The risk management industry is one of the most fast-changing in business. The threats facing businesses in the current era seem to grow in number and variety with each passing week. This in turn has an impact on the technology used to manage and mitigate risk – the enterprise risk management software and the IT GRC tools.
The varied risks and threats affect how a business approaches risk management and which solution they use to do so and 2019 has been another highly eventful year. Summarising the main industry trends is important – by looking at what occurred in 2019, so organisations can better prepare for the year ahead in risk management.
Risk Management Information Systems and the RMIS Panorama
Each year, AMRAE publishes its RMIS PANORAMA, an annual report focused on risk management that’s now in its 11th year. AMRAE partners with EY Consulting and other organisations including AGRAQ, Club FrancoRisk, IRM Qatar, FERMA and PARIMA, speaking to vendors and risk managers themselves to gain a better understanding of the market, and how enterprise risk management software providers are meeting the requirements of risk managers.
In a rapidly evolving risk landscape, some of the main trends for 2019 were as follows:
Changing benefits of risk management tools
risk mangers in 2019 are using risk management solutions in many ways and are finding a wide range of benefits from doing so. The principal benefit identified related to improved time management.
The right risk management software allows a risk manager to maximise the time available to them – less time spent on capturing and consolidating data and more time analysing it. The insight extracted can be used to identify trends and patterns in an organisation’s data, which helps greatly when modeling and mitigating risks.
2019 also saw an increase in cross-department collaboration. The risk team or broader GRC department will always be the main users of enterprise risk management software, but the information sharing across departments has increased. The third main benefit for 2019 was the harmonisation of practices and reporting. Standards are important and the right IT GRC tools play a major role in this.
Risk management software budgets are on the rise
perhaps reflecting the importance assigned to risk management in modern business, 2019 saw budgets allocated to risk management software projects over €1M increase. Risk management is an essential component of any smart and successful organisation, but it’s also important to state that it’s not confined to bigger organisations with budgets to match.
In 2019 Oxial launched its sGRC software, comprising the sGRC Suite and sGRC Express. Based on Oxial’s extensive experience managing and mitigating risk for organisations all over the world, and utilising the knowledge and market understanding of our partners (which include EY and BDO), sGRC is one of the most dynamic and innovative GRC tools available in the market.
But most importantly, it is affordable for almost any organisation. It is as suited to the mid-market just as much as it is for larger businesses, meaning that smaller firms can realise all the risk management software benefits outlined above, and also protect their organisation more fully against the varied threats facing it.
SaaS risk management solutions are on the rise
SaaS offerings are not new in the risk management marketplace, but the last 12 months have seen an increase in deployment of such risk management tools. They offer a flexibility and convenience that is ever more attractive to risk managers, and the best risk management solutions will not compromise on quality and features either.
Ease of use is still the main criteria that risk managers look for, and that’s an area in which the Oxial sGRC solutions lead the way. Our SaaS can be up and running and adding value to an organisation very quickly, while also meeting the demand for ergonomic and advanced reporting within the solution.
We have also provided several tools to help risk managers and their teams select the right GRC tool for them. Our new glossary of GRC terms explains some of the jargon and acronyms that are common in the sector, while we have also provided this guide to help risk managers better understand which risk management tool is the best one for them.
Risk management is integral to most organisations in 2019 and will continue to be as we move into 2020. If you think that your firm could benefit from working with a risk management software vendor like Oxial, then contact one of our experts and they will gladly discuss all of your requirements.
