Riskology

The pandemic and several high-profile cybersecurity incidents last year have helped make risk management and compliance a top priority for businesses.

A recent McKinsey study revealed that risk management has evolved from focussing on a small number of well-defined issues to a much broader range of topics that affect day-to-day business performance. Furthermore, McKinsey found risk management is integral to developing long-term business strategies and a high priority for boards.

Holistic view of risk

Organisations now must manage risk across every function, including finance, technology, strategy, compliance, legal and operations. Moreover, natural disasters, political instability, a distributed workforce and even climate change are risks that some businesses need to proactively identify and manage. 

The breadth and scope of risks have changed and that means businesses need a new way of managing them. Automated risk management software, like RiskWare’s enterprise intelligence suite, helps organisations streamline their management and compliance efforts, saving time and money. 

Centralised management and mitigation

One of the main benefits of risk management software is that it creates a single source of truth. This central and automated risk management repository then enables the creation of comprehensive mitigation strategies and ensures the chief risk officer to take a proactive and strategic approach to improving resilience.

Automated analysis

Digital risk management tools automate how risks are identified, assessed and mitigated. Sophisticated machine learning can analyse large volumes of data to identify potential risks that may otherwise not have been considered. For instance, tools can be used to monitor social media and news outlets for mentions of a company or its products and services, and alert management to any potential risks.

Automated solutions also enable compliance with regulatory and legal obligations. This helps with reports, audits and discussions with the board. It also demonstrates compliance and identifies opportunities for improvement. 

Efficiency and accuracy

Risk management software can also play a critical role in automating and digitising risk management and compliance, making businesses more efficient, accurate and cost-effective. It enables organisations to respond quickly to potential risks and ensure ongoing compliance.

Having full visibility on an organisation’s risk profile means it’s easier for executives to drive a culture of risk management from the top down. Embedding management and mitigation approaches into the organisation’s long-term strategy means all planned activities already consider known risks, building resilience for growth.

RiskWare’s Enterprise Risk Management Module can support your organisation to develop a dynamic risk management strategy. Contact us on 03 9918 0050 or register for a free trial today.