risk management meeting

How risk management affects different functions

The uncertain economic, political and social landscape make it imperative for all organisations to be aware, responsive and flexible to risk management, across all departments and functions.

Threats to an organisation’s ability to do business smoothly and profitably can come from both external and internal factors. Staying one step ahead has never been more vital, but organisations also need to pin down the nature and origin of risks faster, and with more accuracy.

Risks to businesses can be physical, financial and legal, and therefore impact on all business functions. Having a hyper-vigilant and highly responsive strategy and systems can not only protect an organisation but also provide a competitive advantage.

Each function has a role in risk management

Clearly, financial teams need to be vigilant to the organisation’s monetary health at any given point, and how the exchange rate and other outside influences could impact on the company’s ability to function properly.

Human Resources departments have a myriad of legislation and regulation to orchestrate, and risk managing a workforce means acute awareness of the potential for non-compliance or information breaches. Incident reporting must be scrupulous to reach the level of control and transparency demanded by employment laws and regulatory bodies.

Production and service delivery teams can’t operate in an information vacuum. They need to be vigilant to the risks of their own systems and operations but also be ready to respond to the obligations, liabilities and risks that can arise from elsewhere in the organisation.

The strategists and decision makers within companies should never make plans for the future without having a detailed analysis of all risks at their fingertips. It is economic suicide these days to underestimate the way both external and internal factors can derail even the most robust business plans.

On the other side of the coin, having excellent control of risk means being able to make watertight investment decisions and improve stakeholder confidence and value.

Connectivity to make risk management seamless

Connectivity of risk management and company-wide project risk management have become a central function of any organisation that wants to remain strong and profitable. This is a particular challenge for large or complex organisations which can be fire-fighting risks on a wide range of fronts.

For some, this means creating dedicated risk management departments. These teams can identify and act upon risks, developing and executing strategies across every function of the business. They also motivate all members of the organisation to be aware and involved in risk management.

For other organisations, a specific risk management department is not feasible. However, executives are becoming acutely aware that understanding and acceptance of cross-organisation risk systems and procedures can make or break the organisation.

RiskMate makes this cross-functional connectivity and control of risk seamless and easy. It integrates and connects all the business operations of each department. This makes it far easier to chart how every business function impacts on the potential risks of the other departments too. RiskMate can log, collate and analyse data, generating reports that can be shared instantly across your whole organisation.

This includes a dashboard tab to access options to map changing risk factors to show your organisation’s risk trends and predictions.

This control and accountability across your company, throughout all department and functions, can guard your company’s financial, legislative and operative integrity.