Shifting sands…tools to manage risk in fast-changing business landscape
Why select a risk management tool during these turbulent times?
This year has been like no other where businesses have had to adapt to the fastest changing business landscape in living memory. Necessity has driven many businesses to suddenly pivot, or streamline, or batten down the hatches to survive. However, it will be the resilient businesses that plan for a brighter day that survive and thrive moving forward.
Planning means setting clear goals while identifying all the things that might threaten or impact your progress and goal achievement. This means obtaining a clear picture of your risk management situation so that there are no surprises as you execute your plans. Knowledge is power, so those businesses that can confidently capture their risks, controls and action plans will be in a great position to achieve their goals.
Risk management information is a cornerstone of goal setting, so it is paramount that businesses have the right tools at their disposal. Choosing a tool to manage risk is relatively straightforward – the difficult bit is choosing the right tool. Below are items to consider when selecting a risk management tool during these turbulent times.
How can we avoid data management pitfalls ensuring more reliable, secure information?
For many businesses, working remotely has become ‘the new normal’ and this is likely to continue until it is safe to return to the office. While connecting to the Internet is routine, in some cases remote connections to office servers has been slow or unreliable – this has led to information being managed on spreadsheets and stored locally at home as a matter of expediency. This situation has raised a raft of unwelcome issues including data handling errors, local machine glitches leading to data loss, poor backup procedures, increased cyber hacker threats via poorly protected home PCs.
Typical risks associated with local machine storage and reliance on spreadsheets are avoided when data is securely stored and accessed within a proper risk management system hosted in the cloud. Risk Wizard’s cloud facility stores important information relating to your risk and control environment while providing authorised users secure 24/7 access. Taking this approach provides peace of mind for the ‘stay at home’ worker while moving responsibility for data management away from the home office. Overall, the switch to Risk Wizard’s cloud solution helps streamline the risk management process and makes working from home (WFH) for any risk manager much easier and less stressful.
How can we effectively collaborate and keep everyone in the loop?
Business success can hinge on how effectively your team can communicate and collaborate. With remote working, team communication can be more challenging, hence the timeliness and quality of risk management information becomes paramount.
Risk Wizard’s friendly workflow tool keeps everyone in the loop by automatically notifying the right information to the right people at the right time - whether it sends incident alerts to a safety supervisor, overdue task reminders to compliance offers or risk review notices to risk managers. Also, because Risk Wizard is a cloud solution, you can easily view risk management information with colleagues online through secure screen sharing tools. This quick, easy, secure viewing platform promotes risk discussion and enables better decision-making.
How can stakeholders access up to date reports and dashboards while working remotely?
Within living memory, Australian businesses have not felt so hampered by the ‘tyranny of distance’ as they do now. Restrictions on even short travel distances has meant normal ‘face-to face’ board and management meetings have been curtailed and replaced by audio/video conferences. With business circumstances changing so quickly, it has become even more important for executives, risk management committees and the board to be kept informed promptly and reliably about changes in their business risk environments.
With Risk Wizard software, key information can be easily presented online through reports and dashboards. Simply click a screen sharing link and view a ‘real-time’ presentation of the risk situation. Data can be easily interrogated, and key information gleaned quickly and easily so decisions can be made on the spot if need be. This type of online information showcase is an essential tool for keeping stakeholders informed while physical meeting barriers remain largely restricted.
How can we provide auditors or regulators with information whilst working from home?
Although many auditors and regulators have not been able to visit workplaces and inspect records their requests for information have continued largely unabated. Typically, information requests about risk and control measures, action plans, compliance activities, incidents and breaches need to be met as and when required.
With Risk Wizard software based in the cloud, required information can be quickly extracted by the risk manager or authorised officer while at home and shared with the auditor/regulator. Should the latter need unfettered access to system information then a new Risk Wizard cloud system user with secure access can be quickly setup and distributed with instructions to the recipient. Either way, the business can easily provide full and transparent access to the requested information in a quick, easy, and secure way.
How can we manage increased workloads and time pressures with less resources?
Tough times have meant many risk managers are having to do more work with less resources. Increased workloads lead to time pressures and these are major barriers to operating Risk Wizard software as desired.
Delegating regular and ad hoc tasks to Risk Wizard’s ‘virtual team’ of online experts can overcome these barriers and help build a better risk management process. We can free up your valuable time by helping with risk reporting, data management, knowledge transfer and much more.
Is there a way to guarantee a reliable source of risk management information?
Collating data from various sources to build a true picture of your risk situation is challenging and error prone at the best of times. Ideally, the information you need should be kept in one place, so you have a reliable ‘one-stop shop’ to call upon.
Risk Wizard provides a complete, accurate and up to date picture of your risk, compliance, and incident management situation. Our integrated solution can be your “one source of truth” – a trusted ‘’all-in-one’’ system that is simple, streamlined and securely accessible from anywhere at any time.
After 20 years in the software business we have the tools to get you through tough times
Experience counts. Over the past 20 years, Risk Wizard has faced many economic challenges, from company start-up during the 2000 dot-com bubble, navigating the global financial crisis in 2008 to the current COVID19 pandemic. Risk Wizard’s software tool and team are well placed to support your business process and information needs through this current upheaval and into the future.
Sign up for a free trial today
The best way to decide if Risk Wizard fits your business is to experience it for yourself. Simply sign up for a free trial and we will provide an online demo of the software so you can see it in action. Then you can try out the software in a free, private, and secure cloud environment.
FREE TRIAL: Visit https://www.riskwizard.com/freetrial or email to: firstname.lastname@example.org