As lockdown begins to ease, the SME business landscape will not return to normality in an instant.
We now live in a world of necessary and continuous innovation, SME’s need technology and processes that are designed to help them keep up with the change, and to manage their risks, threats and vulnerabilities.
At the Risk Dashboard we believe (based on data of course) that business resilience is a journey that SME’s need to prioritise.
We also believe that creating and developing a sustainable resilient organisation, you first need to understand what risks your business faces.
So what is Risk Management?
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- Risk can be defined as the threat or possibility that an action or event will adversely or beneficially affect an organisation’s ability to achieve its objectives.
- Risk management can be defined as the systematic application of principles and approach, and a process by which a company/SME identifies and assesses the risks attached to its activities and then plans and implements risk responses.
Q: What applications in terms of innovation and technology – tools and software are being provided through your accountant or advisor to manage your risks?
Now, more than ever, accountants and advisors need to be working at optimum efficiency. Innovation and technology can help them manage these busy times by working smarter, not harder.
Risk management strategies, despite their importance, mean very little if they are not applied. So many businesses still have their accountant or advisor using the humble spreadsheet for risk management, despite governance, risk and compliance solutions being widely available.
From dashboards to data visualizations – not to mention descriptive, predictive and prescriptive analytics – there is no shortage of business intelligence and data analytics tools at your disposal.
Leveraging such tools could make measurable contributions to your businesses, e.g. companies could maximize an impending opportunity, mitigate future risk, meet deliverable milestones, gain a competitive advantage and much more.
The Risk Dashboard is a data-driven decision-making application with data at its core, creating a powerful risk management framework that creates the resilience for future growth.
Businesses are also underemphasising the emerging risks, such as climate change and cyber-attacks, on their operations, despite also acknowledging that these up-and-coming risks are increasingly critical, long-term threats to their organisations success.
Resiliency has become a big buzzword in the past year, but it’s important not to overlook why this is a key trait for business success.
Businesses that have a risk and resilience strategy will help their organizations attain a competitive advantage – No matter the crisis, you must be able to pivot to leverage new opportunities and fill gaps that competitors can’t.
At the Risk Dashboard we believe that data and analytics, is the fuel for data-driven decision-making, after our people the most important asset that any organizations possess.
The last year has been incredibly challenging. Organizations must recognize that when so many things are changing so rapidly, they need to invest in people and systems that will help make sense of that change and respond to it.
Organizations need data and analytics – innovation and technology to create resilience and growth.
If you would like to learn more about what the Risk Dashboard can do for your business, please contact Neil Campbell, Commercial Director at Risk Dashboard on info@riskdashboard.co.uk .
We look forward to hearing from you.