Task management systems vs. to do list software
The Global Association of Risk Professionals (GARP) refers to operational risk as the “risk of loss resulting from inadequate or failed processes, people and systems, or from external events”.
Often ‘loss’ is interpreted as a monetary cost, but this perception is wrong. When it comes to risk, the losses involved can take several forms:
- Unhappy / de-motivated employees
- Injury resulting in worker compensation claims, legal costs, damages
- Fines / custodial sentences
- Costs related to employee turnover
- Loss of intellectual property (IP)
- Lost market share / missed opportunities / lost revenue
- Business disruption
And in turn, each of these effects will have an impact on your organisation. But despite the high stakes for poor operational risk management, 45% of British businesses admit they could be better at managing emerging operational risks (Management Today in association with DuPont).
To do list software
According to an article published by Risk.net, which is based on feedback from industry practitioners, there are ten key operational risks facing organisations in 2018:
- IT disruption
- Data compromise
- Regulatory risk
- Theft and fraud
- Talent risk
- Organisational change
- Unauthorised trading
- Model risk
It’s clear that operational risk is important and the threats are increasing. But operational risk management is difficult; it’s not enough to just note your risks on a spreadsheet, updating them every once in a while, and checking them off aimlessly to say you’ve complied regardless of whether you’ve actually completed an action. Operational risk management is essential to securing the future of your organisation and should be treated with the care and attention it deserves.
According to research by ORX, along with McKinsey and Co, there are many challenges facing operational risk management, including:
- Reinventing and clarifying the mandate for operational risk management
- Generating good quality, useful risk information
- The potential for advanced analytics to improve capabilities
- Improving the effectiveness and efficiency of controls
- Increasing skill levels
- Improving organisational risk culture
Here we look at how Process Bliss helps you address each of these challenges…
Task management systems
Reinventing and clarifying the mandate for operational risk management
Risk management couldn’t be simpler with Process Bliss. It shows you one consistent version of process throughout your organisation. Users can get started quickly, creating, cloning and delegating tasks. And the latest version of all the information you need – descriptions, documents, images, videos and links – is stored within each step of your template, so people have it exactly when they need it.
Generating good quality, useful risk information
Using Process Bliss you can execute change in your business at the click of a button. Rather than forcing people to record information a certain way, Process Bliss empowers them by allowing them to suggest improvements and provide feedback when trying to complete a task. It means you can be reassured that everything is being done and you can demonstrate compliance if/when required.
Improving your capabilities, effectiveness and efficiency of controls
Process Bliss’ reporting capabilities can show you the status of each step in each process so nothing is ever missed. Furthermore, where templates have been updated to incorporate user feedback, you can analyse how well these changes are working. Overall, Process Bliss reassures you that your business is constantly and consistently improving.
Increasing skill levels
When new staff join your organisation, Process Bliss ensures they’re up-to-speed quickly, educating them on the way your organisation handles process, or in this case, risk management. By empowering your users, Process Bliss motivates and engages the team, encouraging them to improve their own skills, and identify areas for improvement within your organisation.
Improving organisational risk culture
By simply recording the way you manage process within your organisation, Process Bliss gets everyone speaking the same language and working towards a shared goal. Through Process Bliss, visibility and accountability is increased so there can be no ‘blame’ culture within an organisation. Now your focus is simply on empowering users and continuous improvement for all.