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Risg Solutions offers professional customised health, safety, environmental, quality and fire management solutions. Our goal is to support your company in complying with your legal and moral duties, whilst also positively impacting your financial and business performance.

We cover Cardiff, Carmarthen, Swansea, Wales & Borders..

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Technology in Risk Management

Technology is an indispensable tool when it comes to risk management. Good risk management relies heavily on having correct data and information. Organisations can use this data to take relevant action to protect against the ever-increasing number of risks.

Technology such as Big Data, mobile apps, cloud computing, compliance systems, enterprise resource planning, analytics, consumer insights, and many others allow risk teams to improve and expand upon their existing risk management programmes.

Risk management teams must enable the capture, analysis and presentation of data and risk information to support their organisations; technology dramatically assists with this. Technology allows risk management teams to curate data and predictive risk information in a way that allows for easy digestion and interpretation. Company leaders can use this data to help make better-informed decisions and put in place actions and strategies that produce more reliable outcomes.

Technology also allows for pre-testing and risk rehearsal so that clear processes are in place should a disaster ever occur. If a planned scenario then occurs, team members know what their roles are and the actions they must take.

Technology can also help team members to identify and label potential risks and send alerts when disasters occur. The signals gain the attention of relevant employees who can act accordingly to return things to the status quo.

Of course, as well as being helpful for risk management, technology also brings challenges and increased risks for organisations.
Technology risks are genuine. Today when more and more people are online, companies must take this very seriously.

The issue of cybersecurity is more critical now than ever before. Companies must have rigorous risk management strategies in place to prevent hackers and digital data leaks. Even if an organisation doesn’t directly sell online, online platforms such as websites, social media and email marketing are often where customers start their journey. These online services must be secure.

If companies lose customer data in a cybersecurity incident, they face legal liabilities, loss of customers, bad press, and loss of trust with remaining customers.

Whilst there is no doubt that technology makes it easy to generate, store and display data in ways that are useful for risk management, technology also brings with it a unique set of problems. Whilst you cannot eliminate technology risks, you can effectively mitigate them to reduce potential disasters.

Whilst measurement is essential in guiding a business; we must also ensure the less measurable aspects of our work remain a significant part of our focus.  Beyond statistics, building trust, respect, and open, honest conversations are keys to risk management effectiveness.
It’s easy to measure the number of risk assessments you plan or the number of safety interventions in a month. It is less easy to measure the trust built between parties. This mutual trust ensures that festering issues can be discussed in a safe environment and that people can be open to the highlighting of, and resultant learning from, their mistakes.  

Risg Solutions are experts in creating Risk Management plans for businesses of all sizes. Get in touch today and let us create a customised plan that meets your needs! Take steps now to ensure your brand is as protected as possible.