Cody Miles: Welcome to the ComplianceBridge Podcast, the leading source for the latest on policy management and risk management. This week we discover more about ComplianceBridge’s latest product, TotalCompliance Risk. Thank you for joining us. My name is Cody and today we have a very special guest, Nathan Perumal, vice president of risk management services at ComplianceBridge. We’ll be discussing how conducting proactive and frequent assessments can help companies better understand their risk management and minimize risk. We’ll also discuss the launch of TotalCompliance Risk, the newest product from ComplianceBridge. Welcome to the podcast, Nathan, how are you?
Nathan Perumal: Thanks. It’s a pleasure to be here. I’m well, thank you. How are you doing today?
Cody Miles: Wonderful thank you. Perhaps when it comes to the topic of risk, we should start at the very beginning. Nathan, can you tell us exactly what risk is for a business?
Nathan Perumal: The best way to think of risk is something that anyone can understand. For example, if you think about having or owning a car or a home or health insurance, generally people will have insurance that will protect the risk of loss to the car, or a home, expenses related to health care. Similarly, businesses face risk. The short answer I think to keep it simple is, risk is anything that could negatively affect or impact an organization.
Cody Miles: Can you give us an example?
Nathan Perumal: Absolutely. For a really good example, let’s use the healthcare banking industries. Both of these industries are heavily regulated. I’d say for these two industries, regulatory risk is probably the biggest risk that they face. There’s other types of risks obviously, such as financial risk, reputational risk, strategic or organizational risk, et cetera.
Cody Miles: That’s helpful in understanding it. How does a proper risk assessment address certain risks of an organization?
Nathan Perumal: There’s lots of formal methodologies out there for risk assessment, but I think for most organizations there are simple ways to measure and understand risk. I think organizations just need the proper tools and resources, and to simply choose a methodology that works for that industry.
Cody Miles: Got It. How does TotalCompliance Risk effectively measure the hazards and risk associated with an organization.
Nathan Perumal: I just talked about keeping things simple. What we’ve done with TotalCompliance Risk is really make it simple to use, yet super powerful. It allows organizations to measure risk using six different criteria, including mitigation factors.
Cody Miles: What are assessments comprised of? Does TotalCompliance Risk give businesses enough flexibility to build assessments and audits that can address their specific risk?
Nathan Perumal: Absolutely. I think it’s a super powerful tool, yet really easy to use. You can build a risk assessment in two minutes using various types of questions and responses. For example, you could use multiple choice, conditional questions with text, yes, no answers or ranges, you can use dials. You could actually use risk rating and risk ranking criteria as well.
Cody Miles: Now, we know that TotalCompliance Risk gives you a lot of freedom to build and conduct risk assessments, but how does this tool help with other aspects of the risk assessment process such as collecting responses and gathering data?
Nathan Perumal: It is incredibly powerful. It allows organizations to easily create risk assessments as well as distribute these risk assessments and correlate results instantaneously. For example, you could distribute the risk assessment to an organization that has 10 employees, 100 employees, 1,000 employees, or 10,000 employees. What’s really cool about this is that you can actually see these responses in real time, which means organizations can measure compliance in real time.
Cody Miles: How can the software help a business analyze the results of risk assessments?
Nathan Perumal: It’s powerful in that allows customized, tailored solutions for organizations that truly want to manage risk proactively and effectively in one single repository.
Cody Miles: Well Nathan, it sounds like with this information a business will be able to evaluate risk associated with their operation and help their employees minimize it. Before we go, what would you tell organizations that have questions about the risk management and are considering TotalCompliance Risks to help them assess the risks?
Nathan Perumal: That’s a great question. I’d say keep it simple, choose a methodology that is easy to understand across the organization all the way from your frontline staff, across managements and all the way up to the board. I’d say we’re here to help, talk to us.
Cody Miles: Thank you Nathan for taking the time to speak with me today.
Nathan Perumal: It’s a pleasure to be here.
Cody Miles: Thanks again for listening to the podcast. TotalCompliance Risk from ComplianceBridge is changing the way risk assessments are being conducted. If you are looking for a solution to reduce the costs of calculating risks while also giving compliance officers the flexibility and freedom to create and customize risk assessments, consider giving ComplianceBridge a call. For over 10 years, ComplianceBridge has created the world’s most powerful compliance software and it’s being used by hundreds of organizations globally and thousands of users. For more information or to schedule a one-on-one demo, head on over to compliancebridge.com. We’ll see you next time.