Sto relies on the services of the integrated risk management software solution R2C_GRC from Schleupen.
Sto SE & Co. KGaA is one of the leading international manufacturers of products and systems for building coatings. As the market leader in the field of external wall insulation systems, the company focuses on continuous further development and optimization - both for its products and its risk management processes. In order to bring these processes up to the highest technological standards and to use the legally binding application of IDW PS 340 as an opportunity for the future, Sto deliberately relies on the services of the integrated risk management software solution R2C_GRC from Schleupen.
"Both internal requirements and statutory regulations have triggered the optimization of our risk management processes," explains Patrick Hilpert, Group Controller at Sto SE & Co. KGaA.
"Although our processes are characterized by a high level of intuition and a clear authorization concept with unambiguous responsibilities, they increasingly reached their technical limits and generated a high manual workload when creating reports. In addition, there was no way to quantify mitigation measures in the system.
" With the updated auditing standard for risk early warning systems IDW PS 340 n. F., however, their application and verification will become mandatory for listed companies such as Sto as part of the annual audit from January 1, 2022. "We wanted to meet the new legal regulations and our own high requirements with a new software solution and a proven, well-integrated process," says Patrick Hilpert, explaining the requirements. The Group chose R2C_GRC from Schleupen, which ideally meets them.
Thanks to its high scalability and free configuration, our integrated software solution not only adapts ideally to the international dimension and organization of the Group, but also fits seamlessly into Sto's existing risk management process. The company's risk management managers benefit from processes that are as familiar and intuitive to use as ever, yet more efficient and transparent than ever before: with its features for identifying, evaluating, analyzing and reporting risks, R2C_GRC provides Sto with powerful and comprehensive support in implementing IDW PS 340 n. F. In addition to options for multi-level risk aggregation at Group level, our software solution also offers management for tracking and evaluating risk mitigation measures. This makes it possible to determine the risk-bearing capacity of each legal unit of the company, which contributes significantly to the early identification of developments that could jeopardize the company's continued existence and generates real added value for corporate management.
The first risk inventory with R2C_GRC is scheduled to take place at Sto in January 2022. But even now - following the multi-stage implementation of the software, global user training and the roll-out across all locations - the feedback from the Group has been consistently positive. " The global user training, presentation and intuitive operation of R2C_GRC has further increased the acceptance of effective risk management processes among all those involved and promoted the proactive exchange of information within the Sto Group," concludes Patrick Hilpert. "Schleupen has thus created a good basis for the further development and optimization of our risk management, which gives us a positive outlook for the future."
We are pleased to offer Sto SE & Co. KGaA with R2C_GRC, a software solution that already fulfills the legal requirements of the future and makes a comprehensive value contribution to corporate management. Would you also like to turn obligations into real opportunities for success for your company? Then get in touch with us and find out more about R2C_GRC!
