“The biggest risk a person can take is to do nothing” – Robert. T. Kiyosaki
Given the dynamic environment that businesses nowadays have to operate in and to stay relevant in the industry, mitigating and managing risks faced by the Organization has become the norm of the day. The economic policies and trends are forever changing and this hampers the businesses from making any kind of business decisions that are set in stone. The main focus of any industry is to identify and manage the probable risks even before they have any effect on the company. It is always said that prevention of anything is always better than the cure.
Avoiding all kinds of risks totally is neither possible nor is it feasible. Every task comes with some set of risks attached to it. The sources of such risks may be due to the internal factors or the external factors faced by the organization. External factors include those risks which are not in the hands of the organization and they have minimal control of its happening or non-happening. These may occur due to the political situation in the country or the economic interest rates and exchange rates prevalent, natural calamity, thefts etc. Internal factors are comparatively more manageable and easy to mitigate because such factors are usually in the control of the organization. These factors may include insider trading, non-compliance of regulations/statutes or instances of unethical information being breached by employees of the organization.
Managing and mitigating risks has now become paramount for any organization because with the absence of such measures, any organization will face difficulty in chartering its future course of action or defining the company goals. This is so because any pre-planned activity without keeping an eye out for probable risks will later lead to problems and thus cause many major plans of the organization to go haywire.
Given this scenario, many companies have formed specialized risk management departments which take care regarding identifying, mitigating and managing probable risks that may be faced by the organization in the future and therefore hamper its growth. Many GRC (Governance, Risk and Compliance) SAAS platforms are also being developed in order to help in the risk mitigation and management process. VComply is one such kind of SAAS application which will help you prepare for such unexpected occurrences. The platform has many user-friendly features and it is very handy to use and operate. It helps you in delegating various tasks and also helps you in keeping track of the performance of every task. The platform also helps you keep a track of the percentage of risk attached to each of the tasks. This helps in minimizing the probable impact of any risk or at least helps you in coping with the impact. Since the whole process is online and digitized, proper records can be maintained and this will help in managing similar risks in a better way in the future. This helps in improving efficiency and effectiveness in the operations of the organization by leading to huge savings in costs and outflow in terms of penalties or fines. So, every organization ought to make use of such tools to keep its performance at par with industry standards.
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