On a daily basis, organizations in all sectors are abandoning conventional risk registers and tossing out countless other outdated tools and approaches to managing operational risk.
Today’s fast-paced, digital, and increasingly complex realities call for new approaches to identifying and responding to internal and external risk environments and subsequently determining a risk strategy and the programs to monitor and validate.
According to Deloitte, almost 90% of organizations suffer losses if exposed to more than one type of risk. Risks can arise from multiple sources and can prevent organizations from achieving their goals. Given the impact of risks to organizations, a comprehensive identification and evaluation of risks is crucial to cover all bases. In a competitive landscape, it is essential for organizations to not just mitigate risks but to turn them into opportunities.
Risk Management is all about making quality decisions: deciding what your risks are, assessing and prioritizing those risks, and ultimately deciding on actions to mitigate those risks.
To help organizations make better decisions regarding Risk Management, Powernoodle has created best practice decision models that allow multiple and diverse stakeholders to give their input safely and candidly. As the number of perspectives increases, the breadth of risk analysis and mitigation strategies becomes comprehensive and thorough. Using these models requires no particular risk management expertise; relying instead on the subject matter knowledge and experience of the risk managers.
If you’d like to learn more about Powernoodle's Risk related decision models, simply contact us at firstname.lastname@example.org.