Enterprise Risk Management in a Rapidly-Changing World
The 21st century has demonstrated massive global, social and marketplace shifts triggered by a rapidly changing world. This evolution includes advancements of technology, changes in government regulation and cultural shifts within communities and organizations. When confronted with these drastic shifts, all industries are being forced to adapt or die.
So how can businesses find new ways to be nimble and adaptive so that they can stay relevant and successful within a tumultuous global economy? To manage the changing world, enterprise risk management must be made a priority.
How Best to Implement a Risk Culture?
Most enterprises are inflexible when it comes to change. If a company is doing well, often it will maintain its business model all the way up to the point that it becomes obsolete.
With paradigm shifts becoming more common every day, however, a business can’t afford to rest on its laurels. External factors keep multiplying. Industry and government regulatory bodies, and even investors, continue to increase their scrutiny of risk-management policies and procedures.
The result has been an increasing number of boards of directors being required to review and report on the risk-management processes of their organizations. Consequently, risk cultures have become more common.
More oversight of risk management has led to process automation, system implementation and vast data analysis. Risk systems and frameworks can be formalized and integrated throughout many departments, such as finance, purchasing, legal, operations and marketing.
But what is the best way to implement this kind of risk culture? When approaching an uncertain future, organizations will have to choose an enterprise risk solution that meets their needs. Businesses can benefit from a shift to targeted risk mitigation by implementing Procipient®, a user-friendly SaaS solution for managing enterprise risk.
Procipient®’s Flexibility and Adaptability
Procipient® makes risk management easy, streamlining the process with its comprehensive utility and fast implementation times. The enterprise risk solution can help enterprises navigate their risk landscape with the Three Lines or Defense (3LoD) model of risk management.
The three lines of defense are assessment, compliance and audit, which emphasizes a collaborative approach with checks and balances for accountability and transparency. The 3LoD model facilitates an approach to operations, applications and processes that can align a business’s priorities with reality in the face of change.
Procipient®’s flexible framework also allows for analysis of individual change projects, as well as department-level, process-level or operations-level risk assessments. With the ability to review risk in small subsets or rolled up to an overview level, your company can gain a greater understanding of where risk lies and the residual risks that remain after mitigation and controls have been put in place.
With automated workflows and processes, in-depth data analytics, and constant updates to match each day’s new challenges, any organization can benefit from Procipient®’s intuitive features and 3LoD model of risk management.
In addition, the speed of implementation is critical to the success of your risk-management systems. When you’ve decided on a solution, you can’t afford to waste time given the current speed of change. Procipient®’s framework and configurable architecture ensures a smooth and fast on-ramp to get your team on board and using the risk-management tool quickly and efficiently, across functional apartments.