Effective Risk Management

Many companies have some type of risk management program in place, but many still do not. For those that do, the efficiency of the program is often challenging especially when it comes to one key driver of risk: regulations and standards.

The more complex the business – legal jurisdictions, number of employees, number of departments, number of sites, number of lines of business, etc. – the more this challenge is exacerbated.

Compounding this complexity is the fact that a single requirement within a regulation will be viewed from an impact and likelihood perspective differently by different departments or business units. In many organizations, risk is measured and remediated in the silo and often for defensive purposes instead of holistically or strategically.

Compounding the mess even further is the fact that these requirements change, often frequently, negatively impacting efficiency and accuracy. As new regulations are promulgated, ambiguity increases and inherent risk rises along with the probability of operational breakdowns affecting quality, safety, health, environmental or business objectives.

Considering the complexity in today’s world, organizations need to have risk management programs that align compliance activities with the rules and requirements that drive them. They also need to move from the complex systems of risks that lack consistent assessments and decision making as well as effective accountability structures, to a simpler, consistent and efficient risk management program.

Predict360, Enterprise Risk Management Software, enables organizations to identify, quantify, monitor, and manage risk. It accesses the environmental, financial, legal, reputational, and safety impact and likelihood of a risk at the business unit level. It provides a fully-integrated ERM solution, which facilitates organizations to minimize risk and make strategic decisions.

About the company

360factors, Inc. helps companies improve business performance by reducing risk and ensuring compliance. Predict360, its flagship software product, vertically integrates regulations and requirements, policies and procedures, risks and controls, audit and inspections, safety management systems and on-line training and qualifications, in a single cloud-based platform.

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