5. Reporting and Distribution
It has become clear that taking a reactive stance to our ever-changing world is no longer
acceptable. In the past, companies had to rely on retrospective signals and trends. They had to
pull – sometimes drag -- information from disparate, siloed systems across the organization.
And they often had to rely on aged, inefficient data gathering tools and processes to review
and measure their core business functions and activities.
The more modern, effective risk reporting systems today take an
increasingly proactive stance. They rely on an increasing cadre of data
analytics tools – including artificial intelligence (AI), robotic process
automation (RPA) and machine learning (ML).
Going 'Pro'
State-of-the-art systems deliver operation and performance reports via pre-built standard
reports and ad hoc analytics tools that integrate with third-party business intelligence
packages. Most offer robust reporting and analytics features, including dashboards with drill-
down capabilities, graphical interfaces, benchmarking, and activity-based cost reports.
More advanced systems offer flexible and customizable reporting capabilities that are built
right into the tool.
The benefits of proactive risk reporting are many. Here are two key ones:
Turning information into insight – insight that helps risk managers "see" what is happening
in the organization. Insight that can be used to make better, more informed business
decisions that help drive positive outcomes.
Serving as "early warning signs" to identify and address risks before they can potentially
harm the organization. It allows company executives to be better positioned to act when
they need to.
MAKING SENSE OF RMIS | 7
