Why risk reports are more valuable than you think…
Updated: 29 minutes ago
The ‘not so secret’ benefits revealed
If you’re a risk manager, or running a business, you’d understand the importance of having a risk management program in place. It’s vital for your business’ compliance, to record any incidents, and to flag any potential risks.
Ultimately, you know the importance of protecting your business and you do what you can to safeguard it from potential risks. So, what do you use to record the risks in your business?
If you’ve been using a spreadsheet like Excel, you’ll know that apart from it becoming hard to use when there’s loads of data, that there’s an increased chance of errors, double handling and a limit on its functionality.
And what happens when your board wants to make a decision and ask for a specific report? How easy is it for you to extract this information straight from Excel?
The highly experienced team of risk specialists at Risk Wizard, understand the pain and issues that risk managers face on a day to day basis. To help make your lives a little bit easier, they’ve developed a suite of risk management software that streamlines the process. You’ll find it easier to input and record data, and easily generate reports in real-time.
But wait there’s more!
The other valuable benefits of risk management software may not be immediately obvious…
The team at Risk Wizard live and breathe risk reporting. Having been in business for many years, they’ve developed software that helps you tackle the task of risk reporting – and it works!
You’d already know the benefits of moving away from an outdated spreadsheet system (slow loading, lack of data integrity etc.) so let’s reveal the ‘not so secret’ hidden benefits of the Risk Wizard software you may not be aware of.
1. Great at keeping your business in order Having solid processes and systems in place for your business is one of the best things you can do. It keeps everyone on the same page and ensures people across the board are doing things in a uniformed way.
As you’d know, risk management is a multi-faceted reporting task.
You’ll have your risk register where you’ve made notes of any risks that have arisen, your compliance schedules, incident logs, resolutions, and so on.
Using a proper risk reporting software package allows you to keep all the information in one place, and makes it easy for people to make updates as the situation changes.
For example, a risk or incident is reported and entered. The investigation notes are added. The resolution is added. And any notes for future checks (for compliance) can be added in too.
2. Keeps everyone on your team in the loop
Risk reporting may at times require a few team members to be involved in the process. Clear communication is the key here. And that’s where having risk management software that’s in ‘real-time’ can hugely benefit your business.
This ‘real-time’ reporting makes communication easy. When someone logs into the system to enter data, they know that what’s in there is the most up-to-date information and can do their job from there. It also saves your team emailing each other to ask what’s been done and what’s missing etc.
Risk Wizard software also allows you to assign different people to the report and will send the right notifications to the right person, at the right time (you won’t get this from Excel!).
It means that you won’t have to have sticky notes all over your desk, or calendar reminders (that can often be forgotten) to follow up on risks.
For example, this software will automatically send incident alerts to your safety supervisor to follow up on, overdue task reminders to compliance officers, or risk review notices to your risk managers.
3. Easy to produce reports, when they’re needed and as they’re needed
Some businesses will have stakeholders who are very invested in them and need to ensure that their interest in the business is secure. For example, you may have a board that you report to. They’d like to know that you take your risk management seriously for the safety of employees and the general public (if you’re creating products, etc.).
From time to time, these board members (or investors) may ask you for a report so they can make an assessment on an issue. If you’re using a system such as Excel, you’ll find it hard to extract the data and you’ll also run the risk that it’s not the most up-to-date data. This could lead to false reports that in turn, may make the board make unfavourable decisions about your business.
You may also need to report to auditors or regulators at times and having a risk management software system in place shows that you take a robust approach to this part of your business.
Another great feature of this software is you can give anyone access to your software, but limit access as needed. For example, you could allow auditors to access the reporting side if they need to look at it but have them blocked from viewing your confidential data to protect the privacy of those involved in any reports.
Having everything in one place shows easily shows the big picture and gives detailed clarity about past incidents, current compliance activities and future risk event management.
Like to experience it for yourself? Take us up on our free trial offer.
You’re under no obligation whatsoever, but we know that once you’ve trialled our risk reporting software package, and your employees want to do it as it’s no longer a cumbersome Excel spreadsheet, you’ll be hooked.
‘Simplicity allowed us to better capture, monitor and manage risks’ – Save the Children Australia.
Contact our team today and get started with your free trial.