CHAMBER NEWS
Chamber transforms its approach to managing risks
Risk management is becoming an increasingly important aspect of running a business – and the Chamber has turned to technology developed by one of its strategic partners to create a more comprehensive team-wide approach. The organisation has adopted
RSM’s cloud-based 4risk platform, which provides businesses with a complete picture of their enterprise-wide risks, mitigations and assurances. It provides real-
time reporting so firms can track the progress of any actions they make through to implementation and outcome. Chamber chief
executive Scott Knowles said: “4risk has transformed how we approach risk management as a business. “Prior to adopting this system,
we used a comprehensive but convoluted spreadsheet where it was difficult to focus on how risks
evolved over time and were mitigated. “But 4risk has allowed us to
spread the responsibility of risk wider across the Chamber team and instilled an enhanced discipline for regularly reviewing business risks.” The 4risk tools sits within RSM’s
wider Insight4GRC suite for governance, risk and compliance software, and is used by more than 200 businesses to help them better manage risks. It provides instant
real-time reporting and user-defined interactive reports that profile, categorise and prioritise risks across the organisation. This ability is
combined with task and
workflow routines to provide a complete picture of a company’s risk, controls and assurance environment – no matter what size the business. It is accessible anywhere via a standard internet browser and is
available in various licensing models, with the aim of reducing risk management administration costs. Scott added: “It was through
our ongoing relationship with RSM that we became aware of 4risk. “The Chamber is now a licensed
user of 4risk and it gives us exactly what we are looking for, and potentially much more. “Implementation was easy,
supported by the RSM team, which had good risk management experience that, coupled with the technology, helped us also improve some of our risk management practices.” Matthew Humphrey (pictured), a
partner in RSM’s risk advisory team based at the firm’s Leicester office, said: “All businesses need to manage risk and, while the extent and formality of this will depend on various factors including their size and structure, it’s important this is embedded within every company. “For firms considering
implementing a risk management information system, 4risk is very straightforward to implement and
use – with ongoing support, an active user network and regular user forums. “The dashboard is easy to
navigate and provides a full picture of any risks that must be managed across every department, while allowing businesses to divide up responsibility across teams and individuals rather than leaving it all up to one person – where it might be easier for issues to slip under the radar.”
RSM is offering Chamber members a free demonstration of its InsightGRC software, which includes 4risk, as well as a bespoke discount package depending on needs. For more information, email
matthew.humphrey@
rsmuk.com
business networkMarch 2021 43
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