Are your business functions, departments, or your organization unsure how to track or manage risk effectively? In my experience, many organizations struggle with setting up risk programs or knowing where and how to track risks effectively.
Let's understand risk processing with a relatable analogy. Imagine tracking risks associated with your house. You could easily list over 100: a leaky roof, burst pipes due to cold weather, mortgage default due to job loss, high mortgage payments due to rising interest rates, a house fire, fraudulent deed transfer, and so on. Tracking and mitigating all these risks would consume vast amounts of time and money. You might not even have remediation plans for all known risks, let alone be prepared for unforeseen ones. This feels like a never-ending battle.
The key to effectively managing risk is to ask: "What is my objective?" and then determine which risks could prevent you from achieving your goals. For example, a common housing goal is to pay off the house within a specific timeframe. To achieve this, you'd explore ways to save money, all while monitoring associated risks and ensuring they remain within your tolerable level. If your work income is your primary source of funds, then the risk associated with your job becomes critical. Your action plan might include staying competent and ahead of the job market, consistent networking, striving for higher performance, or preparing to quickly find another job in the event of a layoff.
We all mentally track goals and risks in this way. But in business, you can't rely on mental notes, random emails, or spreadsheets. Organizations need clearly defined objectives, and each department, business unit, or function must monitor its critical risks to ensure they don't hinder the achievement of overall organizational goals.
One optimized way to monitor risks, controls, and mitigation plans is by using an Integrated Risk Management (IRM) platform. ServiceNow IRM, for example, allows you to manage risks, and each department can set its own risk methodology. This means not all processes have to follow a uniform risk rating and methodology. This flexibility allows each business function to operate as its own entity while contributing to the overall aggregated risk view.
At GlideFast, we have a team of experienced risk practitioners and implementation specialists. We provide services ranging from risk journey advisory to full implementation.
About GlideFast Consulting, A Division of Apex Systems
GlideFast Consulting is an Elite ServiceNow Partner that specializes in delivering exceptional solutions on the ServiceNow platform. We pride ourselves on offering industry-leading services, unparalleled expertise, and a track record of positive customer reviews. Our extensive experience in ServiceNow, combined with our unwavering commitment to customer success, sets us apart from our competitors and enables us to deliver successful outcomes for every client. Whether it's our deep platform knowledge, process-driven standardization, or innovative approach, we are dedicated to providing our customers with the best possible experience. Visit us at www.glidefast.com
