The manufacturing world is increasingly complex as a result of complex supply chains, including the resulting reliance on third parties. Regulations in North America, Europe, and across the world require a close eye on quality, risk management, including understanding the risks throughout the supply chain. These, combined with an ever-increasing focus on health and safety, the introduction of new products, replacement of the underlying ERP-system, or process innovation may lead to complex and lengthy projects require a robust risk management solution to understand and manage.
Moreover, risk management processes have become increasingly challenging to codify to a single organizational view by the varying use of frameworks, taxonomies, and processes by support functions. This creates a disconnect in summary conclusions when viewed holistically from the organization as a whole. This creates strain on the business, confusion for executives, violation of laws and regulations, recalls, the possibility of financial loss, and reputation damage. Nasdaq BWise can bring an organization insight and clarity to the risk environment, bringing confidence to decision making and capital expenditures to manage and address unwanted exposures.
Manufacturing companies tend to have very focused risk and compliance teams, with limited integration. The lean six sigma approaches that have been implemented in many firms also apply for the Nasdaq BWise solutions – automate what’s necessary and keep things as simple as possible. Nasdaq BWise’s RDS or Rapid Deployment Solutions bring best practices to our clients and help to jump start the GRC Journey. This way manufacturers can benefit from the most advanced solutions available with a strong focus on process simplicity.
Trusted by hundreds of customers worldwide, BWise delivers Governance, Risk and Compliance management solutions for manufacturing, process, and production companies. The BWise GRC solution is meant to support an organization’s risk management processes, including internal audit, internal control, business continuity/resiliency, vendor/3rd party management, information security (including cyber), enterprise, and operational risk management (people, systems processes, external events). Moreover, BWise Process Management enables a corporation to fully model and build a framework of their business processes and their associated risks and controls. Corporations are enabled, through a user-friendly interface and highly configurable solution, to support a dynamic risk management process. Dashboards and reports will show the risk profile in real-time enabling quicker decisions to thwart harmful exposures and to take advantage of opportunities.
Manufacturers have seen a number of benefits from having a GRC technology including optimization of controls (e.g., removing duplicative controls), improving capital expenditure decisions, reducing the likelihood of recalls, improvements in safety, quicker response times to events affecting assets, reduction in regulatory fines and findings, fewer lawsuits, and insight into process deficiencies. BWise not only helps a company get “in control,” but is also a true driver of understanding, confidence, and efficiency.