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• Organisations face a diverse range of risks. These can range from operational events like system downtime, loss of power, and fraudulent activity to regulatory risks relating to non-compliance. Strategic risk must also be monitored – including competitor activity, the launch of rival products, and technology advancement & trends.
• Whether strategic, operational or compliance driven, risks can pose some level of threat to an organisation, and escalate, if not managed effectively. Companies who adopt a proactive approach to risk management are well prepared to capably control and respond to risk events.
• Most organisations use GRC software to automate the risk assessment process. Best-practice risk assessment templates are often available within the platform, and they can be further customised to meet any bespoke needs.
• . They usually offer the option to upload photographs, documents, and URLs to ensure all relevant information is captured. The forms contain data governance rules like searchable drop downs, text formatting guidelines, and mandatory fields to ensure information is captured consistently - ensuring it can be easily reported on later down the line.
• Most systems offer workflows to automate the risk assessment process. Automated notifications are sent to the relevant stakeholders asking them to complete the online risk assessment with clear deadlines. All outstanding forms are chased by the tool and reminders are sent. Data from the risk assessment forms feeds directly into the platform enabling leaders to easily identify high risk areas.

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