Governance, Risk and Compliance

How Risk Intelligence Software Accelerates GRC Strategy 

Posted March 16, 2023 by Resolver

This content was created as part of our Top 5 Strategic GRC Capabilities Report. Download our free report now!

 

As risk teams aim to shift towards a proactive versus reactive approach, they need the ability to see beyond threats and mitigation to reveal opportunities in risk. The move to risk intelligence software unlocks strategic value from unlimited risk data while improving decision-making, prioritization, coordination, and GRC processes. Risk intelligence empowers teams to respond precisely, driving business value and resiliency
 
Modern risk intelligence is the practice of holistically embedding relevant risk management procedures. Using a risk intelligence platform like Resolver can improve resiliency and build a safety network across your organization.  

What is risk intelligence, and why does it matter? 

Risk intelligence refers to the ability of an organization or individual to understand, evaluate, and manage risk rapidly and effectively. To develop risk intelligence, individuals and organizations need to have a strong understanding of the business environment and the specific risks they face. Your risk management disciplines also need the right tools and processes to help gather information across the business. Risk intelligence consolidates data from across the full spectrum of a company. When data is accurate, relevant, and high quality, so are your decisions. “Transforming risk management into risk intelligence avoids assumptions as to what’s happening in the business because it offers a view of risk across the entire organization,” says Resolver’s VP of GRC Products, Amanda Cohen
 
Traditional risk management ties essential business functions together to help the risk team protect the organization. Risk intelligence goes a step further by using automation and AI-driven tools to proactively identify, analyze, and address risks in ways that were unthinkable even a few years ago. With a top-level view, GRC teams can reduce coordination fatigue, ensure effective resource allocation, and eliminate redundancies. Risk intelligence accelerates strategic initiatives through quality analysis, intelligent planning, precision responses, and quick, effective communications with the board and stakeholders. As these strategic GRC capabilities are built, tested, and trusted, GRC agility isn’t the only result. Risk goes from being seen as a barrier to becoming a strategic partner driving the business. 

What are the benefits of risk intelligence software? 

Risk intelligence software is a powerful tool that can help organizations identify, assess, and mitigate risks with efficiency and agility. A risk intelligence platform can help organizations avoid costly losses, such as legal fees, fines, and reputational damage, by identifying and mitigating risks rapidly through workflows and notifications. Here are some key benefits to consider when choosing risk intelligence software.   

Greater collaboration leads to greater results  

As the world becomes increasingly complex and interconnected, so does the likelihood, severity, and frequency of organizational risk. An integrated risk management software solution makes it easy to expand, optimize resources, and improve collaboration across your organization. “Ultimately, if you’re operating in a silo, then you’re looking at one small sliver of what’s happening in your organization,” Cohen says, bringing home the importance of technology as a solution for enhanced decision-making in risk management.  
  
Risk-intelligent GRC software can facilitate collaboration among all teams and departments involved in risk management, enabling them to share information, track progress, and coordinate responses more effectively. Resolver’s risk intelligence platform brings all teams responsible for your GRC processes onto one centralized software solution. This allows for a simpler, automated approach to integrating an effective GRC strategy, including dashboards, reports, and other visualizations that keep stakeholders and board members aware of the overall health of your risk picture.

Using real-life risk data helps to evaluate risk. 

Risk intelligence software can provide organizations with the data and insights they need to make informed decisions about risk management. With the help of advanced data analytics tools, organizations can analyze vast amounts of data to identify patterns and trends that may indicate potential risks.  
 
“There are a couple of other areas where we’re seeing people start to really bring in real-life data into their risk evaluations,” Cohen explains. Often, teams are simply guessing where their risk benchmarks are at. Transforming risk management into risk intelligence avoids assumptions about what’s happening in the business because it offers a view of risk across the entire organization.   
 
By using real-life data to manage your organization’s risk properly, you’re taking a proactive step to prevent and minimize your data loss and ensure information is captured and shared through one source of truth. Successful data-driven GRC processes allow your risk management teams to review, document, and evaluate threats against a set of known factors, so you can deliver on corporate objectives (or adjust them) more reliably through an informed lens. 

Effectively manage KRIs using a risk intelligence software 

Key risk indicators (KRIs) are both internal and external data used to address specific risks and tolerances. When identifying KRIs in your organization, it’s important to consider the root causes, severity, and probability of risks and identify fewer and higher quality indicators.  
 
“We see a lot more organizations really bring in their key risk indicators. We’re seeing people track incidents. And the value of doing all of those things is in giving you a picture of what’s happening every single day throughout the organization on the ground and then feeding that back into your risk program,” says Cohen.  
 
Another benefit to risk intelligence comes through predictive analytics. By leveraging predictive analytics, your teams can anticipate and proactively manage risks before they become problematic. This can help organizations avoid potential losses and damage to their reputation. 

Risk intelligence can deliver better compliance. 

Risk intelligence software can help organizations comply with regulatory requirements by identifying and assessing compliance risks. When comparing risk intelligence platforms, choosing a solution that integrates with regulatory libraries is critical. Your team can effectively manage compliance risks and meet regulatory requirements by parsing out only the obligations that apply to each risk owner or line of business.  
 
Resolver integrates regulatory technology partners such as Ascent and LexisNexis, which use machine learning to identify and narrow down your obligations. These risk-intelligent libraries continuously monitor regulatory changes, providing real-time alerts for any updates that may impact your organization. Paired with Resolver’s GRC solutions, you can delegate regulatory obligations to the appropriate team or risk owner, resulting in better oversight and risk management. 
 
Watch: Transforming Regulatory Complexity into Risk Intelligence 

Embracing technological advancements in your risk management software  

Cohen cautions not to panic when “bad” numbers initially go up post-technology-solution implementation. “For the first time, you’ve got a real understanding of what’s happening every day within your business. It’s less ‘pie in the sky’ and more of a real understanding of how the business is operating. And so, you are going to see that upward trajectory, and you’ll be able to take action on that and then really start to do something and see those numbers (or your risk exposure) reduce overall.” 
 
Reading about new technologies and risk-data-driven programs can be overwhelming when so many GRC teams are still working off spreadsheets and emails. While we increasingly see technology tools and solutions adopted, information is often still siloed between disconnected software and teams. When you’re constantly chasing information, it can be challenging to truly articulate the value of your GRC strategies to leadership and the board. 
 
By using risk intelligence software, organizations can quickly identify and evaluate the risks and information needs associated with governance, risk, compliance, and audit requirements. Technology can save time and improve efficiency by automating many of the manual processes involved in risk management. This can include automating risk assessments, data collection, and reporting. 

Transforming risk management into risk intelligence using Resolver 

As we often hear from GRC and ERM leaders, communicating present and future needs for risk intelligence to the board can be challenging. In addition, siloed departments and disciplines often rely on legacy systems, emails, and spreadsheets, which frustrates many on the first line.   
  
With Resolver’s GRC solutions, teams can prioritize what risks take priority first, ensuring the proper allocation of resources. Organizations, in turn, can avoid the financial and operational risks presented by breaches or downtime altogether. Manage workflows and tasks related to risk management and compliance, including assigning tasks to team members and tracking progress. 
  
Easily capture risk, regulatory, and control information from across the business and analyze it in context to understand impact and exposure. AI-powered features, integrations with various applications and data providers, and intuitive forms make it easy for your frontline workers to flag potential risks and report any anomalies and deviations. Accessible from mobile devices, Resolver enables users to access and manage risk information while on the go. As an organization seeking to build a strong risk culture, you save on training time while benefiting from the simplified adoption of GRC across the organization. 
 
Resolver’s risk intelligence platform provides customizable dashboards and reporting capabilities that allow users to visualize and communicate risk information effectively. Track and manage compliance with regulatory requirement notifications, including real-time change monitoring and identifying compliance gaps.  
   
Watch: An ERM product showcase to see Resolver’s ERM software in action.
  
While GRC technology can transform your team’s ability to deliver true risk intelligence to your organization, it’s just one part of a holistic GRC strategy. From the desire to move towards digital transformation and GRC agility, we’ve designed a Strategic GRC Capabilities Report to help start the conversation on improving and maturing your GRC processes and strategy. Our expert panel will guide you through thought-starters and actionable goals to help maximize your team’s efficiency, agility, and resiliency in 2023 and beyond.  
  
Download our free report on the Top 5 Strategic GRC Capabilities now! 

About the Author