Here’s why we need to leverage technology in Operational Risk.

Manual handling method of operational risk always have these common problems – lack of oversighting, slow reactions/pace and uncertainties, which caused excessive execution processes and leading to unnecessary operating cost and errors.

The global and societal environments (geopolitics, IT/cyber-security, supply chain) are getting more complex and challenging each day, require risk managers to prepare quick answers and analytical responses. Moreover these are expected by todays’ Board demands in getting a bigger intelligent picture.

By getting the right technology in, the benefits are:- immediate real-time information, smooth workflow automation, minimal errors, better consolidation/ aggregation and accuracy of info/data, greater audit trail, greater data intellectual analytics engine for business insights, efficient action management and friendly mobile access. More info about risks, the better for the company’s intelligence and ability to identify changes in risks. Such strategies improve the EPS, EBITDA and ROI metrics. So is as an important enabler of intelligence risk approach.

The impact COVID-19 will have on society and businesses is yet to be fully understood, but it has surfaced a stark reminder that environmental, health and safety (EHS) risks can threaten the resilience and sustainability of businesses, and the workplace needs to be managed holistically.

The magnitude of the event is dwarfing other risks that would have previously been (but should continue to be) a routine focus for organizational reporting and discussion. The resulting or perceived drop in priority for risks not linked to COVID-19 may threaten the effectiveness of your broader risk controls, either because organizations have resource constraints due to the need apply controls to limit the impact of COVID-19, or due to a lack of bandwidth and focus at senior levels of an organization on anything other than pandemic response. 

Remember, risk management is never an ending process to identify new and emerging risks.

Time and tide wait for no man.