Different industries, different risks

It’s obvious that organizations in different sectors must deal with varying risks, depending on what they do, how they work, the technology and materials they use, and so on. However, the impact of things going wrong is often similar—lost time and money, damage to reputation and infrastructure, and in the worst cases, potential injuries to staff or customers.

All organizations also operate under some form of regulation, no matter their industry. In most cases, failure to comply with the laws and standards governing their operations can lead to significant penalties. So, although their operating environments differ, and no two businesses are likely to face the exact same threats, all organizations work to control their risks and comply with their responsibilities.

A process-oriented approach to building a risk and controls framework lets you tailor your risk management planning to the way your organization operates, including the risks that are unique to your industry and your business.

Benefits of a process-oriented risk and controls framework

Put simply, a process-oriented risk and controls framework increases efficiency by reducing repetition. With a robust set of models representing the processes within your organization, you can apply a consistent risk management approach in instances where the controls are the same, then tailor your approach where required. Instead of recreating risk management plans from scratch for each risk in your business, you build on the process models you already have in place.

A process-oriented approach also allows for the more effective use of process management tools, primarily automation. Using a tool like Signavio Process Manager means you can document your processes, develop your risk management plans, then manage your governance responsibilities, all in one place. Automating governance tasks might mean:

  • Running reports and extracting audit records, evidence, and other information
  • Logging and tracking operational activity
  • Capturing and storing any evidence required for audit purposes
  • Tracking and storing all breaches, incidents, or near misses, including guiding users through the storage and reporting process.

An expert’s view

Ian Smith, of Ideation Technology Limited, is an independent consultant with over 40 years of experience in implementing business change initiatives both locally and globally. He has partnered with Signavio to produce an exclusive investigation into what a process-oriented risk and controls framework looks like in practice. Ian’s white paper highlights how easy it can be for organizations to use Signavio generate their own personalized risk framework, then apply that framework consistently across their business. You can download the white paper here.

Map your own processes and risks

Instead of relying on shared documents or red/yellow/green spreadsheets that haven’t been updated for years, you can use Signavio’s Comprehensive Risk Self Assessment to create an automated self-assessment workflow to document and assess your organization’s risks, and the actions you have taken to mitigate them.

Once you’ve got to grips with the risks you’re facing, and you want to see how Signavio can help you further streamline your processes and make risk management more efficient, why not try a free 30-day trial today.

Published on: August 14th 2018 - Last modified: August 16th, 2018