Integrity Risk Index (IRI) module update
Corethix has launched a major enhancement to our Integrity Risk Index (IRI)™ module to help administrators and executives to more readily monitor and manage the efficacy of their conduct risk program.
The enhancements provide more customisation for client organisations to enable them to select the integrity categories that relate to their business and industry whilst providing a more accurate, up to date and insightful IRI dashboard. Our enhanced IRI dashboard helps organisations identify and prioritise the actions required to keep their conduct risk program on track.
Background
The Corethix Integrity Risk Index (IRI) is designed to provide a high level overview of the performance of an organisation’s conduct risk program. It does this by calculating a weekly Integrity Risk Index (IRI) score based on users’ engagement with the platform and their adherence to their compliance obligations.
The IRI algorithm is based on the integrity categories that are configured by the organisation, and the modules that have been associated with each integrity category.
The Integrity Risk Index (IRI) is for organisations to simply, and accurately know the effectiveness of their conduct risk program.
Configuring integrity categories
The Integrity Risk Index (IRI) is configured within Corethix by each organisation based on their industry type and their focus on specific workplace compliance requirements.
There are 5 ‘core’ integrity categories that are recommended by Corethix that would apply to most organisations:
- Fraud, theft and misappropriation
- Conflicts of interest
- Workplace health and safety
- Unethical conduct or inappropriate behaviour
- Gifts and entertainment
In addition to the 5 ‘core’ categories, certain organisations may require additional categories and can select from an integrity category library provided, or if required create their own.
Associating Corethix modules to integrity categories
Each of the configured integrity categories are associated with the Corethix modules that will be used to support each of the categories.
The Integrity Risk Index (IRI) dashboard
The new Integrity Risk Index (IRI) dashboard provides an IRI trend graph and a prioritised list of suggested actions and improvements plus a data table highlighting any issues relating to each of the configured integrity categories and associated modules.
- The IRI trend graph is updated weekly and provides a high-level assessment of the performance of your conduct risk program.
- The IRI dashboard also provides prioritised suggestions and actions for improving the Integrity Risk Index (IRI) score by using diagnostic analysis algorithms built into the Corethix platform software.
- The data table identifies any issues that need to be investigated and links identified issues to the appropriate module dashboard for further analysis.
In simple terms, the Integrity risk Index (IRI) dashboard provides a single measure and trend of the performance of an organisation’s conduct risk program with detailed suggestions for improvement to proactively manage conduct risk.
If you would like to learn more about Corethix and how the Integrity Risk Index (IRI) can help you manage your conduct risks, click Contact Us below to get in touch.
