Riskology

Once your organisation has committed to building a solid Enterprise Risk Management (ERM) strategy, it will be crucial to invest in the best tools to inform and execute that strategy in order to make sound business decisions. This is where enterprise risk management software comes in and there are five essential features you need to look for.

ERM software helps you identify risks to your organisation and implement solutions to mitigate them. Of course, there will be certain features specific to your organisation that you’ll want to ensure your ERM software addresses, such as provide the flexibility to work with your organisational approach now and into the future and the ability to integrate with existing software you use. That said, as you begin to explore your software options, there are five essential features you’ll want to check off the list that can make the difference between a simple ERM tool and an Enterprise Risk Intelligence software. 

1. Easy to use

   This may seem obvious but the software you employ should be user-friendly, especially since with risk management, there are often many business areas and individuals that will be interacting with it regularly. In order to make sure the software is easy to use, don’t just settle for a demo, request (if it’s not offered already) a free trial to give you and members of your organisation the opportunity to give it a thorough test, ensuring it not only meets your needs, but is simple enough to use.

2. Scalable

   The beauty of enterprise risk management is that when done well, not only will you mitigate risks, but you may take measurable risks that reap enormous benefits for your organisation. Perhaps that means expanding your offerings or the industries you reach. Either way, your team will grow and as a result, you want to choose a software that grows with you and can accommodate multiple users without issue. To this end you want a solution that is scalable, something that can mature and grow with your business.

3. Versatile functionality within one system

   This feature is an extension of scalability in the sense that as your organisation grows and encounters new industries, government bodies, financial situations and so on, you also want software that can help you navigate and feel prepared in uncharted waters. For example, as the business environment changes, so does the demand for greater insights and information. ERM systems should accommodate the continuing changing business needs through providing an ability for you to expand its offering to capture additional information that influences your environment.

   Systems that fail to accommodate this can not only be costly, but also reduce their ability to remain fit for purpose and ultimately, reduce its self-life. A systems ability to facilitate other disciplines, e.g. Compliance, Business Continuity, Audit, Incidents and Safety not only highlights a flexibility that ensures system sustainability and relevance, but also creates efficiency in centralising all this information. 

4. Extensive risk analytics

   As we’ve discussed previously, in its simplest form, enterprise risk management looks to provide information to enable and empower great business outcomes. Therefore, it’s crucial to select software that will turn your data into not only digestible reports, but meaningful information that will increase transparency within your organisation and lead to improvements in outcomes and overall organisational performance.

   Furthermore, should your system facilitate other disciplines, the ability to use this data to provide management with more holistic information ensures management get a complete picture of the business environment in which to base its decisions.

5. Highly secure

   Security is arguably the most important feature of any enterprise risk management software. We live in an age where almost every electronic device is connected and the demands and expectations of data and the systems that house it are ever increasing. The system you use should be giving you peace of mind, not a panic attack. Make sure you understand how the software keeps all your data secure and ensures the ongoing confidentiality, integrity and availability of it.

So now you have the five essential features you need in an ERM System, explore your options and select one that will provide the flexibility to work with your organisational approach now and into the future.

To learn more about how RiskWare is making the world a little less risky, visit us at RiskWare.com.au.