Operational risk monitoring and management: How a resilience operating system unleashes the power of fused risk management across locations
Operational risk monitoring and management is another crucial part of the foundation when implementing organisation-wide resilience. Risk in operations, can be translated as the risk of loss resulting from ineffective or failed processes, people, systems, or external events that cause disruption to operations. Dealing with operational risks is never simple. You need to consider all layers of your organisational objectives. Since these risks are ever present in modern business, we should aim to reduce and mitigate each to a minimal level.
A proper risk monitoring and management solution should limit risks through identification, assessment, impact calculation, monitoring and reporting. This system will output into the lap of the individual responsible for managing the risk of your organisation. Monitoring and managing risks should not be complex. It should be a simplified, yet comprehensive process. An operating system built for resilience should encompass fused risk intelligence across all your locations and combining multiple risk data sources to gain a comprehensive view of your risks at local, regional, and global level. This ensures your business is better prepared, making strategic decisions faster and able to adapt and respond to dynamic risks and disruption more efficiently.
Operational risk monitoring and management means tapping into an independent risk intelligence marketplace
A further addition to the ideal resilience solution for operational risk monitoring and management, is the ability to stay evergreen with your risk intelligence software. This constitutes the ability to access risk intelligence marketplaces whenever necessary, to ensure you have an up-to-date, personally configured solution. A marketplace like this provides real-time, comprehensive, unbiased risk data, empowering you to enhance your strategic decision-making and boost resilience. With this feature, you will be able to separate the signal from the noise, identifying and prioritising the risks that matter most to your operations.
Operational risk monitoring and management means viewing risk impact in real-time
Every single one of the challenges your organisation faces has a varying degree of impact. To monitor and manage this, it is necessary to observe these risks in real-time – another integral element of true organisational resilience. Resilience operating systems should set a new standard, unlocking the ability to set custom geofences around critical locations, travellers, supply routes and infrastructure. This should also include capabilities such as the identification of emerging threats and impact in real time. And finally, leveraging the creation of dynamic, location-based broadcast zones for automated message delivery. All these components should allow you to take proactive measures and keep your people and assets safe.
Conclusion
Risk monitoring and management in your operational department should not involve complexity any longer. Through the integration of a personally configured resilienceOS that matches your business needs, operational risk monitoring and management can streamline your approach to organisation-wide resilience with a list of capabilities like; access to industry-leading risk intelligence data, subscription to multiple data providers, benchmarking the most accurate and timely local alerts, sorting both historical and future risk alerts by date, time, view, filtering risk events by rating, category and provider, observing live events and country risk advisory content as and when it happens. All of this, plus the ability to act quickly based on ingested risk and impact. This is just one part of resilienceOS, the backbone of organisation-wide resilience. It is time to consider a resilienceOS.