Beware the rise of the risk management ‘expert’

October 5, 2020

Oxial is an enterprise risk management (ERM) software provider, working with some of the biggest and best-known firms in the world to help identify, manage and mitigate risk. It is fair to say then, that we have a good understanding of risk management and what is required for it to be successful.

The last few months of pandemic-induced lockdown has seen the emergence of many others that would appear to be experts on risk management too. They know the risks associated with children returning to school, how and when businesses should open up again, how infection rates work and how best to minimise damage to health and the economy.

The term ‘risk management’ has been one of the most widely used across the pandemic and is becoming even more so as we begin to take tentative steps back towards normality. But many self-appointed experts are emerging and it is important to be mindful of this as businesses begin to look to the future in earnest once more.

The role of social media

It’s partly a reflection of modern life and the role that social media plays within it, that so many experts have emerged during the pandemic. Social media has had many positive effects on society, but it has also given a platform for people to speak on topics on which they may well not have much experience or knowledge of.

One such topic is risk management. This refers to a process that allows various risks and threats to an organisation to be understood, managed and mitigated, giving that organisation a better chance of success by minimising any impact a certain risk could have. It is an established practice in business and many companies use enterprise risk management software to help them achieve better results.

But it’s unlikely that many organisations had planned in a meaningful way for the current coronavirus pandemic. It came suddenly and serves to illustrate how turbulent modern life and business can be. There are very few true experts in this field and anyone claiming to be should be viewed with caution.

At Oxial we do not claim to have a deep understanding of epidemiology, but we do know the role that smart use of risk modelling and mapping within enterprise risk management software can have on an organisation. While businesses may not have seen the pandemic coming, risk management can certainly help prepare them for the unexpected, and to manage risks better than others.

The role of partners in enterprise risk management

Oxial’s sGRC solution is an enterprise risk management solution that helps organisations stay one step ahead of any risks they might be facing especially operational and compliance related ones. It is feature-rich, very competitively priced (making it especially suitable for mid-market businesses) and allows users to approach risk and compliance in a continuous and on-going way.

As a digital IT GRC tool, it is perfectly positioned to help businesses adopt a more modern and more effective approach to risk management. We work with a range of partners, business, technology and scientific thought leaders that bring their considerable expertise and experience to complement Oxial’s digital technology.

These partners are all genuine experts in their own fields and play an important role in the overall Oxial proposition.

Business partners – we work with some of the world’s brightest and most knowledgeable consultants, who work mainly at national and international consultancy firms. These consultants provide us with their business and sectoral expertise, which ranges from Financial Services (FS) regulatory compliance expertise, to a deep understanding of the risks facing businesses in North Africa. They also provide us with best practices content from risk frameworks to controls and action plans libraries.

Specific business partners include KPMG, BDO and Grant Thornton, and each brings a genuine depth and breadth of knowledge to our offering.

Technology partners – while our digital enterprise risk management software is highly lauded, there are areas in which we want to expand our technological footprint. With this in mind, we work with several hand-picked technology partners to improve our offering, such as Global Data Sentinel in cybersecurity, and Squirro in artificial intelligence.

Science partners – these provide Oxial (and in turn our clients) with an on-going relationship with the research and educational worlds. Risk modelling is an important service that we provide and ensuring our methods are current means our clients get an even better service.

In this current climate, many people appear to think that they are experts on risk management. At Oxial we have chosen to partner with some of the world’s most knowledgeable consultants that truly are experts, adding their experience and expertise to our industry-renowned risk management software and IT GRC tools.

If you think that your organisation could benefit from tapping into this risk management expertise, then please get in touch with us here.