The benefits of using a strong risk management framework for your business
Given the increasing globalization of business and supply chains, current risk analysis techniques are unable to address the increasing complexity of the risk environment. To make sense of unstructured data, companies need a risk management framework to aggregate and analyze data more efficiently and effectively.
Let’s take a closer look at some of the benefits of a strong risk management framework
- Asset Protection: A solid risk management framework prioritizes understanding the risks in time to take the necessary steps to protect your assets and your business. In the healthcare field for example, an efficient risk management framework can help physicians and healthcare providers recognize and reduce personal and medical practice risks. Thanks to semantic technology, unstructured data can be presented in a way that allows users to quickly and efficiently find theinformation they need. Read also about our enterprise risk management software!
- Reputation Management: According to the Committee of Sponsoring Organizations of the Treadway Commission (COSO), risk management must be implemented by many different players in the organization (board members, management at all levels, suppliers), each of whom can play an active role in mitigating risks. Adopting a strong risk management framework allows organizations to monitor news sources in real time and integrate it with traditional and local press. Additionally, a risk management framework can help companies quickly analyze gaps in enterprise-level controls and develop a roadmap to reduce or avoid reputational risks.
- Supply Chain Risk: The complexity of global supply chains requires their constant monitoring in order to stay informed of risks the level of a large and rapidly changing marketplace. The risk management framework improves the quality of information streams from external and internal sources (RSS, news, social media, reports, weather forecasts, etc.) in order to optimize the data management process and the ability to exploit intellectual capital. This allows them to better monitor and connect different information from different sources in order to understand the potential impact of events on the delivery of materials, project timelines or operations.
- IP Protection: All companies have an IP risk; if you sell, offer, distribute, or provide a product or service that gives you a competitive edge, you are exposed to potential Intellectual Property theft. A risk management framework helps protect against potential losses of competitive advantage, business opportunities and even legal risks.
- Competitor Analysis: The web is a powerful source of information for monitoring your competition through the effective analysis of streams of information (PR, industry blogs, social media, news). Anticipating or reacting quickly to what your competition does can provide an edge and gives you the chance to develop valuable insight.
An effective risk management framework must be more than just a set of rules and standards. Instead, it must be able to deliver actionable results. At Expert System, we leverage our cognitive technology to ensure that all of the information you manage, from any internal, external or deep web source, is available for a complete view of your risk environment. Learn more about Cogito for risk assessment.