Risk managers know Enterprise Risk Management (ERM) is important, but it often gets pushed to the back burner because, well, it isn’t exactly easy to quantify the potential impact of intangibles like weather events, cyberattacks, or a hit to your reputation. Yet these are real threats with real costs that need to be recognized. And a RMIS can help. Here’s how:
Identifies your risks and the potential impact. One way ERM differs from traditional risk management is that it analyzes risks collectively – not just individually. A RMIS pulls risk information from across the organization into one, cohesive source that gives you a clear view of all risks, how they relate to each other, and the cumulative impact on the organization.
Helps visualize your risk landscape. A RMIS turns incredibly complex risk data into sophisticated graphics that are understandable – and therefore actionable.
Makes good use of your time. A RMIS automatically collects, consolidates, and formats data, so you can spend your time on strategic actions that will increase the organization’s value.
Simplifies compliance. With a RMIS, everything you need to keep up with constantly changing state and federal requirements is all in one place, ready to go, which helps protect the company’s bottom line – and its reputation.
Prioritizes risks. A RMIS helps forecast the probability of impact and likely ramifications so you can focus on those that matter most.
Adapts to changing conditions. A RMIS can continuously recalculate the potential impact of various events and threats.
Supports better decision-making. A RMIS gives you complete, accurate, and up-to-the-minute information so you can capitalize on upside opportunities and minimize downside costs. A RMIS also makes it easy to quickly and succinctly elevate data to the C-suite for executive action.
Builds a risk culture. With a RMIS, people at all levels and functions can access the same information to easily collaborate and work together toward the same goals.
If you want to implement an ERM program, you need the power of today’s RMIS. It’s as simple as that.