Risk management isn’t easy. If it was, then we wouldn’t need risk professionals.
But the reality is, when running a business, a lot can go wrong. Things that are both in and out of your control.
The economy can take a turn for the worse. Your supply chains can be disrupted. A fire can happen in your office. A global pandemic can break out. Imagine that, eh?
Risk professionals haven’t been as lucky as those in other sectors, either. The past decade has seen technology simplify processes across other industries thanks to disruptors like FinTech, InsurTech, and MedTech.
In other words, the reliance on spreadsheets and tired manual processes has slowed down in businesses all across the world.
Through no fault of their own, though, those in risk, compliance, and legal teams haven’t been accounted for.
That’s how RiskSmart was born. We knew it was time for a change. So we set out to evolve how risk professionals in small to medium-sized businesses handle risk management.
Curious to see how? Check out our LinkedIn page, or read on to find out more.
The challenges faced in risk management
As mentioned, being a risk professional comes with its fair share of challenges.
Not all of them are inherent to the job, though. A number of these obstacles simply come with legacy processes and workflows that bog down their chances of success:
- A lack of organisation or risk hierarchy, muddying risk accountability
- Clumsy risk assessment processes, meaning that only known risks are tracked
- A failure to communicate risk effectively, creating ill-informed decisions
- A lack of data or analysis to inform best practices
Few know this as well as Ryan Swann, a storied Chief Risk Officer and now founder of RiskSmart.
“All too often, risk management is disjointed. Not only do we see it a lot, but I’ve been there,” he notes.
“There are too many manual processes and not enough data to back it all up, leaving teams in a limbo where they’re unsure where to focus their efforts and unable to quantify which risks need the most attention.
“Pair this with a backdrop of being asked to do too much with too little, and it’s no wonder why we see demotivated risk professionals who lack confidence.”
This isn’t to say that risk managers are unhappy – and that’s a relief, because we sure need them – but simply that their lives could be made easier. And who’s going to say no to being happier in their workplace?
The need for a shake-up
For us, risk management is best thought of as a cross between an art and a science.
It requires ingenuity, creativity, and empathy – but it also requires data, analysis, and protocol. Too often, the latter elements fall by the wayside.
The world of risk management is slowly but surely opening its eyes to this.
A Forrester study concluded that a 361% rise in ROI was made possible through the automation of risk management processes, and tech giant Oracle notes that “automation [transforms] how finance leaders manage risk, remain compliant and stay accountable to shareholders”.
Data-driven technology is the way forward, then, and some of the big hitters do have access to helpful software.
But in our experience, risk professionals in small and medium-sized businesses (SMBs) are stuck with clumsy, overpriced solutions or spreadsheets so old they might as well be written on stone tablets.
But do many SMEs have dedicated risk professionals?
Short answer? Yes. Long answer? Absolutely. If you’re reading this, you may be one yourself.
SMEs, after all, account for a whopping 99.8% of the UK’s business population, and the demand for effective risk management across every sector is front-page news.
With past first-hand frustration when it comes to risk management processes, our team of risk rockstars formed RiskSmart, aiming to ensure no one ever had to encounter the hurdles we did.
We started a risk evolution – or R.evolution – all of our own.
The RiskSmart platform
We knew the issues faced by risk professionals, so championing value and simplicity was vital when it came to creating the RiskSmart platform.
As a one-stop shop for all things risk, it quantifies and lays bare your business’s risk status so you know exactly what to action and when.
With risk rankings of 0-100, forecasting becomes much simpler, allowing you to strategically take risks in order to promote growth while staying on top of others.
Not only this, but it comes with a pre-existing library of risks that you can use straight out of the box – or you can input your own.
And it’s all supported by ARi, our very own Automated Risk intelligence that provides insight into what's happening across your business, tracks action plans, and ensures you have a forward-looking approach to risk management.
The effect? Joining the R.evolution will help you:
- Save time, allowing you to work on more mission-critical tasks
- Reduce costs by mitigating risk and avoiding overpriced software
- Have a greater understanding of your business’s risks
Help us power the Risk Evolution
The R.evolution is just beginning, and we’re always on the lookout for more Smarties to join us.
On the lookout for a new challenge? Finding that our values resonate with you? Head on over to our recruitment page and tell us a little about you.
