Cloud Based Risk Management
Multiple Users & Risk Managers
Project Risk Management
Risk Register Software
Drives the need for key performance indicators at the appropriate level within the organisation
Stimulates the most appropriate discussion for agendas at both a strategic and operational level, enabling time to be focused on what really matters
Allows immediate access to authorised Directors and staff to a dashboard of what matters most in relation to risk, project management, incident reporting and complaints handling using the Board approved risk ratings as a common platform
Underpins governance reporting in the Annual Report and Accounts through demonstrating a robust and formal risk management process
Supports external reporting requirements – for example in the NHS in relation to NRLS (National Reporting and Learning System), KO41 (Department of Health’s reference to the national collection of complaints data reconfigured from April 2015, and collected by HSCIC – Health and Social Care Information Centre), STEIS (Strategic Executive Information System), SIRS (Security Incidents Reporting System) and future iterations thereof
From the Blog
Risk management is a crucial part of any workplace environment. No matter what industry you are working in, there will always be a level of [...]
Over the past few years we have seen companies place an increasing reliance upon software, not only for conducting day to day tasks, but for [...]
RiskMate is risk management software that is hosted in the cloud and run by BPS Designs in the UK.
Risk Management Software
So your organisation thinks it needs Risk Management Software – why – do you not have any or are currently dependent on a spreadsheet-based system which is time consuming to maintain and apparently always out of date?
A key feature of a robust risk management process is for the software to be user friendly as this encourages risk managers to use the system as a basis for monitoring whether the current level of risk exposure is within the organisations risk appetite. If this is achieved, then other users of the system will have confidence in what is being reported.
In choosing risk management software therefore it is important to understand how the system works as the designers will have had specific issues in mind which should reflect:
- Alignment with the organisations corporate objectives and reporting structure;
- Functionality which forces critical thinking regarding inherent risk and the controls and
assurances that are in place to demonstrate that the residual risk assessment can be relied
- Flexible and real time reporting that enables meetings at a corporate and operational level
to view expose to risk as it is viewed today; and
- Routine reporting and reminders regarding actions due and those which are overdue.
It is important therefore to request a demonstration of the system, as seeing the process operate
with data intended to show the systems key features is critical to moving forward successfully with
the most appropriate risk management software.
Risk Register Software
Ideally risk management should be an intrinsic part of the Boards Assurance Framework however many organisations choose simply to maintain a risk register. Using risk register software automates the process so that responsibility for risk management is delegated throughout the organisation to those who are best placed to assess current risk exposure in terms of impact and likelihood defined by the Board.
Whilst delegation is important there remains a need for corporate overview of those risks which are being reported to ensure that risk reporting is both accurate and complete. This can be achieved through having a central point of responsibility as an administrator or risk champion but also may be possible through establishing a risk management group of key managers able to act corporately in the best interests of the organisation.
Risk register software reduces the burden of maintaining a traditional spreadsheet-based system but in order for it to add value managers must buy in to the concept and accept that it is a key part of the governance structure.
Risk Management Software UK
The development of risk management software in the UK has allowed organisations to effectively analyse the risks to which corporate and operational objectives are or may become exposed in real time.
Of course, outcomes are only as good as the information provided and therefore a pre-requite to success is that risk management is Board inspired and then management by the Executive Team.
We continue to see significant failures at both corporate and project levels; this may well point to organisations not having realised that risk management software in the UK is no longer focused on highly complex systems that are high maintenance – keep it simple should be the watch words for all organisations with a view to ensuring that risk management software UK focuses on what matters and is based upon a transparent logic that is communicated and understood throughout the organisation.
The message for all organisations should be to focus on the ‘killers’, these are not just financial but organisation wide involving customers, people, technology and premises and so consideration of what matters most should be conducted by the Board in order that assurance can be gained through the implementation of robust risk management software that promotes assurance and confidence that governance statements can reflect an organisation that is in control.