STRATEGIC PARTNERS AND PATRONS
Managing risk? Then take IT seriously
By Matthew Humphrey (pictured), Partner at RSM
“There is a significant failure of some kind that was within our control or we could have prevented, but didn’t. As a result of the failure there could be any or all of the following - harm, injury or death to an individual, a significant financial loss or waste of resources. Then there will be the investigation, blame, reputation damage and embarrassment, rectification time and costs, some of this could result in irrecoverable damage at a corporate and personal level. All this, as a minimum, distracts us and at worse derails us from our main mission.”
These words were said to me by a board member of an organisation I was working with when we were exploring the management of risk and what it meant at the business – very sobering. “Within our control” is what
strikes me – quite accurate as the majority of risks we look to manage are business as usual, with
RSM is assisting businesses of all sizes manage risks
exceptional or new risks few and far between; despite a lot of effort going into identifying the latter - often a disproportionate amount. So how do we ensure business
as usual risks are controlled and as business owners and managers how are we assured? Often we are not - nothing has gone wrong, so we assume all is well.
There is, however, a growing
demand from third parties such as funders, investors, stakeholders, regulators (and auditors), customers, suppliers, professional bodies, those seeking some form of quality accreditation and the public that the management of risk is taken seriously and that employers and businesses can demonstrate this when asked – not shy away. The risk question is being asked more and it will continue to be so. In all sectors, openness and accountability is the order of the day.
OUR SOLUTION At RSM we are experiencing this first hand and are helping businesses in all sectors of all sizes with the management of risk, in particular through our proprietary cloud-based software, known as Insight4GRC. Insight4GRC™ is a cost-effective
governance, risk and compliance software (GRC) suite that provides management teams with the tools needed to assess, monitor and report on organisational risks, track assigned actions, enable employee awareness and facilitate company policy acceptance. It includes:
• 4risk: Providing you with a complete picture of your organisation’s risk, controls and assurance environment in real time.
• 4action: A powerful action tracking software tool that gives individuals the ability to be assigned and update the status of their actions – ensuring managers always have a complete picture of the status of all agreed tasks and actions.
• 4policies: Enabling organisations to deploy their company policies and procedures to employees, identify levels of awareness, test knowledge and crucially record their acceptance of these policies and procedures thereby reducing operational and legal risks.
• 4questionnaire: A flexible and intelligent system that facilitates the surveying and gathering of data and, more importantly, its analysis, to provide insightful management information.
The management of risk – are you taking it seriously?
THE CHAMBER IS HONOURED BY THE SUPPORT OF ITS STRATEGIC PARTNERS AND PATRONS
business network October 2019
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