The back-office function of Risk Management no longer flies below the C-Suite radar.
Senior leaders expect risk teams to sit front and center in strategic discussions.
It is no secret what has driven the heightened visibility of Risk Management, COVID-19 Pandemic.
Preparation for the next crisis is incumbent on all business leaders.
Risk teams and senior leaders have an opportunity to manage risk better, strengthen enterprise defenses, and increase operational resiliency.
The Risk Management function can transform with three smarter and more strategic ways to address crises proactively.
1. MAKE PROCESS AND PROCEDURE IMPROVEMENT INTENTIONAL
Was your organization prepared to react to COVID-19?
Did your manual processes expose your organization to unnecessary risk?
Processes and procedures that are error-prone and expose your organization to risk should be reviewed and optimized to decrease your company’s exposure to risk.
The pandemic provided real-life experiences into the resiliency of Risk Management frameworks.
Use these real-life experiences to permanently mitigate and create resilience in organizational Risk Management frameworks, processes, and procedures.
Were permanent solutions put in place if mission-critical processes did not hold up well?
Does your organization still have solutions to mission-critical processes meant to be temporary but are acting as Band-Aids and subject to failure?
Mitigation to put steps in place to get by in the short-term may lead to increased risk exposure for the long-term.
2. MANAGE RISK MANAGEMENT STRATEGICALLY
How will your organization’s future potential risk threats be managed today and in the future?
Is your organization prepared for future global crisis risk events?
Strategically approach Risk Management by preparing for the worst-case scenarios.
Do not take shortcuts in your event risk management planning.
Think through every possible scenario because the unexpected happens.
A sustainable plan will help risk managers overcome all obstacles.
Conducting business in a perfect world does not and never will exist.
Organizations must plan for every possible event because the world of business is not perfect.
It is impossible to know every potential or possible crisis, but planning will help organizations be primed and ready to safeguard business interests.
Take a proactive strategic approach to understand the exposure and what resilience should look like and develop a long-term roadmap to arrive at permanent solutions.
3. REDUCE RISK BY ELIMINATING MANUAL PROCESSES
There is no better time than the present for risk professionals to push for a digital transformation of the risk function.
Many manual processes within the risk function are highly inefficient.
Another thing that the pandemic proved is the way risk functions have operated is not good enough.
The old way of manually processing data using spreadsheets and other manual sources introduces unnecessary risk.
Humans are imperfect and therefore prone to making mental errors when manually processing data.
Do you want your business decisions based on flawed data that is inaccurate, incomplete, and inconsistent?
Of course not.
A cost-effective way to avoid flawed data is digital transformation.
Process automation helps risk functions and organizations avoid mistakes and inconsistencies while efficiently and accurately processing high volumes of data.
MOVE BEYOND THE STATUS QUO
Senior leaders are open to criticism if the decision is for the risk function to remain the same when its operations are inefficient and vulnerable to crisis.
A reality all businesses face is that risk events will continue to increase.
Do not wait until it is too late to move beyond the status quo.
Do you need help with resilient process solutions that scale?
If your answer is yes, contact us on our website to schedule a free consultation to discuss how we can help you review your options.
“Business Strategy That Scales – Guaranteed! We partner with organizational leaders to reduce human error in manual processes, create 80-90% project cost savings, realize 100% transaction accuracy, raise compliance, increase scalability, and see a positive ROI within 12 months.“