Facing the Realities of Today: A Risk Assessment Success Story
Today’s distributed, time-crunched, and diverse workforce requires a new approach to effectively and efficiently performing risk assessments. In our complex world of constantly-changing regulations, digital transformation, and the need for agile risk management, frequent meetings are often necessary – but most people are simply too busy to sit in an excessive number of lengthy meetings and workshops. The approach to risk and risk-related workshops needs to remain relevant and efficient in today’s realities.
Recognizing this fact, one of the world’s largest global Financial Services companies recently approached Powernoodle for help in conducting their Risk and Control Self Assessment (RCSA), seeking an innovative approach that ensures all the right people are present, allows for engaging discussions and input on both the first and second lines, all while eliminating lengthy and inconvenient workshops.
The Challenge: Yesterday’s Solutions Don’t Solve Today’s Problems
The company previously used synchronous, real-time workshops for its risk assessments. Getting its busy, geographically distributed employees together for the assessment was difficult and frustrating, leading to frequent rescheduling and a process that dragged on far too long. For this risk assessment, they needed to get the right people involved at times that fit their busy schedules, while still working through the entire process within a short timeline of 6 weeks.
The Solution: The Right Tool for the Job
Using Powernoodle’s digital platform as opposed to in-person workshops meant the process was able to be completed in a shorter elapsed time, by eliminating costly rescheduling and time-wasting, and allows for greater productivity of the participants. Using best practices rooted in cognitive and behavioural psychology, including Smart Anonymity, biases common with in-person workshops were removed. Everyone’s voice was heard equally, groupthink was dramatically reduced, and there was no more “loudest voice in the room”. The day-long workshops of the past were replaced with short teleconference meetings and individual “my time” work, creating flexible time in everyone’s schedules. The ability to contribute 24/7 meant that everyone could debate and discuss from anywhere and at any time, allowing individuals to contribute in short bursts of time while in their prime thinking zones. The result was higher caliber input, contributed independently at the most optimal times for everyone involved. As well, having a digital record of the assessment means it is both auditable and traceable – which is a critical factor in an RCSA, especially for those in financial services.
The Result: No Risk Left Behind
The entire risk assessment was completed start-to-finish within their short 6-week timeframe, eliminating their inconvenient, costly, and often ineffective in-person workshops of the past. The right people were free to contribute at times most convenient for them, with no travel or endless rescheduling. The anonymous contributions and discussions enabled by Powernoodle meant that a comprehensive, holistic view of the risks was created using participants’ best insights and critical thinking, and the candid, honest contributions and debate meant no risks went unnoticed or unheard. The digital process was not only engaging and convenient, but can now also be implemented by different user groups and departments within the organization. The decision record is auditable and easily translated into a report for later review. The company was able to ditch its outdated workshops for an agile, convenient, and comprehensive digital risk assessment – avoiding frustration, saving valuable time, and enabling a more comprehensive view of risks.