Advantages to Conducting Risk Assessments Online | ComplianceBridge

Advantages to Conducting Risk Assessments Online

Written by Risk Management Team on September 23, 2015

Risk Assessments can be critical for an organization. Reasons include: Increasing regulations requiring tight practices (or else large fines), increased demand for transparency, a more competitive business environment where risk reduction is crucial long term success.

Risk Meter

However, conducting Risk Assessments can be a daunting task, replete with a myriad of challenges and questions. Who should conduct risk? What methodologies should be used? How should risk ratings be scored? On top of that, managing Risk Assessments and organizing the Risk Assessment creation, distribution, and results, leaves a lot of surface area for errors to penetrate.

Luckily, in today’s business environment, more and more critical processes are moving into the cloud. Conducting Risk Assessments online sets your organization way ahead of the competition. An online platform will allow centralized creation and collaboration- so all Risk Assessment authors are editing one central version. Templates can be set to ensure consistency- an underrated factor that breeds familiarity and thus efficiency among employees.

Groupings of individuals, that represent departments, locations, teams, subsidiaries, or anything else- can be set to manage both the publication to, and the risk score of, the group. Results will show risk ratings in real-time dashboards and reports. Electronic features, such as automated reminders, annual reviews, and sending of reports, exist to prioritize the Risk Assessment program and ensure people stay on top of their duties.

The ComplianceBridge Risk Software Solution will cost just a fraction of the cost of doing the processes manually in-house. Contact ComplianceBridge today to set up a few minute consultation call today.

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