The Empower IT Risk Register is a system designed for organisations to successfully record and evaluate risk factors, in order to make contingency plans about how to react when the risk arises. The system helps categorise and identify the reported risk factors, their severity, and likelihood of occurrence; in addition to tracking the associated risk mitigation plans and implementation schedules.
Easily deployed via Dynamics 365 and SharePoint platforms; the Risk Register aims at providing company stakeholders a holistic view of how the business is currently performing alongwith helping them analyse the risks. Finally businesses can approve contingency plans to curtail the common risk factors essential to function efficiently and profitably in the long run.
Businesses of all sizes are exposed to risks. Risks if not managed efficiently not only affects day-to-day operations but may be serious enough for the business to fail. For businesses to be successful in the long run; risk management must be an ongoing organisational activity.
Risk management process is all about either reducing the chances of a particular event taking place or reducing the impact if/when the event takes place. Usually part of a quality management system; the risk register acts as a digital record of all the possible issues that is likely to cost the business some kind of damage. By periodically monitoring the logged issues and developing mitigation plans; businesses are able to be more responsive towards upcoming threats. Companies focused on following a proactive approach and preventive maintenance would greatly benefit from Empower IT’ Risk Register System.
Application Capabilities: Empower IT’ Risk Register
Empower IT’ Risk Register records active risks along with the date the risk was identified, the current status, severity, impact (on occurrence), possible consequences, cost to the company and mitigation plans/actions required. Deployed via Dynamics 365 or SharePoint platforms; the Empower IT Risk Register and can be made available via the company’s corporate intranet site or to a dedicated risk management team. Staff can use the Risk register to:
- Record and note the internal and external issues that could cause a potential risk.
- Assign the risks to dedicated individuals/teams who can analyse and categorise issues based on pre-determined parameters
- Research possible solutions at service and team level
- Gather suggestions from quality teams and stakeholders
- Plan, prioritise and action risk prevention and mitigation strategies
- Create workflow for each risk based on impact and priority
- Analyse the risk trends
- Link issues to risk management and quality assurance systems
- Have a centralised repository of risk logs along with the contingency plans
Business Benefits
Empower IT’ Risk Register provides organisations with the ability to record, track and manage all the factors that can cause potential damage to the business. With the help of Empower IT’ Risk Register system; companies have the ability to successfully develop a comprehensive policy that takes into account their company’s strategic goals and emphasise on loss prevention objectives. In addition to being able to discover the external factors that can pose a potential risk to the organisation; the risk register also serves as a base while formulating a disaster recovery plan for the business.
As many risks encountered are unforeseeable risks, by implementing a Risk Register system; organisations are able to identify the different issues that could pose as a potential threat to their business. In fact, companies using Empower IT’ Risk Register System are able to easily identify and prioritise the risks and take appropriate actions to safeguard their resources. With the Risk Register system, companies can successfully identify the risk trigger as well as allocate the right resources to mitigate the risk. Additionally, the system is flexible enough to configure integrations to meet a particular organisation’s specific needs. Some of the high-level benefits include:
Risk Assessment – Empower IT’ Risk Register accommodates organisational level risk assessment methodology to create workflows for risks to be assessed across multiple departments and hierarchies.
Compliance Management – Our Risk Register system enables businesses implement action plans that are compliant with the industry regulatory standards; thus eliminating any non-compliance litigation issues that can hamper the company’s growth or cause financial distress.
Auditing – By converting your paper-based forms into digitised Risk Register; it is easy to perform internal and external audits about the recorded risks and manage agreed corrective-action plans. The progress of an action plan or status of a risk can also be monitored via audit-trails.
Dashboards & Reporting – With all the data digitised; company data scientists can quickly convert the available data into visual dashboards and reports. Finally, the business intelligence capabilities offered by Dynamics 365 /SharePoint provides users with deeper insights for businesses to act upon.
Built with scalable technology such as SharePoint and Dynamics 365 as base; the Risk Register system is capable of meeting your business’ changing requirements and can also be deployed on desktops, laptops, tablets and mobile devices.
Risk management process is critical for all businesses. Being able to track and record all the potential issues that can cause damage to your day-to-day operations or the company reputation is the first step towards future-proofing yourself. Talk to us about our Risk Register and how it can be configured according to your business objectives. Call us on 1300 797 838 or write to us [email protected]. (Ref: Risk Register Demo)
