COMPLIANCE & RISK ASSESSMENT TECHNICAL SUPPORT
In today’s uncertain, complex and volatile world, identifying and managing risks is critical to business success. Failure to do so can lead to severe financial consequences, reputational damage, or legal liabilities.
Alongside the introduction of recent laws such as the Building Safety Act 2022, we’re undoubtedly seeing a far greater focus from organisations on ensuring best practice and continuous improvement, rather than just compliance. While this is a positive step towards safer working environments, it is leading to heavier workloads and excess pressure on property and facilities managers.
It’s no wonder, then, that more and more organisations are looking to tech to support them. Risk management software can be a powerful tool, but it is certainly a significant investment. So, is it worth it?
While the initial investment in risk management software may seem substantial, the long-term benefits and potential cost savings make it worthwhile. Good software can help risk management professionals with many aspects of their roles, from improved risk identification to enhanced regulatory adherence. It can also streamline risk monitoring and reporting, leading to increased operational efficiencies. All of this can help ensure customers and employees are as safe as possible.
But despite these numerous benefits, some senior leaders may still be hesitant to invest in new tech. Let’s look at some of the most commonly cited barriers.
Perceived high costs: As with any technology, the initial outlay can be perceived as high, and some decision- makers may question the return on investment. But if you think longer-term, the amount of time, resources, and effort that software can save can be transformative for many businesses.
Resistance to change: In every company, there are likely to be some employees who are reluctant to adopt new technologies. This can put some leaders off introducing significant changes. The disruption can be reduced by finding a risk management software that is intuitive and easy to use, which can help everyone get to grips with it more quickly.
Lack of awareness: Some senior leaders may not fully understand the potential benefits and long-term value of risk management software, leading to a lack of prioritisation and investment. If your current way of doing things isn’t working well, it’s important to point out the problems and showcase how they can be resolved by adopting more advanced technology.
Commitment to existing platform: One of the most common reasons that senior leaders don’t invest in the most suitable risk management software for them is because they already have a commitment to another system. In the long run though, it’s far more
x.com/TomorrowsHS
Leigh Walker, Product Director at William Martin, puts forward his case for investing in risk management software.
cost-effective to invest in a platform that suits your business priorities and will help your operations run more smoothly and effectively.
Integration challenges: Concerns about integrating risk management software with existing systems and processes can deter some leaders from investing. So, it’s crucial that you search for a risk management software with integration capabilities and a track record of successful implementation.
WORTH THE INVESTMENT By effectively managing risks, organisations can mitigate financial losses, protect their reputation and brand value, enhance operational resilience, and foster a risk-aware culture.
Without a comprehensive risk management system in place, organisations may overlook or underestimate potential risks. Manual risk management processes are often time-consuming, error-prone and inefficient, leading to missed opportunities.
Lack of proper risk management processes and documentation can lead to a higher chance of failing to comply with industry regulations and legal requirements. Organisations may also find themselves constantly reacting to incidents rather than proactively mitigating risks.
Ultimately, investing in risk management software is a smart strategic decision that can provide organisations with a competitive advantage.
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