The airline industry is repositioning itself for the future. Consolidation continues. Consumers are becoming increasingly digitally empowered. Globalization is opening competition, new suppliers, and increasing regulation. Alternatives (e.g., NetJets, high speed rail) are putting financial and operational pressure to execute efficiently, with speed, and with a high customer experience.
Traditional challenges haven’t abated either. Goals for employee and customer safety, union and vendor management, aging assets, infrastructure, and profitability still remain. Customers, financially conscious and technology enabled, can enhance or tarnish a reputation in seconds. Executives, regulators, and other external constituents (e.g., shareholders and debt providers) are seeking confidence that risks are being identified, assessed, addressed, and that practices are sustainable. The size and complexity of the airline industry makes centralizing, aggregating, and disseminating risk data challenging as it comes from not only from a myriad of internal sources and systems, but from external feeds as well. A Governance, Risk, and Compliance (GRC) technology solution can support and facilitate the organization’s risk management processes adding insight, enhancing decision making, and maintaining conformance.
The BWise GRC solution suite is meant to enhance and enable 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 facilitates the depiction of business processes, associated risks, and controls. A user-friendly interface and highly configurable screens enable the user to see relevant data, dashboards, metrics, and reports to his/her function in real time. This drives accountability, awareness, and speeds action to thwart unwanted exposures or to take advantage of opportunities. It also makes the risk management process dynamic, versus a static, periodic snapshot of the risk environment.
Our customers have seen a number of benefits from having our GRC technology. For example, these include control optimization (e.g., removing duplicative controls), revenue assurance, improving capital expenditure decisions, insurance rationalization including decisions to self-insure, safety improvements, 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 driver to understand current and future risks, maintain compliance, and provide confidence in decision making.