Your risk software was probably great when it was launched all those years ago. Spectacular even. But how’s it working for you lately?
The world of risk management is changing quickly. What worked well yesterday is not necessarily going to cut it today. The risk software you use should be able to turn vast amounts of data into better, faster decisions that will not only manage costs, but strengthen the business.
The Changing World of Risk
From supply chain issues to natural disasters, inflation, and global pandemics, you’re deep in a new era of risk management defined by far-reaching and interconnected risks. Add in the web of third-party vendors and external stakeholders, and you’re tipping the scales of complexity.
To manage risk at this level, you must understand every thread coming at you – and prepare your organization to anticipate, adapt, and respond to potential disruption. If your risk software can’t support you in this fast-paced environment, the longevity and reputation of your organization could be in danger.
The Signs Your Risk Software Is Slowing You Down
What indicates that your risk solution is out of date? Here are eight signs that it’s time to swap your current software for a solution better suited for the future.
1. Low-quality data. Humans make mistakes. The more your system relies on humans to collect, enter, format, and consolidate data, the higher the potential for, well, human error. And if you’re basing critical business decisions on compromised data, watch out. Current risk software technology uses simplified templates, intuitive forms, and auto-filled fields to capture data consistently and completely right from the start so you can make decisions based on fact, not fiction.
2. Busy does not mean productive. There are only so many hours in the day. Time spent collecting, validating, reformatting, and consolidating data is time NOT spent on things that really count – turning that data into actionable intelligence. New risk software automates routine tasks like data collection and consolidation so you can focus your time on more productive activities that add real value to the organization.
3. Forgetful thinking. Does your risk software keep you chained to a desk? Desk-bound systems are more than just inconvenient. Think about how many details inadvertently get left off, say, an incident report when someone has to go all the way back to the office to fill out the form. And what happens if that one forgotten piece of information turns out to be critical to preventing future incidents? Today’s technology goes wherever the action is to record data while it’s still fresh so you can act quickly on what actually happened.
4. How about that downtime? Time is money. When legacy systems go down, all risk management activities grind to a halt until IT stops what it’s doing and figures out how to get the system back up and running. Cloud-based risk software updates automatically and offers 24/7 support to keep you doing what you do best – managing risk.
5. Stuck in a silo. Are you manually cobbling together data from HR, legal, carriers, and other third parties? Not only is all that rekeying time-consuming (read: expensive) and error-prone (also read: expensive), it makes it almost impossible to see how those risks connect (which is, yes, expensive). A new risk solution seamlessly integrates people, systems, and data into one, centralized source so you always have a clear picture of all your risks, how they interrelate, and the collective impact on the organization.
6. Reporting nightmares. Do you cringe when you’re asked to create a new report because you know how long it will take to create something outside of the standard list? And after all that time and effort, will the data even be current? Modern risk software easily turns incredibly complex information into sophisticated graphics that are understandable and actionable. And all it takes is one click.
7. Security loopholes. Nobody wants to be the next data-breach headline. But it could be you if your system isn’t equipped with the latest and greatest security measures. State-of-the-art risk management software tightly controls access to authorized users, while safeguarding your data in a secure, cloud-based environment with high-level disaster recovery protections.
8. Expensive. If you add up the costs associated with unreliable data, system maintenance, and inefficient use of resources, you might find that you’re actually spending more to keep your legacy system running than you would for a new risk solution. And all these deficiencies and inefficiencies put you at an extreme disadvantage for managing risk effectively – which not only adds to the cost, it could jeopardize your organization’s future. With stakes this high, what are you waiting for?
The Path to Continuous Improvement
Today’s innovations are tomorrow’s expectations. With that in mind, it’s important to choose a risk software vendor that is committed to continuously improving their technology. What’s on the product roadmap? What new features and capabilities are coming soon? Are they industry-leading innovators? How often do they provide new releases and updates to their products – and how much disruption and downtime are involved? You don’t want to modernize your risk software only to have it become obsolete in a few short years.
Still trying to determine if you need new risk management software? Download our Buyer’s Guide to RMIS for a deeper look at what new technology could do for you.