November 2010

Putting together a business case for anything that requires financial investment in today's environment can be a tough task. So things are a little tighter, but most organisations realise that to stop investing in new projects, processes and personnel altogether would be a huge mistake. It just means that today, senior management need greater confidence and evidence about how new investments in systems and technology will improve their organisation.

Investing in risk management software is no different and so we have put together a few of the benefits that our current clients have experienced since implementing the JCAD RISK software. Additionally, if you would like to view individual experiences of our clients you can visit the case studies section of our website.

Seizing Opportunities

Through risk analysis opportunities can be recognised and seized.

But the problem for many organisations without a dedicated risk software system is they do little more than capture the obvious, historic and easy identifiable risks with no consideration to relevance. Word and Excel based systems support this tired process very well, producing a risk register, but analysis and evaluation is very limited and opportunities can often be lost, forgotten or never identified in the first place. This reactive approach to risk management helps organisations 'tick boxes' and comply with standards but it adds very little value to the organisation.

Risk management is a necessity to meet corporate governance so why do a half hearted job? Taking a more proactive stance such as embedding a clear strategy and implementation through the use of JCAD RISK software allows an organisation to relate risks to objectives, departments and even each other so a simple search can identify any threats or opportunities quickly and efficiently.

Improved Project Risk Management

Achieveing your project's objectives on time and within budget is no easy task and risk management is key for project managers to ensure for the best possible outcome. By using risk management software such as JCAD RISK, project managers can delegate ownership of risks and control measures to the relevant personnel or departments and ensure that these are kept up to date through the generation of automatic email reminders. Proximity and qualitative value fields assist the project manager with timescales and budgeting.

Dedicated software ensures that project risks are identified, managed and that accountability has been defined. It also prevents "fire fighting" - repairing failures that could have been prevented.

Communication and Consistency

Communication is essential for risk management but within mid, large and global scale operations it can be very difficult. Consistency can be lost if departments hold their own risk registers and many employees who would benefit from access to the risk registers do not have it.

JCAD's web based risk software can be accessed from anywhere with an Internet connection allowing for flexible working. Employees can be given access to a single department, multiple departments or the entire organisation and simple assessment forms ensure that a uniform approach is maintained throughout. JCAD also offer an unlimited number of view only accounts so that everyone within your organisation can benefit from the risk management function.

Clear Strategy for Risk Based Audits

Risk based auditing is increasingly becoming common practise. Many organisations are experiencing significant advantages from viewing the business processes in an environment of risk, after all, risks are often the underlying cause of financial surprises. And it does not just apply to financial based audits. Audits covering reputation, operations etc. also benefit from a risk focused approach.

When organisations manage risk through spreadsheets it is often difficult to successfully manage version control, especially if multiple users access and edit the document. JCAD's dedicated risk software application records a full history and audit trail making the audit process easier and more effective.

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