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. Remember, risks management is never an ending process to identify new and emerging risks.
Time and tide wait for no man.