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Risks transform business

September 29, 2015 by
Filed under: General, Risk Management

Usually when something like “risk transforms business” is said, people mean that recent economic events have caused businesses around the world to be more risk aware. Businesses have indeed become more risk aware, if not risk adverse in some cases. More and more senior management and executive boards want to have an understanding of the risks the company is facing. They want to have a good definition of their risk appetite and risk tolerances. Ten years ago discussions would have been different.

Even though, and maybe even because of, that is a general truism, that is not what this blog entry is about. Understanding risks can and actually should transform business.
A proper understanding of the key risks of an organization can help management to improve their business. How can this be done? Very often, risk management ends up with a nice dashboard, colorful and nice-looking data that results in a 'Now what?' question. However if you create an actionable risk management system, that truly integrates with underlying people, processes and systems, a true understanding of the people, processes and system that makes the company stronger. Monitoring risks can actually lead to actions. Only the actions make the difference. In a car a dashboard is nice, but one could almost do without it. In the same car, the steering wheel is vital. Driving
without it is impossible.

Business Transformation
Understanding business is the first step, to prevent issues, to repair events and so on. Next comes the improvement of the business, the change, the transformation of the company. When risks are seen not just from the negative side, but also the positive side, business transformation becomes a possibility. So when scenario analyses are made and tied back to business processes, business transformation becomes reality. This enables companies to structure business processes, to standardize business processes, to facilitate rapid roll-outs, to enforce fast and safe M&A and to continuously improve (Kaizen) the business. This requires risk management to be truly embedded in the thinking of the business.

For risk-based business transformation to become a reality, risk management needs to become actionable. Then it needs to relate people, processes and systems. With that, senior management can drive their desired business transformation, turning data into information, turning information into actionability.
For more information, please visit our website and request our Risk Whitepaper.

Tags: BWise, Risk, Risk Management

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