BRYTER allows organizations to utilize risk scoring and benchmarking to build sophisticated and highly adaptable solutions and risk assessments.
A risk score is a calculated number (score) that reflects the severity of a risk due to specific factors. Typically, risk scores are calculated by multiplying probability and impact though other factors, such as weighting. For qualitative risk assessment, risk scores are normally calculated using factors based on ranges in probability and impact. In quantitative risk assessments, risk probability and impact inputs can be discrete values or statistical distributions.
With BRYTER, it is easy for everyone to build and maintain comprehensive (weighted) scoring models and to integrate them into existing processes or workflows. A visual representation of the model allows for easy setup and implementation.
👉 Example: A risk scoring system for contract terms allows businesses to understand and reduce risks in contracts and increases consistency across a contract base. Such systems enable legal teams, for example, to give certain clauses (liability, governing law, etc.) different scores and to process their whole contract portfolio against the risk scoring criteria.
👉 Example: A risk score based vendor onboarding tool allows businesses to assess the experience, reputation, operating history, stated goals, risk management practices, insurance coverage, regulatory interactions and other factors about a potential vendor to inform a decision about an entity’s risk score.
BRYTER allows businesses to integrate benchmarking into automation solutions to compare certain indicators against industry standards or other benchmarks. This allows the evaluation of various aspects of a process, assessment, contract, etc. in relation to best practices usually within a peer group defined for the purposes of comparison. Once a baseline of data is created, it is possible to regularly review and compare performance to established benchmarks and to leverage these to find areas for improvement and define contract management KPIs.
👉 Example: A benchmarking tool for contracts allows its users to benchmark contracts against an industry-standard or against best practices. This allows the assessment of how a contract or certain clauses rank in terms of industry-standard, an in-house rulebook or other companies.
👉 Example: A client benchmarking tool allows corporates to benchmark parts of their work, operations or processes against a set of best practices or to understand where they stand in relation to other corporates. This allows them to identify and highlight areas for improvement.