What have Christmas lights & risk data got in common?
It is that time of year again, you’ve setup the Christmas tree and hung the decorations yet your heart skips a beat when you pull out the Christmas tree lights…picture the scene, the dreaded, tangled ball of wires and lightbulbs just as you left them last year, waiting to be unravelled…sound familiar?
So, why do countless households put themselves through this agony year after year rather than fixing the problem at the time? Why is it that certain households never suffer from a tangled mess so their annual ritual of putting up the Christmas tree lights becomes a joy rather than a chore?
This familiar festive tale is a great analogy for how many businesses manage their risk data - for example, many businesses ignore data problems when they arise, do not resolve systemic data issues when they should, trust in vain that things will be alright, yet accept the inevitable inconvenience caused by their inaction. This unfortunate story tends to be played out over the whole business year, not just during the Yuletide season.
A major concern for any business is maintaining the integrity and reliability of its risk data. What is surprising is how many businesses use spreadsheets to manage this data. For example, key risk and control data is kept on registers held in Excel or similar applications with staff often spending hours updating risk information in shared, unprotected worksheets. Even using one master spreadsheet to avoid duplication and confusion can prove difficult, particularly when there are multiple updaters accessing the same file. It is not uncommon for data integrity issues to be prevalent leaving some businesses by the year’s end back at square one again. They fall foul of the Christmas tree lights analogy where known data problems that cause a tangled mess are not resolved when they should be.
Naturally, when risk data becomes a tangled mess, it becomes untrustworthy and difficult for risk managers to work with. Here are some examples of how this can happen when spreadsheets are used to manage risk data:
· Over-complicated spreadsheet system - trickier for non-technical staff to interpret, update data.
· Volumes of insignificant risks recorded - more data segregation needed leading to handling errors
· Inadequate data filters - makes it difficult to drill down and pinpoint important items
· Multiple users access same data set - records are overwritten without changes being tracked
· Confidential data not segregated - staff can access their colleagues’ unsecured risk records
· Lack of data naming conventions - duplicate risks are easily recorded leading to misreporting
Risk Wizard overcomes the above-mentioned examples that lead to messy risk data with its simple, flexible, secure platform. Our system makes life easier for risk managers by ensuring your risk data always remains accessible, reliable, and secure.
As we approach Christmas and the end of another year, it is opportune to reflect on your risk data situation. A great way to start 2021 would be to get your data in good order to avoid future tangles. Risk Wizard can help pave the way with a free software trial.
To see how easily it is to untangle your risk data, simply sign up for a free trial. We will provide an online demo of the software so you can see it in action before you try out the software in a free, private, and secure cloud environment.
FREE TRIAL: Visit https://www.riskwizard.com/freetrial or email to: email@example.com