It’s been said that no opportunity worth taking is without risk. In every opportunity, the level of risk needs to be understood and controlled within limits acceptable to the organization. Minimizing and controlling risks while remaining competitive is a significant challenge for all organizations.
In other words, the pace, complexity, and impact of change is affecting every industry and every business, yet one thing remains constant—the need to proactively manage risk and ensure compliance for your organization. Densely interconnected regulatory regimes, coupled with severe penalties for compliance violations, make risk management a critical part of operational and strategic decision making.
The Signaviohelps create the transparency you need for peace of mind. By linking strategy and regulation with their operational expression, the Suite can help you future-proof your organization, safeguard stellar customer service, and give you the edge over your competitors.
Mitigating risk with the “wisdom of the crowd”
Key risk & compliance challenges include:
- A lack of transparency around possible risks, leading to delayed identification and communication of improvements;
- Reliance on complex, manual, or paper-based compliance systems, preventing business agility and responsiveness; and
- Siloed functional units and lines of business leading to lack of accountability, as well as an inability to comprehend the full risk context of an organization or end-to-end process.
In the face of these challenges, a risk management framework which provides opportunities for collaboration across internal boundaries is inherently more robust than one which relies on one or two risk managers sitting in an office somewhere.
Of course, managing risk and compliance is not simply about identifying risks themselves, but also ensuring that all employees are operating in accordance with your risk framework, and that work is being completed in a compliant way.
Unlocking the “wisdom of the crowd” by including staff throughout an organization in the risk management conversation translates strategy into action quicker and more effectively by ensuring all staff understand the risks, the compliance standards they face—and the responses required for both.
Safeguard the future of your organization
The Signavio Business Transformation Suite directly responds to the challenges of risk & compliance by:
- Supporting a company-wide compliance culture, to mitigate risk through shared understanding
- Enabling constant optimization of your organization’s existing risk & compliance framework
- Building a stable and consistent process environment, meaning compliance violations can be detected and risks responded to rapidly
- Using process automation to help reduce repetitive work (and associated errors), as well as incidences of non-compliant behavior
- Harnessing your company’s existing internal data to improve compliance-related decision making