Leading the Digital Transformation of Risk Management

Posted on: October 15, 2019
Author: Paul Ybarra

For most organizations today, risk management plans and data are either stored safely offsite in a cloud or on a single person’s computer in spreadsheets and documents. The use of static productivity tools is in full swing.

That is digitization. But organizations have to go further to achieve digital transformation. Technology continues to change the way organizations provide products and deliver services to their customers, both internal and external. Increasingly, it has also resulted in new risks and potential disruptions to the continuity of operations. To fully address and adapt to these changes, organizations must embrace technology as not only a way to better deliver their products and services but also a way to digitally transform their risk management programs to ensure their organizations remain resilient in the face of ever emerging threats and risks to their business.

True digital transformation for risk management means:

• Adopting a dynamic relational database to keep information up to date at all times
• Systematizing business continuity and risk management plans and processes
• Leveraging automation to eliminate or streamline manual tasks
• Enabling end-to-end visibility and robust analysis in real time

This is a much more involved proposition. Why should companies go this route? The reason is simple: digital transformation of risk management empowers you to delve into “the art of the possible” because digital transformation opens so many doors!

With digital transformation you can:

1. Build an information foundation
2. Leverage modern technology
3. Automate processes
4. Identify critical gaps
5. Ensure compliance
6. Empower decision-making
7. Increase business value
8. Respond with agility
9. Focus on strategic objectives

Threats and problems are not going away. The digital era continues to present more difficult challenges that organizations must be prepared to tackle. Through automation, routine tasks can be streamlined or eliminated so you can focus more on strategic objectives like how to handle these evolving challenges. In addition, you will have more time to promote true operational resilience. This can be done by paying attention to how technology, processes, and resources combine to achieve the best outcomes. Luckily as technology continues to evolve, it is easier to produce these outcomes with what seems like an extra set of hands helping you along the way.

So it’s time to ask yourself, what strategic objectives would you set if you had the resources to pursue them?

Ready to learn more?

At Solutions, we discuss topics like these to help you discover what’s possible. Register for Solutions20 today!

Solutions is Fusion Risk Management’s annual client success summit. It gathers clients from all over the world for multiple days of networking, education, and innovation. At Solutions, you’ll interact with colleagues, strategic partners, and industry experts. Solutions20 is all about bringing people together to empower and inspire our community to lead a more resilient world. Our goal is to bring you new perspectives from industry leaders, so come prepared to expand your knowledge and go beyond Fusion products. We are looking forward to learning, teaching, and networking with you!