Risk is part of everyday life. However identifying risks and knowing how to mitigate them can make or break your day or worse — make or break a company and its reputation. For example, a daily commuter may use a GPS navigation app such as Waze to avoid accidents or traffic jams to ensure getting to the commuter’s destination on time. Waze gives turn-by-turn navigation based on user-submitted travel time and route detail information. The success of the app is based on other commuters’ submitted information. What about companies who document company risks, but the proper project managers and executives are not informed? How does a company ensure the visibility of risks, opportunities and issues or ROI within the company?
Here’s an example. In a recent CNN report, the aerospace manufacturer Boeing knew about a problem with the 737 Max airplane before a fatal crash in October 2018. In Boeing’s official statement, the review of the faulty alert system was made by “... multiple company matter experts...” but the “Senior company leadership was not involved in the review and first became aware of the of this issue in the aftermath of the Lion Air accident.” According to this statement, if all responsible parties were informed, this deadly mistake could have been avoided.
“Many companies have created their own system in tracking risks within their company,” says Shawn O’Rourke, president of Pro-Concepts, a strategic risk management consulting firm. “However, those systems are not always real-time and oftentimes they are not regularly maintained which could lead to missed risks.”
“Every organization faces risks and unfortunately issues impacting their business objectives and operations. Critical resources are expended in collecting and disseminating information from various resources to resolve each situation,” adds O’Rourke.
Pro-Concepts offers to companies Risk Radar® Enterprise, a web-based application. RRE assists in mitigating risks within a company. The latest version released in May is version 7.0. RRE. The application facilitates proactive management of risks, opportunities, and issues (ROI) and communications throughout the organization. It is designed to increase the visibility of the enterprise, program, and/or project ROI by helping managers determine the best way of identifying, analyzing, tracking, mitigating, and controlling ROI. RRE provides global access to a company’s vital risk data and enriches the interaction between executive management, program and project managers, their teams, and others within and outside the organization. This type of communication could have helped Boeing correct the alert system sooner and before lives were lost.
To better serve their clients, Pro-Concepts continually updates RRE. “The new release of RRE integrates real-time tracking of risks and any resulting issues into a single solution. The solution empowers the organization to integrate, enhance, and streamline their risk and issue management program into daily workflows, says O’Rourke. “By proactively engaging all of your organization’s stakeholders, risk, issue and opportunity awareness is improved and a risk-resistant organizational culture is advanced.”
Risk Radar® Enterprise not only provides a real-time visible perspective but more importantly, encourages risk awareness and remediation participation--from the corporate board to critical frontline workers.
For more information or a demonstration of the Risk Radar® Enterprise application, call
(757) 502-8246 or email RiskRadar@proconceptsllc.com.