From our experience, many organisations struggle with similar Risk Reporting issues. These issues often have a major impact on the risk management process; preventing your organisation from creating a clear picture of its risk profile.
Following on from our recent blog on The Fundamentals of Reporting, we’ve shared some of the most common reporting barriers below to offer some guidance on this often complex issue...
Poor quality or missing data
Accurate, up-to-date and complete data is required to produce meaningful reports. Without this information, no amount of reporting tools will result in a report that will reliably inform high quality decision making. However using a risk management system that enables Risk Managers to highlight and mandate the data required for each risk record as well as track and notify Risk Owners of risk reporting deadlines can alleviate this issue.
Avoid versioning issues
Organisations using spreadsheets for risk management will likely have come up against this issue. While spreadsheets offer a certain familiarity to business users, they are notorious for disrupting reporting, errors creep in unnoticed and version control is extremely difficult and complex. Enterprise Risk Management requires a solution that can scale with the size of your risk management framework, an area of particular weakness for spreadsheets.
Written in a common risk language understood by all
In his recent blog, Peter Chisambra articulates the importance of using a common risk language that is understood by all risk stakeholders across the business. Training and continuous monitoring is required to ensure that it remains relevant and meaningful to all rather than incomprehensible jargon.
Share your reports with the relevant people
This sounds obvious, however it is easy to overlook this aspect, especially when you are creating multiple reports in quick succession or at short notice. Using work flows to automate the process can be a useful way to ensure that this part of the process gets covered.
Are your reports stored in central location?
Particularly for large organisations who are managing risks across multiple sites or territories, it is easy for risk silos to occur. Storing risk reports in a central location based on one central data point ensures they are visible to all who need access.
With these barriers in mind, it is important when you’re evaluating GRC systems that the solutions you are considering directly address these pain points. After all, any investment in your risk and compliance, be it new hires, your risk management process or the systems to support, these should move you closer to achieving your objectives, as efficiently and as intelligently as possible.