Risk assessment and predictions tools make it possible for businesses to proactively manage risks. One of the most dangerous situations a business can find itself in is facing a risk it did not know about or did not understand the severity of when it was detected.

Complimentary White Paper - Top 10 Risk Management Trends for 2022

Businesses across the country are facing an unprecedented amount of risk right now. Commercial activities have largely stopped as only businesses considered essential are operating. This has a direct effect on most businesses, as many businesses can no longer operate or earn a profit. It also has an indirect effect on the rest of the economy. The closure of many businesses means that the financial sector is badly affected by the current global situation.

While banks and financial service businesses are operating across the world, because they have been deemed essential, these services generate a profit from their clients, and a large percentage of their clients are not generating any business at all. This has changed the priority of most businesses; while they were previously looking only at growth, they are now looking at ways to stabilize the business and mitigate risks. Risk assessment and predictions tools are being sought by managers who want to control the Pandora’s Box of enterprise risks that the pandemic has unleashed.

Changing priorities

The pandemic has resulted in almost every business suddenly changing its priorities. Businesses stopped looking for ways to expand and are right now focused on ensuring that their can keep the business afloat. Think of the business as a ship and the situation becomes clear. Under normal circumstances the captain of the ship wants to ensure that they can complete their journey without any problems and as quickly as possible. The captain’s primary focus is on completing the journey and making a profit.

However, this focus changes if the ship happens to get caught in a storm. Once it becomes clear that the storm can destroy the ship the captain stops worrying about completing the journey – the captain’s primary focus is now to ensure that the ship survives the storm. They will make sacrifices, be vigilant about the way the storm is headed, and do everything they can to keep the ship, its cargo, and its inhabitants safe. They shift their primacy focus back to completing the journey and making a profit.

Businesses are going through something similar right now. Everyone realizes that we are in a storm and this isn’t the time to be thinking of the end of the journey – this is the time to ensure that the business survives the storm with as many of its people and assets intact as possible. Businesses are thus looking at the latest risk assessment and prediction technology to protect the interests of the business.

Risk management is about foresight

As businesses look for ways to quickly grapple with the effects of the pandemic, risk managers are trying to think ahead. It is important to have the tools that help businesses work more efficiently under the current conditions, but that is not the only thing that businesses need. The outbreak has added a new risk which businesses will have to be prepared for in the future. Most businesses did not have a plan in place for a pandemic at the beginning of 2020 and that is an oversight that these businesses will focus on over the next few years.

This means that risk managers are looking for risk assessment and predictions tools that prepare their organization for business continuity in the face of a similar pandemic in the future. The vulnerabilities that have been revealed during this pandemic will need to be patched and risk managers will be focusing on adding features and processes to their risk infrastructure which mitigate the problems being faced by businesses right now.

It is important to have risk assessment and prediction tools to help financial businesses work more efficiently under the current conditions, but that is not the only thing that businesses need. Click To Tweet

Better collaboration and communication capabilities

Collaboration and communication is easier when team members are sitting in the same office. Businesses will be focusing on solutions and technology that enables both to be done seamlessly.

Improved communication

There are many different communication platforms being used these days to allow people to efficiently connect with each other. Zoom meetings have become a great way to ensure that the whole team is on the same page. Microsoft Teams, Slack, Discord, and other such solutions are being used to provide chatrooms and groups that allow teams to communicate publicly in real-time.

The finance industry will need to be careful when choosing a communication channel. The sensitive nature of finance data means that only the most secure channels can be used to transmit information. Many businesses are now investing in VPNs, network security, and secure instant messaging solutions.

Seamless collaboration

It is not enough for the team to be able to communicate easily – they also need a way to collaborate on projects and tasks. The managers are usually driving these projects when the work is being done from the office. The manager ensures that the whole team is on the same page and all the different parts of the project are being completed at the right time by different team members.

It is possible to coordinate over instant messaging and emails, but it is very inefficient. The biggest problem is that the manager needs to ask everyone for updates. They need to pull the information and then distribute it to everyone else which is an inefficient process that can result in problems being overlooked. A transparent task management solution pushes information to everyone, allowing managers to manage everything and team members to collaborate without needing to ask questions.

Enterprise Risk Management Software

Want to see how such a task management and collaboration solution will perform in your organization? Get in touch with our automation experts to see a demo of risk assessment software tool and start a trial.