Enterprise risk management aims to reduce risk that may negatively impact an organisation or put another way, what are the things that will stop the business achieving its objectives?
All companies, regardless of size, face different types of risks including security risks, compliance risks, financial risks, governance risks, legal risks, reputational risks and environmental risks. Using risk management software will not eliminate these risks but can help identify, measure and manage risks more accurately. Risk management is evolving rapidly with stakeholders playing a more proactive role in understanding the risks their organisation faces as well as capitalising upon the opportunities that also exist.
Benefits of using risk management software
- Corporate compliance
Due to the characteristic assessment and review of records, using a risk management solution can also assist to help businesses manage a range of compliance issues. Financial compliance and controls, information security according to ISO 27001 and other compliance areas that require consistent and timely review and reporting.
- Greater transparency
Managers can visualise the risks the organisation faces and can prioritise their projects & resources accordingly.
- Enhanced monitoring
Greater monitoring of the risks allows for more accurate mitigations to be put in place.
- Increased shareholder value
Good risk management processes enhance brand and reputation which can positively impact stock prices.
- Streamlined operations
With greater insight into the priority of risks and a greater understanding of their potential impact you can ensure resources are appropriately aligned allowing for streamlined operations.
- Improved efficiency
Monitoring records, storing documents, viewing tasks, capturing recommendations and demonstrating proof of compliance is much simpler from a central risk management system.
Look at our top tips to consider when looking for a risk management solution:
#1 Web-based Solution
Consider if you require your risk management software to be accessed via the web. Web-based solutions offer great flexibility with multiple users being able to access it anywhere, anytime using any device. Managing risks on the go using tablets may be of real benefit to some organisations. In addition, software upgrades will be able to be implemented easily if the risk management solution is online too with very little or no reliance from your in-house IT Team.
#2 Automated Alerts
Being able to easily assign tasks to colleagues with automated alerts ensures that no tasks are overlooked. Using a flagging system for when tasks are overdue is useful to ensure clear visibility of task progression.
#3 Additional registers
Ensure that the risk solution you choose will accommodate not only your current requirements but also your future requirements too. Look for a flexible software solution that offers additional functionality or features. Avoiding a repeat of the procurement process will save you time, money and effort. Many solutions offer additional registers to the risk register that allows a broader company adoption of the solution and may also assist in reducing the cost of using multiple systems. JCAD’s risk management solution, CORE, has additional registers available including audit, contract, documentation and compliance registers.
#4 Reporting
You might like to check that a few reports you currently produce can be replicated by the prospective system to save ongoing manual labour and quicker take up. Equally, you might decide to use the implementation of a new technology to revitalise the reporting function and offer your stakeholders new and more informative ways of interrogating risk data.
#5 Dashboards
For risk management to be effective, it needs to be live and tangible. Dashboards allow for individuals to instantly gain information that is valuable to them. This interactivity can also be useful when discussing risk performance in collaborative groups such as management meetings.
#6 Intuitive
User adoption is key to the success of any new ERM implementation and this can be achieved by ensuring that the risk management solution chosen is easy to use. If it is overly cumbersome and complex, then individuals will not be motivated to use it and the investment made in terms of time and money will have been wasted.
#7 Cost
The price you pay for a risk management solution needs to be proportionate to what you wish to do with the system. Ensure you are being provided with good value for money based on your current and future requirements.
JCAD offers a web-based risk management system, CORE. To check out its many features and benefits please visit: JCAD CORE
