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 Risk management involves six steps:
- Establishing your goals
- Identifying the risk
- Analysing the risk (Likelihood and Consequence)
- Evaluating risks (to define which need to be treated)
- Treating Risks
- Monitoring and report on risk treatments
Investing in Risk Assessment & Risk Treatment technology will help you go through those six steps effortlessly, without having to juggle endless amounts of paperwork or spread sheets. Invest in a solution which is current, user friendly and efficient.
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Invest in a solution which is current, user friendly and efficient.
There are several Risk Assessment & Risk Treatment solution vendors out there, each claiming that they can make your risk related headaches disappear. However, before making a choice keep in mind the following:
1. What is the base functionality?
Keep in mind that any risk management system must have the capability to deliver the core basic elements of risk management – the ability to identify, analyse, evaluate, treat and monitor risks.
2. What are your pain points?
Decide what you want from the system from the very beginning. For example, if you have trouble keeping track of things, you will want the ability to see the status of your risks and your KPIs easily.
3. Where do you store your risk documents?
If you suffer from a case of too many folders when it comes to storing your risk documents, look for a solution which allows you to store and manage your documentation in one location. If possible, find one which also enables you to assign tasks to your staff, so that you can track when they upload or review documents.
4. What happens if your company expands?
The solution you choose must always be scalable to ensure that it will grow with your business without a hitch. For example, if the number of risks you have to manage and the associated documentation are growing every year, your new system must be able to support this.5. How current is the technology?
If you are going to invest in an IT solution, get the best you can have. No use buying something which will be obsolete next year, so tread carefully.
Remember that IT expenditure eventually turns into an asset as it will add value to your business in the long run, by making you more efficient and saving you thousands each year.
Nowadays it is all about web based solutions which are accessible online, mobile compatibility and durability. Technology like Microsoft SharePoint, for example, does this easily.
6. Is it ISO 31000 compliant technology?
Ensure your organisation remains compliant to ISO 31000 by asking your vendor whether they adhere to the standards.
7. Customisations and partnerships
Consider having a custom built solution for your organisation which will address all your pain points and deliver the results that you need. Sometimes, becoming a partner and funding some of the development means that you are getting a better deal like lower licence fees which can make a difference in the long term. If you are a risk consultant, you may even be able to on sell the solution and generate revenue from the partnership.
Partnership OpportunityThere is an opportunity to contribute to the development of a Risk Assessment & Risk Treatment solution which you can then use within your organisation.
Our risk management software includes:
- Risk Register
- Risk Dashboard
- Heat Maps
- Risk KPIs
- Documents Library
The solution is being developed in MS SharePoint and will follow ISO 31000 guidelines.
For further discussions, contact Andrew Forbes via email andrewf@transformitsys.com.au or call 03 9642 2082
About TransformIT Systems
TransformIT Systems is based in Melbourne and has been in business since 1996. We were an early adopter of internet technology to solve business problems and we have continued to build on this strength to deliver world class solutions. TransformIT Systems specialises in custom designed web based applications. We can give your company the competitive advantage it needs through the use of advanced technology.
Visit www.transformitsys.com.au to learn more about what we do or call us on 03 9642 2082.
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