Why Risk Management Matters
A risk register is a tool used to manage potential problems or risks within an organization. It helps to identify and prioritize risks, their likelihood of occurrence, and provides ways to mitigate them.
Risk registers allow you to play offense and defense – you’re proactively planning for potential challenges and minimizing their impact on your project’s success in the event that the roadmap does veer off course.
Additionally, having a risk register is a requirement for companies looking to achieve or maintain compliance through frameworks like SOC 2 and ISO 27001.
Out With the Old
Unfortunately, risk assessments are often treated like an afterthought, which can lead to inefficiencies, and in the worst case scenario, increased risks.
How do you know your risk assessment method may be ready for an upgrade? If you:
- Rely on a spreadsheet
- Send a bunch of emails to get updates
- Have a separate workflow for treatment plans (or none at all)
- Don’t know what the business impact (ie how many dollars are on the line) is if any of these risks occur
These are all signs that your risk register is disconnected from your key systems, which means it’s not providing an accurate view of risks, their status, their importance, and how to address them.
In with the New
So, what are the characteristics of a premier risk management system?
To effectively manage risks, it’s crucial to have a real-time view into risks, their status, and detect potential issues before they arise. This can be achieved through a platform that integrates with your security systems and general workflow, ongoing programmatic monitoring, and using predictive analytics to anticipate and address risks.
Plenty of tools can flag risk – the real work lies in knowing what to do next. An integrated risk register will programmatically alert key stakeholders when action needs to be taken, and tell them what to do next. Even better, a risk register can sync with tools like Slack and JIRA to automatically create tickets in the systems where your team works, so they can skip an extra login and stay focused on high priority tasks.
It’s also essential to ensure that everyone is on the same page regarding the impact of risks on revenue and having a clear understanding of contractual commitments. Sharing a risk’s potential financial impact with stakeholders helps with forming business objectives and decision-making.
Work Smarter, Not Harder
Conveniently, TrustRegister, our new risk register tool, does all of that for you, thanks to AI and a complete integration with our TrustCloud platform, you get AI-powered predictive and programmatic risk assessments to help you track, identify, and remediate risks proactively.
Visit our resource center, FlightSchool, to learn more. Or, come talk to our team for a complimentary risk register template that’s tailored to your specific needs.