Spreadsheets Are a Risk to Enterprise Risk Management Programs

All companies face risks. The ones who seem to succeed year over year and rebound most quickly from a major disruption are those that have embedded and formalized processes to not only identify risks, but also to mitigate those risks. Riskonnect GRC is a comprehensive, web-based system that gathers diverse risk data from across the enterprise in a highly visual manner so that risks are easily identified, assessed, and mitigated. It represents a quantum leap beyond commonly used tools like spreadsheets. No other software enables users to enter and dynamically visualize risk relationships, communicate risk assessment and mitigation activities, and see the impacts of risk on objectives and financials.Previously, technology has not accommodated ERM nor enabled this discipline to further develop or become a sustainable, integrated business process.As risk management has evolved, the majority of technology solutions have focused on single areas of risk management such as insurable risks, audit, compliance, or operational risks. Now, however, with a cloud-computing solution such as Riskonnect, and no IT costs, a strategic ERM technology platform becomes attainable. It becomes timely and economically feasible to roll ERM out throughout the entire organization.Dynamic visualizations of risks and the interconnectedness of risks give organizations an aggregate picture of the potential synergies and opportunities the company faces.Effectively, this shifts the conversation from discussing risk and attempting greater alignment of risks to a discussion of using risk information to better the business.