Is cloud-based enterprise risk management the future?
As the global economy has evolved, so too have the risk management processes required to succeed in an increasingly complex business environment. On top of its more traditional responsibility to track risk, a risk management system is designed to document decisions and coordinate resources in such a way that companies can predict the short-term and long-term impact of known risks.
Making risk management more accessible
Enterprise risk management also comprises risk and compliance, helping UK firms to understand their legal responsibilities when operating at home or abroad. Risk assessment is one of the first steps firms should take when preparing for a new project, ensuring the programme’s success by recognising and reducing the risks from a variety of factors.
In order to adequately assess and react to the variety of risks presented internally and externally by human error, technology, legislation, security, cyber threats and more, there is increasing pressure for firms to adopt more forward-thinking systems. Cloud-based enterprise risk management solutions are therefore a logical next step, allowing companies to adjust their policies in accordance with new rules and to consolidate their systems for their web-based and mobile workforce.
Risk management for bigger margins
There are numerous cloud-based risk management software solutions available on the market, by respected providers such as riskcloud.net. These can help you align your strategic and business objectives, analyse real-time data and streamline your resources to boost productivity and profits.
Graydon also offers a dynamic financial risk management tool called ePatrol, which provides continuous credit rating updates and helps you categorise your clients into key risk areas. This enhances your ability to build relationships with the most reliable, high-yielding clients.
If you’re still managing risk without technological support, it could be time to consider more advanced options.