As legal requirements increase and the rate of change in the world accelerates, the need for risk management increases. This means that many businesses see a need for system support that supports documentation and management of multifaceted risks. In this blog post, you can read about the challenges that organisations face today and how you can get a more proactive risk management.
Challenges facing organisations today
Changes in the world forces organisations to adapt, and this is fast. For many organisations, this is a major challenge in staying one step ahead.
Some examples of challenges that organisations face today
- Stay updated on new legal requirements and document legal compliance.
- Increased requirements within GDPR.
- Cross-functional regulations require increased cooperation within organisations.
- Increased risk profile in areas such as sustainability, work environment and IT.
- Need for systematics and to eliminate risk through manual work and internal processes.
3 reasons why the need for system support is increasing
1. Documentation of legal compliance
As the legal requirements become more and more, the requirements to document and follow up the risk work also increase. Many organisations struggle with keeping the documentation together and conveying it further in the organisation in a simple way. With a digital tool, you can more easily distribute responsibilities and get the information collected so that there is a uniform way of working.
2. Data-driven information
In today's changing world, it is increasingly important for organisations to work data-driven. Without a digital tool, it can be difficult to get a quick overview of relevant data or to create visual reports. It is also beneficial to be able to follow the data in real time to be able to focus on managing risks and introducing controls.
3. Digitized work processes
As we mentioned in the points above, the risk work for many organisations is a heavy administrative burden that can reduce the level of legal compliance and confidence. With a digital tool, you can automate parts of the administrative process and save time, money and resources.
Success factors for proactive risk management
- Digitize work processes to free up time for other things.
- Choose a user-friendly system that everyone can work in.
- Share relevant information with the rest of the business.
- Keep the same pace of change as competitors and the outside world.
- Collect and adapt the risk and control work on a common platform.
In conclusion, to succeed with risk management in the future, it is important to adapt to the outside world. In order to more easily adapt the business, automated work processes and data-driven information are an important part. Due to the fact that the outside world can change quickly, organisations need to have a proactive risk management in place. Proactive risk management helps organisations adapt to internal and external factors and changes, which increases the possibility of reaching set overall goals.
Do you want to know more about how your organisation can streamline risk management with a digital tool? Read more about Stratsys' tools for risk & control.