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Risico Management: from necessary administration to identifying new opportunities

08-07-2021

Risk Management is a continuous process that identifies and values risks. It measures the chance of a risk leading to an actual unsafe situation. In addition, careful Risk Management ensures that the consequences of risks are manageable. It is of such importance, that it should actually be included in the policy of every company. With Risk Management, managers can better anticipate possible risks and thus the continuity of their organisation. Moreover, Risk Management forms the framework of a good risk policy for the organisation as a whole. ISO31000, the ISO standard for Risk Management, defines a risk as ‘an effect on the achievement of objectives, where the effect of a deviation from the expectation can be both positive and negative’. 

Put into practice

In order to prioritise Risk Management for the whole company, the next step is to put the subject on the management agenda. You can do this by linking risks to objectives and by providing insight into the influence of the risks on these objectives, so that people can immediately see what the added value is for the organisation. Risk Management is now becoming an important tool to guide your organisation, because you decide which risks have the highest priority to avert and which opportunities should be exploited first to achieve your long-term organisational goals. From this perspective, Risk Management is no longer seen as an isolated activity carried out separately somewhere in the organisation, but instead forms one of the pointers that keeps your company running.

Hard numbers and big data

How do you measure your risks and/or opportunities? For an effective risk policy, the assessment of risks and opportunities must be based on hard data. With big data, you can predict business risks, proactively avoid them and possibly even turn them into commercial opportunities. Big data enables us to continuously make predictive analyses and timely adjustments to prevent problems, but also identify potential opportunities that managers can use to increase profitability within the company. Big data can provide hard facts and figures that a risk manager can use to formulate effective new strategies.

When it comes to selecting relevant data, your organisation benefits from an organisation-wide integrated software platform, such as Icologiq Elements. Icologiq Elements is an all-in-one software platform that bundles all operational, technical and functional processes organisation-wide in one fully digital solution. Risk Management is one of the 9 modules that the platform consists of and all these 9 modules are linked to each other at a process level. This way, the platform can be useful in collecting and selecting relevant figures, based on which an adequate assessment can be made of the risks and opportunities for the company. This information can then be used to seize opportunities and eliminate risks, which helps you prevent unnecessary costs, unsafe situations and reputation damage. Eventually, you will be able to increase profitability in the long term.

Sources

Graydon – Wat is risicomanagement voor bedrijven?

Wikipedia – ISO 31000

About Icologiq Elements

All-in-one software platform Icologiq Elements facilitates process innovation from a central point in the organisation. Its goal is to provide organisations with the right tools to solve problems, deal with complaints, implement improvements, implement change in a structured and safe way, measure risks, and ensure that people can work safely everywhere in the organisation.

The software enables companies to get the best out of their people and teams. By automating routine tasks, employees can focus entirely on their main tasks. In addition, the fragmentation of local solutions and spreadsheets is converted into a reliable, transparent platform with which companies cover all their processes related to safety, quality, welfare and the environment.

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