Why risk management?

Every organization faces risks. If not enough attention is paid to risk management, an organization is likely to suffer damage or loss. Moreover, quality certifications may be revoked and even penalties and fines imposed. Thus, the probability of a calamity should be reduced as much as possible and preferably avoided. 

Risk management is therefore a necessary strategy for any organization. It helps to identify risks, map risk factors and implement management measures that minimize the chance of damage or loss.

Types of risks in risk management

There are roughly two types of risks: internal and external risks.

• Internal risks fall directly within the sphere of influence of the organization and can arise, for example, as a result of incomplete or incorrect information, internal quality controls, (strategic) objectives or complex regulations.
• External risks are run by expectations and obligations of bodies outside the organization due to certain quality standards and requirements for products/services. In addition, organizations must comply with laws and regulations. Nowadays, “corporate social responsibility” (CSR) also plays an increasingly important role in managing risks.

All risks that can cause a company to miss an order or worse, damage its image.

You can then classify each risk according to 2 characteristics:

• the impact of the calamity if it were to occur (the extent of consequential damage)
• the probability that the calamity could occur.

Depending on the size of the risk, you will have to implement the necessary control measures, both preventive and reactive. Using the so-called Bowtie (or bowtie) analysis, you can elaborate on each risk.

What is a risk management system?

A risk management system keeps track of all information about risk, this information includes sources of risk, potential consequences of risk and control measures to be taken to reduce the likelihood of damage or loss.

Benefits of risk management software

By deploying a management software, organizations can manage and update all their risk data in a central location, linked directly to where in the process this risk occurs. Benefits include:

• Better control of risks
• Efficient planning and implementation of measures
• Systematic reporting and traceability
• Clear roles and responsibilities for risk management

By managing everything centrally, a management system ensures a better grip on risks. This allows you and your team to be proactive in managing risks.

Reduce, indeed, avoid danger with Comm’ant!

Comm’ant helps you document, monitor and improve processes. With the software, you can easily map out processes and get a good overview of all the risks associated with each process. You always have immediate insight into what measures you can take to minimize risks and what the possible consequences of a calamity are.

Comm’ant provides a comprehensive framework to streamline the risk management process, allowing you to proactively implement policies aimed at reducing potential risks.