When you ask companies what the cost of managing their risk is, the exact number can be difficult to determine. On the one hand, there’s the cost of not managing your risk properly: the lawsuits, fines, penalties, wasted time and resources, project failure. On the other hand, there’s the cost of a well-run program facilitated through a powerful risk management platform. A company can easily spend more than $100k annually on a solution to help them identify, analyze, measure and manage risk across their operations. Cost does not always equal quality or superior capability, though.
The goal is to find a risk management platform that will help you perform all the responsibilities of your risk management process while saving you more money than it costs. ComplianceBridge’s risk management software, TotalCompliance Risk, brings you the functionality you need to fuel risk identification, measuring, evaluating, treatment and monitoring – all at an affordable rate.
TotalCompliance can cost as little as $2,500 and no more than $25k annually for the same functionality you can find on a much bigger, expensive platform. But what exactly makes TotalCompliance the goldilocks solution, balancing affordable price with unbeatable power?
With TotalCompliance Risk:
The risk management process is a continuous cycle that can be broken down into these main phases: identifying risk, analyzing risk, evaluating risk, treating risks and continuous monitoring for changes in risk. Any risk platform worth its weight should be equipped to help you move through this cycle in a timely and efficient manner.
Identifying potential risks should involve utilizing the collective knowledge and experiences of your team. This is a collaborative exercise that should be treated as such, which is why TotalCompliance allows you to work with others to build your risk assessments. You are not only able to identify potential threats, but you can work with others to determine the scope and depth of your analysis.
Risks come in two types: qualitative and quantitative. The risk management platform on which you identify risks and build assessments needs to be flexible enough to accommodate both types. TotalCompliance gives you tremendous control over the creation of assessments without making the process cumbersome or confusing. You have a variety of question types to choose from including multiple choice, yes/no questions, fill-in-the-blank questions, short answers and risk ratings, a unique metric only ComplianceBridge provides. You can weigh certain questions you deem more important and include conditional questions that only appear to users when applicable.
During this stage, your team will estimate the probability and potential outcomes of each risk to determine how you should prioritize your response. A good analysis will engage members across your organization including subject matter experts in finance, legal, operations, human resources and others as appropriate. An account administrator won’t understand the legal repercussions of violating regulatory requirements like a lawyer will, so you should make sure you’re adequately tapping into the wealth of expertise and experience within your company.
To help you do that, TotalCompliance manages distribution of assessments to exactly who you need. Select specific groups, individuals or distribution lists, and our system automatically handles the process from there. Reminders will automatically be sent out to recipients who haven’t yet taken any action. Escalation of reminders improves participation and your results. You can even assign questions, sections or whole assessments to specific recipients to best leverage your experts.
In TotalCompliance, recipients can take as many sessions as they need to finish an assessment, and before they even submit their results, you will be able to see their results.
Once your experts have finished analyzing potential risks, the time has come to evaluate the results and prioritize risks accordingly. To help you do that, TotalCompliance gives you the ability to review results as you receive them in real-time. At a glance, you can review overall trends or narrow in to see how specific questions were answered or how specific people responded.
With the help of your experts, you will be able to evaluate both the likelihood that a risk will occur and the possible effects such an event will have on your activities. From there, you can determine where you should be focusing your risk management efforts first.
During risk analysis and evaluation you may find it necessary to perform a qualitative assessment first to determine potential risks before following up with a quantitative assessment to help you prioritize and plan your response. No matter your process, our risk management platform can handle both types of data. You can view data in a variety of ways inside TotalCompliance and export it for further analysis in other applications.
By the end of this phase, you will have not only identified what poses the biggest threat to you, you’ll have worked with your experts to determine how to best mitigate them.
This is the point in your risk management process that you finally get to put your risk mitigation plan into action. Unfortunately, there is no magic formula that tells you exactly how to respond to each risk, it’s a process that takes experience, clear understanding of the problem and sound judgement. That’s why it’s so important that you take your time through each phase of the risk management process. Whether it’s avoidance, acceptance, transference or limitation, you can be confident after the level of analysis you’ve conducted that your risks have been dealt with.
As you continue to follow the risk management lifecycle and improve upon the process, you’ll accumulate a larger database of past projects, assessments and a history of risk logs. With more data and experience managing risk, you’ll be able to take a more proactive response to both anticipating and treating risk. We understand how your past activities can inform your future ones, so in TotalCompliance, you can save everything, both to prove your due diligence and for future reference.
If you fail to keep tabs on your risks and periodically check in with your team, all the work you’ve done up until not could be for naught. This can be as simple as a simple form each respondent fills out or a comprehensive assessment of your risk landscape to report changes. In either case, TotalCompliance makes it simple to quickly check in with your experts. In a matter of minutes, build and send your questions to exactly who needs them. You can even schedule assessments to automatically go out on a predetermined schedule.
In your company, you may have several projects all in different stages of the risk management process all at the same time. This makes monitoring just one workflow difficult let alone five or ten. When you coordinate everything in TotalCompliance, our risk management platform allows you to centralize your activities and get a snapshot of your entire program from development of assessments, distribution, responses and more. If an issue pops up, you’ll see it here first.
Don’t Spend $100k on a Risk Management Platform
You’ve seen how TotalCompliance Risk carries you through the risk management process from start to finish and back again. We aren’t claiming that we reinvented the wheel, we simply give you a platform and the tools to hone these risk management activities for yourself. The difference is: we have been able to do it at a fraction of the price you’ve come to believe a risk management platform should cost.
You can spend as little as $2,500 annually to begin managing risk with the help of ComplianceBridge. Even if you have to go all in, you’ll spend no more than $25k on our powerful solution. If you’re still of the belief that risk management needs a huge price tag to work well, request a demo with ComplianceBridge today and let us prove you wrong.