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Real-Time Information Vital to Risk Management

All business activities come with an element of risk, whether it’s strategic or operational failures, financial failures or even environmental disasters. Risk comes in all forms and affects all areas of your business – and a delay in information only exacerbates this problem.

One form of risk centers upon the critical importance of understanding organizational risk in real- time. Risk, by its very nature is real-time whether you like it or not and the ability to instantly understand it helps organizations mitigate any damages to the business.

Another issue is mobility. A distributed workforce can present a challenge in truly understanding risk in real-time and sharing that information immediately regardless of where your staff is located.

Finally, and perhaps most worrying of all, is that because of the complexity of many business systems, siloed data can be a real issue when attempting to manage risk and making informed decisions in a timely fashion. According to the Financial Times on ‘Data at the heart of problems with risk management’, “Too often, traders are reliant on simple spreadsheets and work in disparate data silos, making consolidation difficult.” Many of the risk management or business intelligence systems that promote solving this problem involve significant investment or are extremely heavy on existing infrastructure. Instead, organizations are demanding a light weight dashboard that can send and receive real-time insight from siloed data easily with the intelligence to understand what information is relevant and what is out of date.

Uncertainty only fuels risk. The ineffectiveness of companies to understand risk on a real-time basis hinders the ability to recognize and mitigate this problem. To solve this problem, you need information distributed at speed and intelligently sorted so only the relevant and up to date information is distributed so decisions are not made on stale data.

 

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