4. Scalability
Today's companies are constantly asking their employees to do more with less. Smaller
budgets, less than optimal resources, and reduced staffing all contribute to putting greater
pressure on business and risk managers – and often sacrifices long-term strategies for
addressing short-term needs.
As companies strive to grow and evolve in an ever-changing marketplace, adjusting to
uncertain risk factors can be even more problematic. New product offerings. External market
fluctuations. Increasing compliance regulations. Crippling cybersecurity threats. Supply chain
disruption. Climate change and global catastrophes. It's like trying to make a sculpture out of
fog.
It's also a key reason that today's enterprise-wide risk management platforms need to be built
with change in mind.
First, they need to be able to fulfill your current requirements across the organization. That
includes offering low-touch/no-touch capabilities for the huge volumes of standard risk
management administrative tasks (the types of tasks that have been manually-driven in
the past). It also means the ability to aggregate risk data from disparate systems across
the enterprise.
Second, they need to provide the tools to
enable increased functionality within the
platform. That includes the introduction of
predictive analytics and artificial intelligence
to proactively identify and manage the most
critical aspects of the business. It also means
providing the tools for digital and mobile
functionality.
Third, they need to be structured with the
ability to scale as your company grows and
changes. That includes the ability to
effectively integrate with other systems –
both internally and with external 3rd-party
vendors. It also means the ability to add
additional tools or functionality to address
new risks or changes in business needs.
MAKING SENSE OF RMIS | 6
