There are many good reasons for using RiskAid to manage risk and uncertainty within your organisation whether you are new to risk management or already have well established processes. However some of the biggest and best reasons for most users are listed below.
It saves money
If there was a single good reason for using RiskAid then it is that it should save your organisation significant amounts of money over managing risk less effectively or not at all. Of course not all threats will happen but some certainly will and for those you should be better prepared by either being ready for them or being able to better respond to them (or both!). But risk management is not only about threats; opportunities can be managed in exactly the same way, to improve their chance of occurring and enhance their impact if they do.
Support when you need it
Even though RiskAid is easy to use, there are times when users need advice e.g. “where is a specific feature?”, “how do I represent insurance?”, or “Why is this risk in RiskAid is not mitigated as I expected?” Contact us and we will help. It’s all part of the licence fee. It is in all our interests to ensure that users get the best out of RiskAid. Such conversations can lead to “It would be really useful if……” which can result in a new RiskAid feature! Our support is comprehensive, prompt and always tailored to your specific needs. As one client said recently – “your support couldn’t be faulted”.
We all regularly use the phrase "two heads are better than one" but organisations rarely have the capability to collaborate on risk management. Often the best route forward needs a combination of skills, experience and ideas - that can only be effective with software enabling your teams or departments to collaborate.
The huge advantage of RiskAid is that it is designed for parallel working, throughout the whole assessment lifecycle, without everyone tripping over each other. This means that no-one has to "wait their turn" to provide an update, try out an alternative option or explore the current situation. It means that each person can see the situation from their perspective, filtering out irrelevant detail to focus on their interest at that moment, without affecting anyone else or the assessment data.
Ease of use
Having a system that everyone can use - because they can just focus on their risks and what to do with them - is vital for inclusiveness in all areas of the organisation. It leads to better understanding and management of risks. Being easy to use and seeing the benefits motivates everyone to get involved - they might even find risk management fun! As one customer said "this could get addictive".
"What If" scenarios
Being able to "play around" with difference scenarios - in private or shared with others - really helps to map out the best course of actions to take or how to address new threats. If the scenario works out well, adopt it in the plan. If not, just delete it and move on.
Full audit trail
A complete track record of who changed what, when and why can be kept to provide full audit capabilities either internally or for industry regulation and inspection bodies such as the FCA, HSE, ONR and Charity Commission. This provides the capability to review what decisions were taken, to apply "lessons learnt" from them, and to spot changing trends.- early indicators of potential or resolved problems.
Supports full GRC activities
Covering all you need to do in enterprise risk management as part of Governance, Risk Management and Compliance (GRC) and the relevant standards (ISO 19600:2014, which is based on the principles of good governance, proportionality, transparency and sustainability) is no easy task. RiskAid's ability to support hierarchical risk assessments enables an organisation to manage risk in a uniform manner, yet aggreegate, prioritise and summarise the information on demand for any part of the organisation, to maintain a continuously up-to-date awareness of the risks facing the organisation.
Drill down to information
Boards and managers can ask questions of RiskAid in real-time and drill down to the information they are seeking - no more just minuting questions of relatively meaningless RAG (red-amber-green) indicators in a paper report and waiting to receive the answers for another month.