Successful risk management framework requires strong leadership base

Risk management software offers tools to empower leaders

Technology can drive results in any risk management team, and businesses that rely on software that includes automated processing capabilities are in a better position to digest and react to portfolio risks and opportunities. However, corporations still require a strong leadership structure to guide the development of their risk management framework.

In a column for CMSWire, risk management and compliance expert Peter Spier explained the need for strong executive support. In fact, Spier recommends that compliance professionals engage a handful of key business leaders in a “governance committee,” which would provide each side an opportunity to discuss their perceptions of relevant business threats and workshop proactive ways to combat risks.

Spier advocates in favor of multiple insights. In the piece, he also suggests risk management teams seek the opinions and analysis of third-party consultants to evaluate the company’s risks and determine if certain threats have been overlooked. With this information at its disposal, a well-developed leadership team can implement corrective measures and potential solutions.

Of course, once such a leadership or governance structure has been established, risk management teams will require access to top data sources in order to execute on their suggested objectives and aims. That’s where comprehensive risk management software can offer significant value.

With technology that offers customizable capabilities – the type that allow businesses to build in their own business rules engine and enable automated decisioning features – risk management teams can eliminate the hindrance of repeat errors and streamline effective decision making. Strong leaders are required to offer direction, but even stronger tools are needed to execute on those plans.

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