3 years ago the world was turned on it’s head. Since the pandemic it has not got any better for many business owners. We are all aware of the impacts on labour markets, supply chain issues, rising inflation, and the requirement for many SME’s to start repaying on their covid loans.
Add into the mix the growth in cyber and ransomware attacks (more than £4bn was stolen by fraudsters and cyber criminals in the UK through 2022 an increase from the previous year of 34%), attacks are becoming more frequent and sophisticated, remaining a top threat to businesses for the foreseeable future.
Another key risk to businesses is the laser focus that investors, stakeholders and customers are making in terms of ESG, making safety and humanity the forefront of many decisions.
Those businesses who are not accelerating their strategy and operations in digital transformation will see a significant risk to their operational management and profitability.
All of this said, we are now in a period of how we measure risk and opportunity.
It is essential that risk-informed decisions are clearly strategic and value based, and no longer something that can be handled in silos or a central function. Navigating the risk landscape takes leadership oversight and board-level accountability.
Businesses must now employ a panoramic view of risks
Strong risk and resilience capabilities provide an edge, allowing an organisation to grow and deliver on their outcomes with confidence by anticipating risk, making risk-informed decisions and cost-effectively mitigating when incidents occur.
Risk appetite is a key tool to help leaders and people in an organisation understand where they are able to take more risk in pursuit of the strategy, new opportunities and growth. Setting a risk appetite supports agility, clarity and alignment throughout the organisation and we are now seeing this be done across all sectors.
It is also a key mechanism to remind everyone of the need for care for broader societal considerations as organisations face decisions and risks.
Why Risk Dashboard?
We are seeing more and more leaders are positioning to anticipate risks and to see changes in them real time, leveraging more use of internal and external data and new risk technologies to monitor and anticipate risk, and to analyse it more carefully. Real-time data is now used in many aspects of business.
Real-time, evidence-based data is at the epicentre of Risk Dashboards software, allowing businesses to function and transform how they support the detection and monitoring of risks.
Risk Dashboard supports the advisor transition from risk management as a stand alone activity to a quantitative tool built into key decisions and processes of an organisation.
No matter the magnitude of the challenge, the big win for advisory leaders of the future will be the ways in which uncertainty can be lowered by reducing the number and impact of unexpected client risk events – using data as the source.
If you would like to know more about how Risk Dashboard can help in creating a wider ‘advisory risk’ based solution please contact Neil Campbell, Commercial Director at Risk Dashboard on info@riskdashboard.co.uk