27th April 2021
It’s difficult for an organization to have faith in its risk function if its value can’t be measured. Discover below how risk reporting can make all the difference when it comes to effective risk management.
Risk management is all about preparation. If an organization is prepared to deal with a multitude of scenarios and guard itself against a plethora of threats, it will be stronger, more resilient, and better able to cope through years like the one we’ve just had. In the last 12 months alone, we’ve experienced a global pandemic and the most sophisticated supply chain attack in history, and this only scratches the surface of what businesses need to be thinking about in 2021.
The risk landscape is larger, more complex and more variable than at any other point in history. The adoption of cloud technology is a boon for productivity, but it has left businesses exposed and vulnerable in ways that need to be tracked and managed. And that’s not including the pressure that comes with being able to demonstrate continuous compliance to an ocean of regulatory obligations and requirements.
Thankfully, risk management technology is able to keep up, allowing businesses to discover, assess and track risks in real-time. But not all risk management solutions are created equal.
It’s difficult for an organization to have faith in its risk function if its value can’t be measured. That’s where risk reporting comes in and can make all the difference when it comes to effective risk management.
Despite often being overlooked, risk reporting is arguably the most important function of any risk management solution. Business is all about making decisions, and every decision comes with risk. Reporting offers key stakeholders the 360-degree visibility they need to make rapid, game-changing decisions with absolute confidence and clarity.
With a risk reporting function, businesses can contrast and compare risks at an enterprise or departmental level. They can also compare and aggregate risks of different types, and the impact different approaches might have on their exposure to certain risks. These are crucial aspects of risk management that, without adequate reporting, simply would not be possible. Organizations looking for a suitable risk management solution would do well to focus on reporting and the ability to monitor and track vulnerabilities.
Because today’s risk environment is so varied and sophisticated, from natural disasters and economic turbulence to rapidly increasing levels of cybercrime, manual risk reporting simply won’t cut it any more. Gone are the days of home-grown solutions and cumbersome spreadsheets.
Organizations need to be proactive and agile, which means being able to make split-second decisions on the fly with complete knowledge and awareness. Depending on the type of industry a business operates in, its risk posture can change from hour-to-hour, or even minute-to-minute.
Therefore it’s crucial to invest in a risk reporting platform that offers a play-by-play, real-time view of risk. SureCloud’s Risk Management solution was built with this in mind and offers users the ability to create tailored reports for specific business functions using pre-configured risk matrices. Using our solution, organizations will define risk hierarchies and aggregate risks business-wide to give key-decision makers every possible advantage during uncertain times.
SureCloud provides cloud-based, Governance Risk and Compliance products, and Cybersecurity & Risk Advisory services, which reinvent the way you manage risk. SureCloud connects the dots with Integrated Risk Management solutions, enabling you to make better decisions and achieve your desired business outcomes. SureCloud utilizes a highly configurable technology platform, which is simple, intuitive, and flexible. Unlike other GRC Platform providers, SureCloud is adaptable enough to fit your current business processes without forcing you to make concessions during implementation, meaning you get immediate and sustained value from the outset.