The Risk Universe is expanding at rapid pace and frequent headlines on Information Security breaches ,Fraud Risks, Non-Compliance Penalties etc..bring to the surface the urgency of new robust methodologies of identifying Risks and designing future ready Response Strategies. So what should Risk Managers prepare for ? With this blog series on Enterprise Risk Management, we talk of practical, intuitive and strategic steps and methods to respond to and manage Risks with Agility, Efficiency and Effectiveness.
Organizations worldwide are focusing on Identifying Risks and finding out the vital metrics on Risk Probability, Risk Impact, Risk Value and Risk Mitigation. This trend majorly is due to globalizaton, networked economy and evolving Technologies like Data analytics, machine learning and Artificial Intelligence which lead to a lot of Information sharing among Companies. The effectiveness of the evolved Risk Identification process can hit a wall and fail to a lot of extent if there’s any inability to get real time Reporting or visibility into the Risks due to lack of data or Reporting expertise. Lack of Agility in this first step of effective Enterprise Risk Management has a huge potential to create pitfalls on the way.
The best way to counter these challenges is to have a systematic format for Risk Assessment and Prioritization so as to have 360 degree visibility into the Risks as well as to Identify and implement cutting-edge, commercially available Enterprise Risk Management tools which not only provides Real time insights into the Risk Data, but also leverages Agility to notify the authorities around impending Risks and suggest appropriate Remedial actions.
A shift from traditional Risk Assessment techniques to a more innovative, automated and detailed framework, leveraging power of Cloud Computing, Artificial Intelligence, Customized Reports and Dashboards which can be pulled up Anytime, Anywhere and on Any Device, to govern your organization against latest threats is what we offer in ConfidentG Product Suite. Our mission at Confident Governance is to design innovative Risk Management Strategies for Companies of all verticals and magnitudes to maintain high standards across all operational spectrum.
Risk Management is a discipline with a varied view and involves future ready strategies. To attain an agile Risk management process, it is almost mandatory to identify Risks right in time. The goal here is to make ERM not just a Strategic Process, but a real game changer when it comes to Organization’s growth plans.
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