Home > Ideas, Ideas > How can you manage risk without the right tools?

How can you manage risk without the right tools?

Marks raises a simple but an important question.
“How does your organization manage risk?”

This is one of the kinds that you do not realize the cost of not doing this right until something terrible happens. Then the cost is much more than if it was done right in the first place.

Norman Marks on Governance, Risk Management, and Audit

I’ve tried to run a risk management program using Excel; it was not a success. It just took too long to update the spreadsheets and I simply didn’t have the tools to keep up with the speed of change.

So I sought and obtained approval to acquire automated solutions.

That was a few years ago and it is disheartening to see so many risk practitioners still trying to help their organizations understand and manage uncertainty without capable tools.

KPMG recently conducted a poll of about 100 risk practitioners. 64% were entirely reliant on manual processes.

Deloitte’s recent survey found that fewer than 25% are continuously monitoring risk, even though a majority believe that risk volatility will increase in the next year (i.e., risks will change more frequently and by larger amounts).

With the accelerating pace of change, the increasing impact of small events on reputation risk, and the pressure from…

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