Risk and Opportunity Process Excellence – Promote a Culture of Risk Management
Risk Management is part of our daily lives. It is so entrenched in our routine activities that we may not even realize it. What is Risk Management? Effective Risk Management is the ability to forecast and evaluate Risks with the objective of identifying procedures to minimize or avoid their impact.
To illustrate, when cooking a meal, there is a risk that you will leave your food in the oven too long and burn it. The impact of this occurring could be wasted time, wasted money, and disappointed family members and guests. To minimize or avoid the impact of this Risk you set a timer to remind you to take your food out of the oven at the appropriate time. This is a low-cost control to ensure that you meet your objective of enjoying a tasty meal.
When it comes to Business Process Management, a proper view of Risk Management can provide control over your core processes. With the addition of automation, we also ensure fewer deviations, errors, and loss of production. This can even drive strategy by leading to more focused business decisions that enable the ability to clearly see which activities need our attention, identifying other possible automation opportunities, which can provide further improved efficiency, higher quality, and even better service.
Because of this, successful organizations make Risk Management an essential part of their culture. By identifying, evaluating and controlling Risks, business and strategic objectives are much more likely to be achieved. However, even organizations that make Risk Management a priority lack the tools necessary for process owners and practitioners to communicate Risks effectively.
To address this need, iGrafx has developed ROPE (Risk & Opportunity Process Excellence). With ROPE, organizations can:
- Automate risk discovery to ensure consistent reporting, reviews, and approvals across the organization.
- Provide a continuous cycle of improvement for identified risks.
- Ensure standards and requirements are properly captured for audit compliance.
- Identify possible compliance issues with reporting on process and risk gaps, impacts, costs, etc.
- Ensure Risk Management remains a part of the culture with transparency of where risks exist along with clearly identified ownership.
If you would like to see iGrafx ROPE in action, please join us at the BBC Conference on Thursday, November 8th at 11:25 am.