Can Technology Help with Risk Management?
Can technology such as process mining help with Risk Management? The answer is both Yes and No.
Process Mining is a fantastic tool that is great for discovery over and above whatever collaborative work you may be doing to collect process information within an organization. It is also fundamental to identifying key opportunities for process automation. As a result, process mining is also helpful for process documentation. If you identify a process that would benefit from automation, this technology can fill in the details of the activities that the process requires. However, process mining cannot predict the future. It depends on log files. In the event of an unprecedented incident, process mining loses its efficacy. But, if you layer this technology with a process-centric business model, then you strengthen the capabilities of both. You get an activity-level of understanding and documentation of your processes, paired with the high-level view of the relationships between processes. This level of detail can thus help provide a greater understanding of the potential impacts of a risk and allow us to implement more effective controls.
You cannot talk about business technology and not talk about automation. Lately we have been hearing a lot about so called “hyper-automation”. This is the practice of applying automation as quickly as possible in an attempt to reduce the impact of people not being able to perform work. We at iGrafx have always warned against implementing or automating a bad process, let alone at high speeds. Therefore, you really need a process-centric business model to help identify the ROI tied to your automation strategy.
You also need to account for possible risk or compliance issues later. If you rapidly automate, but have not thought through the impact of compliance, that will put you at risk for the future. We have RPA integration to help with some of these compliance issues.
For even more information on this topic, download our latest whitepaper, Dealing with Uncertainty & Disruption with Effective Risk Management.