Articles

Improving Risk Management Performance by Leveraging Technology

by Arthur L. GRC analyst

It has been a typical strategy for the previous 30 years to enhance performance in areas such as quality, safety, risk mitigation and environmental management through the application of management systems These systems are already in place in many locations and sectors, and it's time to move on to the next one to boost performance even more. Technology and data analysis provide the chance for progress. 


Businesses have never had so much access to data for process improvement before. These businesses are in a unique position to enhance their company's overall performance because they efficiently use this data to decrease accidents, raise safety compliance, and increase productivity and efficiency. business. 

Many well-intentioned technologies are accessible to corporations today, but many fail to take use of them and maximize their advantages, which is why they are used in the business world as an example of a failed venture. Because they lack a plan to secure integration with current management systems, companies cannot reap all the benefits. 


This technology has the potential to lower a company's risk exposure while simultaneously increasing its capacity to develop predictive solutions to deal with potential risks ahead of time. In order to enhance their performance, achieve desired outcomes, and integrate them successfully into their processes and culture in order to boost productivity and efficiency, firms need to know which technological solutions are best. 


Three steps must be taken in order to properly use technology within a company: 

 

Show how technology benefits the end-user  

For technology integration to be successful, people who use it must understand how it directly improves their safety and efficiency. For example, virtual reality and simulators may be utilized for training, while drones and mobile devices can be used to collect real-time data.  


Fix broken processes  

If a process is already broken, don't expect additional technology to make it better. Increasing the amount of data, you have is the best you can hope for. The operational risk management system should be solid before selecting and adopting new technology, so that any new technology may harness the data to provide significant gains.  


Knowledge of which data sets are relevant and the capability of selecting relevant information based on its value is another important prerequisite. Thus, a thorough review of the available data and the quality of that data can contribute to streamlining the procedure in question.  


The company must also start with the basics before implementing new technologies, including establishing risk management procedures, organizational strategy to support those processes, and metrics to track how well the risk management system is working. Technology will be more effective if it is built on a solid, well-proven basis.  


Verify that new technology is completely incorporated into operations 

More and more technology is making it possible to create distinct "silos" for security and operations. This can have a negative impact on both the safety culture of a firm and the value and efficacy of the technology itself. As a result, the ideal solution should be incorporated into all of an organization's important business processes to deliver a demonstrable improvement that contributes to the creation of a safety-focused culture, inspires people, transforms habits, and develops individual ownership of results.  


As a result, a new technical solution should be developed to provide predictive and prescriptive analysis from field operations data and factory environment data or from data that solely feeds reporting needs surrounding interconnected platforms. utilizing the company's existing information technology platforms. Human resources databases can help firms better identify patterns that lead to recurrences of incidents by correlating demographic data with occurrences. Connectivity to a supplier and contractor database will not only assure compliance but will also help reduce costs.  


Many executives' attitudes on mobile devices in the workplace need to be changed. As a strategic tool, they should consider it in order to boost employee engagement while also delivering timely, relevant information So that native tablet and smartphone technologies can gather incident data, record near-misses, and audit results on mobile devices we need to guarantee that they connect effectively with other systems in order to establish the context of observation and report it to the appropriate organizational level.  


Using existing relevant data gathered by other entities can be advantageous even though the preceding three factors are critical for maximizing efficiency and minimizing risk when utilizing technology. Companies may benefit from this additional information by better understanding "business reality" and gaining more insights that help them make better decisions in the real world and enhance their performance.  



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About Arthur L. Freshman   GRC analyst

6 connections, 0 recommendations, 35 honor points.
Joined APSense since, December 11th, 2019, From Austin, United States.

Created on Dec 24th 2021 12:22. Viewed 118 times.

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