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How to Proactively Manage Your Risks?

Posted by: Raza Shahid | September 8, 2017

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Whether you work in a bank or manage your own startup, risks are the part and parcel of every trade. Avoiding risks and carrying out tasks smoothly requires you to be aware and ready for all possibilities. One has to be good at predicting different types of risk in order to prevent losses. A classification of risks based on their type is listed below:

  • Liquidity risk
  • Market risk
  • Operational risk
  • Asset-backed risk
  • Credit risk
  • Foreign investment risk
  • Model risk

With so many different types of risks in prevalence, it has become hard to stay abreast of all possibilities in order to counter them. Rudimentary systems and software are no longer sufficient for overcoming the threat posed by different types of risks. With the evolution of technology, cutting-edge solutions have been created by software companies for risk management.

How to Proactively Manage Your Risks?

Risk Management Software

Risk Management Software helps in enhancing response to risk and improves capital allocation, and hence, helps in cutting costs. It uses algorithms that are designed to predict the risks and protect the organization’s reputation and optimize processes for creating a cohesive environment. Risk Management Software finds extensive use in institutions that are involved in frequent monetary transactions like banks.

Managing Risks with Artificial Intelligence

It is hard to predict the risks manually in different organizations and companies. Going through a long list of documents to identify different patterns and trends is not an easy task. Making use of Artificial Intelligence (AI) is an effective way to tackle the risks and carry out tasks efficiently. AI powered software can easily scan through cumbersome data and analyze it quickly. It cuts down on the need for resources and saves time at the same time. High quality AI based software has a better chance of predicting risks correctly than other rudimentary methods, which makes it perfect for organizations that are involved regularly in high stake deals.

Proactive Management of Risks and Need for AI

Proactive management is the management of tasks in such a way that every possible scenario that can develop as a result of certain factors is envisaged and the necessary action plan is chalked out beforehand. It is hard to proactively manage risks by observing the trends and patterns manually.

When dealing with risks, proactive management can be enforced via AI powered software like Predict360’s configurable Risk Management Software. This software is configurable and can be modeled according to the need of different organizations. It helps organizations in identifying, quantifying, monitoring, and managing risks effectively. The Enterprise Risk Management Software has many awesome features which make it work well in different environments. Below is a list of fundamental features in the Risk Management Software which can make this software a vital cog in the operations of any organization:

  • Includes risk assessment surveys and helps in assessing risks in areas such as finance, operational, IT, brand, competency, internal audit, quality management, regulatory compliance, and reputation.
  • The AI backed software features integrated risk management methodology which combines business process workflow and integrated management of change.
  • The software enables organization to continuously measure the effectiveness of the controls. It also instigates corrective and preventative actions directly from the analysis and results.
  • Every risk, control, audit, corrective action, and task are connected to the requirements that drive the activity. The use of the Enterprise Risk Management Software produces seamless management of change when those requirements change.

Incorporating AI based Enterprise Risk Management Software in an Organization

From the discussion so far, we can clearly see the benefits of using an AI based Risk Management Software. Incorporating it into a system requires you to identify all risks that are likely to affect the portfolio of your organization’s projects and investments. Firstly, you should regularly update a comprehensive risk register to document all risks. You can do this by encouraging employees across the organization to identify and notify risk managers of potential risks. Once the risks are identified, you should assess those risks and prioritize them according to their importance. Use of an AI based Enterprise Risk Management Software helps you greatly in controlling, reducing and mitigating all the possible risks. It can also be used for reporting risks and learning from them for improving the risk management process.

Predict360’s Risk Management Software is effective and efficient AI powered application that can go a long way in laying the risk management foundation of your company. By setting up a risk management base for your company, it will help you identify risks in the early stages and weed them out by enabling you to take a proactive approach.

For more information about Risk Management Software and how it can be further enhanced as part of an integrated risk and compliance management suite, visit https://www.360factors.com/.

About the company

360factors, Inc. (Austin, TX) helps companies improve business performance by reducing risk and ensuring compliance. Predict360, its flagship software product, vertically integrates regulations and requirements, policies and procedures management, risks and controls, audit management and inspections, and on-line training and qualifications, in a single cloud-based platform based on artificial intelligence.

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