metrics you need in the way you want to see them.
Visualizing risks and their management
Bowtie diagrams offer the most effective means for mapping out how a risk might occur, the impacts it may have, the strategy for managing them, and the staus of that risk management strategy.
Moving beyond descriptions like 'Very low'
Describing the probability of a risk event as ‘very low’ could mean 1 in a hundred for one person, 1 in a thousand for another, and is often incorrectly influenced by the size of the potential impact. Quantitative rik estimates used in Pelican solve this problem.
Linking to risk information
Ensure your models use the latest data
Our Tamara project risk analysis software can automatically scan for risks within Pelican that could impact a project’s delivery date or cost and include their effects. ModelRisk and ModelRisk Cloud can also link to Pelican for spreadsheet-based risk models.
Highlight feature: Bowtie diagram
The Pelican bowtie diagrams describe how a risk event can occur, and what the consequences might be. It shows the risk management controls that are in place, planned, considered, or expired to prevent that risk event from occurring. It also shows the risk mitigations in place, planned, considered or expired that would reduce the possibility and/or magnitude of the different possible consequences. Read from left to right, it provides a visual and intuitive explanation and status of the management strategy, as well as providing an ideal stimulator of new ideas and informed debate about the chosen risk management strategy.