Not long ago we managed to stabilise our businesses with automated systems to manage our daily transactions and business processes but now these systems have taken a whole new realm. Systems are integrated with other systems and reliant on each other to function, almost without any human interaction needed, these systems run and run because they’re programmed to run until its end of life. As to whether we make all processes automated or whether we control the systems at the backend remains indefinitely at the control of the human element.
As we’re all running in the fast lane, skipping steps is not an option but completing each process becomes mandatory. Examining the business processes and procedures becomes vital for the continuation of the organisation’s daily processes. Analysing risks through Risk Management improves communication throughout the organisation, recognising information sharing allows reduced miscommunication between different levels of management and less errors incurred. It also develops awareness of common problems we have and mitigates issues earlier in the project so that the team could focus on efficient use of resources without a creeping risk to stop them in their tracks.
Once the risk is isolated, ensure regulatory and compliance matters are resolved ahead of time to avoid being stung. An effective Enterprise Risk Management Assessment is beneficial as it could further enable better cost management and risk visibility as well as forecast future leverage benefits for upcoming projects.
We are moving fast but it is all for progress and to enable progress also means to be mindful of the risks ahead and in between, so ensure you have a Risk Management Plan in place to get you covered.
Author: Tony Shen