Risk Management software is a must-have tool for Australian businesses to identify, monitor and evaluate the key risks in their business that affect successful operations. There are many risk management solutions available in Australia but choosing the right one is instrumental for the success of your project and business irrespective of your industry.
A governance, risk and compliance software helps manage data flow and access control within an organisation. Businesses implement GRC platforms to identify risks, enforce governance and policies, data safety, and track compliance.
A sound GRC (Governance, Risk and Compliance) strategy gives clients and organisations an integrated view of their enterprise essential to improving performance. Their key focus would be to overcome risks that can hinder the progress of their business. It helps you to create and manage regulatory and internal compliance measures thus improving business quality and providing learning opportunities.
A GRC software can be on-premises, or cloud-based, with zero coding that allows you to have complete control over your company's activities related to risk and compliance, which increases internal efficiencies.
Here are some of the key capabilities to take into consideration when reviewing and selecting risk management software:
1. Risk Assessment Capabilities
An efficient risk assessment software shall have all the risk assessment capabilities including a facility to report and register risks to the business, a facility to monitor mitigation actions, and a reminder to assess risks in a stipulated amount of time. A key function to seek is the option to have visibility across all departments and locations and to be able to review information at an overall organisational level versus individual departments and locations.
2. Managing Actions
Identifying risks to the organisation is one step. What do you do with the subsequent actions related to the identified risks? Managing the controls and actions to mitigate the risk is a key benefit of risk management software. Having a central platform where risks and their actions can be monitored and evaluated collaboratively decreases the likelihood of disruption to an organisation.
3. Organisation-wide Risk Reporting
Can you define and record different key risk indicators (KRIs) using the risk management software you want to use? For internal reporting with important stakeholders in your organisation, the risk management programme needs to be properly defined and monitored. There should be proper planning done.
With reliable risk management software, you can produce clear, organised, and detailed reports that not only provide review points but also helps you form better decisions for your business and the services provided.
4. Real-time Notifications
Real-time notifications and automated alerting features are a must-have with a risk management solution. Getting caught up in the day-to-day operations of a business means that often the risk register and required mitigation get reviewed only on a periodic basis. Having a solution that provides you and your teams (users) with reminders and updates according to due dates and actions taken means your data is always current.
5. Compliance Management
While keeping in mind the health, safety, and well-being of the people who work there, your organization's risk management procedures must also adhere to all local regulatory requirements. It can be cumbersome to continually monitor websites such as AUSTLII or the Federal Legislative Requirements. Having a real-time automated notification of updates to specific regulations applicable to the successful running of your business will save you time and resources.
6. Completely Auditable Process
Transparency and accountability are essential for many organisational processes. Risk management is undoubtedly one such area where accountability is required. The software programme you want for risk management must be auditable.
This is necessary not only to maintain compliance with regulatory bodies but also in the case of internal and external audits. With fully auditable risk management software, the audit time will become much shorter and less time intensive for teams and users.
For regular use of your risk management software, a clear, user-friendly dashboard is crucial. However, this does not imply that it must be minimal and devoid of essential features. Businesses invest a sizable portion of their product development budget in UI/UX for a reason. Even if the software is excellent, it won't succeed if the user interface is difficult to use or overly complicated, for instance.
Our soon-to-be-launched risk management software Lahebo can provide you with all the top features to overcome risks and enhance your business.
Feel free to reach out for more information by clicking on the demo here