Disruptive Business models are driving the need for increased risk-taking. Conventional Risk Management methodologies are focused primarily on completing mandatory, Compliance-driven processes. However, with the rapid pace of Innovation in Technology, the Boards and the C-Suite are now viewing Risks in terms of their potential to drive performance and hence become a competitive advantage. Using Automation and Analytics, Risks have started to become quantitative and measurable. With this post, we discover how to leverage Innovation and Automation for efficient as well as cost-effective Risk Management.
When it comes to effective Compliance Management, an important factor is the identification of Risks, Monitoring, Tracking and Recommending remedial actions of along with the metrics on Risk Probability, Risk Impact, Risk Value and Risk Location. Analytics capabilities driven by Artificial Intelligence are helping Risk Managers worldwide to map Risk with performance. With ERM Automation tools like ConfidentG Agile Risk Management application which uses Artificial Intelligence powered Reporting features, Risk Managers can use risk Dashboard and Visualizations to make Risk-informed decisions. The Board can then use these Risk Dashboards for driving important Strategic Decision making such as weighing M&A possibilities, developing new product lines or deciding on resource allocation.
Automation and Real time Reporting Capabilities give the following Key Benefits over conventional Risk Management Methodologies
- Tracking your global Governance, Risk & Compliance data using graphical Visualisations of dynamic, intuitive & interactive Dashboards
- Functionality to filter the dashboard to view data insights as per the reporting requirements (through Point & Click Visual Interface). Creating Customized Dashboards as per your Business requirements for Real time Reporting.
- Sharing the Dashboards with team members & Collaborating on them to increase Efficiency
Using these methodologies, a Business can not only have efficient ERM process in place, but can also help view Risk as Performance Enabler.
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