Risk management has forever been impacted by the pandemic. Few companies were prepared for the speed, breadth, and severity of change that occurred over just a few years.
Consequently, most businesses watched long-held methods and beliefs faulter and sometimes crumble under the pressure. They struggled to cope and watched as more agile competitors gobbled up their market share.
Need for a Fundamental Shift in Risk Management
Despite everything that has transpired, the tendency of most companies is still to rely on what’s always been done. However, this desire for certainty, stability, and predictability ignores the potential for significant damage from unfamiliar threats.
Regrettably, even now that business knows change is paramount for success, this detrimental mindset stubbornly lingers. Even so, in a fast-changing, tumultuous market, the need for agility and a new outlook has never been more important.
Clearly, the new normal requires a fundamental shift in how business identifies, assesses, manages, and monitors risk. Companies must now view crisis management, business continuity, resilience, and security in a new light.
Top-Down Change Vital
The scope and speed of change has impacted every sector, industry, and market. Agile companies adapted quickly and grabbed market share. Aided by disruptive technologies, they produced new products and services, found alternative supply chains, and tightened up operational infrastructures.
What is readily apparent is that none of this can happen unless business prioritizes change, allots funds, and develops strategic plans. Companies can’t initiate change without company-wide participation, backed by resources to make transformation happen.
Putting Data to Work
Undoubtedly, business has reams of data regarding what transpired during the pandemic. However, more data isn’t necessarily beneficial. Extracting facts and turning them into actionable insights for decision makers is when data offers value.
Deriving actionable insights from data requires a holistic outlook towards risk and uncertainty. Parties need to share a common risk language and discover forward-looking concepts and tools. This can help them alleviate threats, capitalize on opportunities, and make better decisions, while creating lasting value.
Managing Risk Intelligently
Every enterprise needs a deeper understanding on the environment they operate within. Nonetheless, many companies aren’t capable of perceiving affordances or realizing their potential.
Companies may be overwhelmed by the sheer volume of data they must try to manage and use effectively. Fortunately, risk intelligence allows business to step beyond facts towards actionable insights.
The disciplined application of techniques for structuring, visualising and making sense of the risk data leads to insights not readily apparent in traditional textual or tabular reporting formats.
These insights provide useful information for risk analysis, treatment, and planning. They enable decision-makers, spark communication, and create a more accurate and comprehensive overview of what’s happening to the business.
Increasing Agility
Utilising risk intelligence also increases agility. An intelligence-led approach can accelerate executive decision-making, vital in our current business environment.
Companies can tap into disruptive technologies and utilise cutting-edge processes. They can “see” where they stand at any given moment through real time monitoring. Business can customise reports to track specific KPIs and outcomes. They can also adopt cloud technologies to ensure critical risk management work continues, even if the company faces business interruption.
Sophisticated Risk Management Approach
The pandemic continues to demonstrate the need for a more sophisticated risk management approach. Business faces a greater diversity of risks than ever before and old business models and technologies may not be up for the challenge.
Fortunately, IT transformation is possible and offers many benefits. It can unite disparate organisational programs for greater efficiency. Companies can identify competitors, create appropriate responses, and operationalise their business quickly.
In a unified system, risk intelligence can also lead to agile, scalable responses to political or social unrest and legislative changes. It can also provide a more comprehensive overview of how events may negatively impact business or lead to opportunities. Risk intelligence can also ensure enterprise protects its data, despite the increase in remote work.
Connecting Business to Intelligent Risk Management
During this crisis, organisations learned that transformation is now a necessity. Nonetheless, many businesses do not have the expertise needed to drive change.
Fortunately, EarlyBirds provides both resources and direction if your company needs to create this roadmap for change. We offer Subject Matter Experts, an expansive marketplace of new and disruptive technologies, and programs for ad hoc or supplementary needs, as well as ongoing transformational support.
EarlyBirds Marketplace
The EarlyBirds Innovation Ecosystem is a Business-to-Business portal that connects leaders or influencers in an organisation with new and disruptive technologies.
The Ecosystem has a data pool of over 4 million global innovations that may already address your business challenges. Alternatively, companies can list challenges and request solutions from innovators.
EarlyBirds Explorer Program
We’ve tailored the Explorer Program towards businesses who need innovation as a service to supplement existing innovation programs, or to conduct innovation projects when required.
EarlyBirds Challenger Program
The Challenger Program focuses on a single business or technical challenge. It looks for the most relevant innovators that meet business, technical, commercial, and business risk requirements.
An EarlyBirds Subject Matter Expert runs this program and collects requirements. They search the data pool to identify and curate options for further evaluation. Finally, the SME chooses the most suitable option and drafts a roadmap of next steps, POC, trial or implementation.
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EarlyBirds is your best choice if your business wants to approach risk management intelligently. We’re highly experienced in finding innovative solutions, strengthening cybersecurity, improving product management, and connecting business to disruptive technology.
Register at https://earlybirds.io/, or contact us to discuss your needs. We can help you transform your risk management approach through actionable insights.