A Muskego-based technology firm has utilized its cryptography and information security expertise to launch a new product into the market that monitors risk assessments. Chapman Technology Group Inc. recently launched the BizOptix Risk Assessment Suite to the mass market and is targeting medium-sized businesses and clogged departments in larger corporations, said Mark Chapman, president and founder of Chapman Technology Group.
The Web-based application provides a framework for companies to perform risk assessments and manage risk. Users can enter information about assets, risks and controls. The BizOptix Risk Assessment Suite enables users to rank all aspects of assets, risks and controls, make notes on issues that need to be solved, and view progress, regardless of the department.
Drill down charts and graphs can then be created to view overall risk or to assess each department’s controls.
“The BizOptix Risk Assessment Suite can benefit any business with the need to increase its visibility to data scattered across multiple systems,” Chapman said.
The Risk Assessment Suite was built on the platform of Chapman Technology’s flagship product, BizOptix, which was introduced to the market about four years ago. BizOptix is a software platform that has the ability to search for transactional data of almost any software program. Once the data desired is collected, a Web-based application displays the data in an easy to read chart with the ability to drill down to specific days or overall performance graphs.
“BizOptix converts transactional information, including risk, sales and accounting, into actionable data, when you want it, where you want it and in a format you understand,” Chapman said.
Since developing the BizOptix ability to collect transactional data, Chapman Technology Group designed industry-specific modules the platform can work from. Current modules offered by Chapman Technology Group include: executive dashboards, manufacturing and production control, purchasing, finance, audit, compliance, project management, quality, inventory management, and customer or vendor report cards.
The BizOptix Risk Assessment Suite is a customized module of BizOptix, but will be marketed individually to regulated industries and licensed nationally to certified professional accounting firms, consulting firms and service providers, Chapman said.
The Risk Assessment Suite has been used by companies for about a year, but Chapman Technology Group is now approaching the mass market, Chapman said.
Using Chapman Technology’s risk assessment software enables companies to record issues regarding regulation, while at the same time identify business trends and almost immediately determine the causes, Chapman said.
Data on both BizOptix and the Risk Assessment Suite are available wherever the Internet is accessible, Chapman said.
The data is customizable for each user based on the overall customization the business requested, which is usually based on a series of questions determined by the business owner, Chapman said.
In addition to aiding in the extraction of information, BizOptix and the Risk Assessment Suite provide companies with information that previously was not available to everyone, or not always correct, Chapman said.
“Any successful company has bright people with powerful tools, people who take the time to input and format the tools,” Chapman said. “But there is no tracking ability to see where the data came from. One mistake is when there are multiple versions of the truth. Another is turnover. When the person who made the spreadsheet leaves, the company will have to reinvent the wheel.”
Chapman Technology Group has a secure networking operating center in the Brookfield area and a remote secure data center in Utah.
In terms of risk assessment, the BizOptix Risk Assessment Suite ensures accountability for each managed risk by requiring users to enter the name and email address of the person responsible for a specific action, the issue, the potential exposure, the recommendation for action and whether or not it was completed.
For an overall view of risk for a company, pie charts, bubble charts and graphs help visualize the total potential risks for a company across all departments, providing information including a breakdown of risk, asset and control count by group, source, category, reference used and type; and the individual risk, control impacts and likelihoods.
“A significant threat to organizations is the lack of key information,” Chapman said. “BizOptix provides visibility from the business perspective.”
Industry: Information technology
Location: W166 S8348 Kurtze Lane, Muskego
Founded: Incorporated in 1996, launched full-time in 2004
Leadership: Mark Chapman, president and founder
Website: www.ctgi.net
