IRM technology provider releases several new enhancements to help UK-based financial services firms and healthcare organizations keep up with today’s dynamic risk landscape
ATLANTA & LONDON -Riskonnect, the leader in integrated risk management (iRM) solutions, today announces the latest version of its platform Riskonnect 2021.1. Among other enhancements, the release delivers two new major capabilities within the governance, risk, and compliance (GRC) suite specifically designed to help UK financial services organizations build resilience and improve decision making. The release also includes several new features within Riskonnect’s Healthcare Patient Safety and Risk Management Solution that equip healthcare organizations to improve event reporting.
“Today’s operating environment is filled with uncertainty, change, and the potential for wide-scale disruptions,” said Andrea Brody, Riskonnect’s Chief Marketing Officer. “We’ve jam-packed this latest platform release with new capabilities to give financial services and healthcare organizations the tools to protect themselves against critical risks in their respective markets.”
The first release of Riskonnect’s new Operational Resilience solution is currently available only in the UK, aimed at the financial services industry in response to the framework developed by the Financial Conduct Authority, Bank of England, and the Prudential Regulation Authority. The solution strengthens financial services organizations’ ability to prevent, withstand, respond to, and learn from operational disruptions. The software assesses and tracks the impact of business-critical failures across departments and business units. The solution also tests real life scenarios so organizations better understand their vulnerability and can hone their defenses. Notable features include the ability to set criticality ratings for key business services, establish and track tolerance thresholds, align resources to keep services operational, and more.
“There is a lot of focus right now on business and operational resiliency. Resiliency is the capacity to recover quickly from risk events and the ability of a business to spring back into shape from an event,” said Michael Rasmussen, The GRC Pundit & Analyst, GRC 20/20 Research. “This is very critical, and I see a lot of organizations moving to bring together operational risk management and business continuity management into what is now defined as an operational risk and resiliency program. It is encouraging to see Riskonnect addressing this need as it continues to grow in the market in 2021.”
Riskonnect also introduces Monte Carlo Simulation, which enables UK financial services organizations to predict the likelihood and potential financial impact of various risk situations. Monte Carlo runs complex, real-time mathematical simulations to predict the best, worst, and average outcomes for each scenario. Organizations can leverage the algorithms and predictions to cut through uncertainty, determine the best course of action, and swiftly execute to reduce risk and take advantage of opportunities.
The latest platform release also brings new functionality to Riskonnect’s Healthcare Patient Safety and Risk Management Solution. The new features improve event reporting for ambulatory care medical services and include intuitive forms, an icon-driven intake event portal, and enhanced reports, dashboards, and workflows. Hospital outpatient departments, ambulatory surgical centers, dialysis clinics, physician and health professional offices, and other teams that perform medical services on an outpatient basis can use these tools to easily communicate across staff, safety, quality, risk, and compliance teams, improve the reporting rate of patient, staff, and visitor events, and speed response time for better outcomes.
Riskonnect is the leading integrated risk management software solution provider. Our technology empowers organizations with the ability to anticipate, manage, and respond in real-time to strategic and operational risks across the extended enterprise. More than 900 customers across six continents use our unique risk-correlation technology to gain previously unattainable insights that deliver better business outcomes. Riskonnect has more than 500 risk management experts in the Americas, Europe, and Asia. To learn more, visit www.riskonnect.com.