Answer These 5 Questions Before Investing in a Risk Management Solution

Choosing a risk management software provider shouldn’t have to be a risky business. But with so many solutions on the market, many companies find themselves partnering with a provider that doesn’t meet their needs.
risk management chart

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With the turbulence of our world today, managing and minimizing risk has never been more important. The pressure to ensure the right protocols are followed—by everyone, all the time, regardless of scenario—is tremendous. Corporate reputations are at risk, the safety of people and assets is vulnerable, and customers are increasingly intolerant of any corporate misstep.

It’s for reasons like these that risk management departments are an increasingly critical part of many organizational structures today. Their goal is to reduce risks and optimize compliance in order to minimize any negative impact on the organization, its employees, or its patrons. Risk management teams work to identify risks, and to deploy training and procedural changes to mitigate these risks. Finally, they work to monitor and analyze processes and changes for the purpose of continuous improvement.

These tasks are not simple and the stakes are high, which is why picking a risk management software solution to facilitate, automate, and optimize these processes is of the utmost importance. But with so many considerations, it is difficult to pinpoint where to begin your search. Utilize the brief guide below to set you on the path to choosing the right risk management solution for your company.

Does the solution offer the tools you need to improve efficiency?

Mitigating risk, especially at a grand scale, is only as effective as the systems in place to track and analyze incidents. Therefore, it is crucial that your risk management software provider has the tools in place that allow users to streamline reporting, logging, and other processes. As you shop around for a risk management solution, keep these three efficiency markers in mind:

Does the solution support a culture of reporting

Risk management starts with your staff. Creating an environment where employees have easy directives to follow the right protocols is the best way to ensure compliance. That is why it pays to make sure your risk management software makes it easy for teams to report, log, and navigate incidents. At CIP Reporting, we do this through:

risk management workflow

What kind of visibility into your company’s operations will you gain with this software?

While several risk management providers may offer the means to log and track incidents, an even greater consideration is choosing a solution that will provide insight into your operations. A comprehensive risk management solution will help you obtain a complete understanding the changes that can be made to improve efficiency and reduce further risk through tools such as:

risk management dashboard

Does the software integrate with your other systems?

Implementing a risk management solution that works in opposition with your existing processes and providers will only exacerbate the strain on staff to manage incidents accurately and efficiently. Companies should not overlook the importance of integration when searching for a risk management provider.

CIP Reporting’s solution is designed to easily integrate with the software and hardware essential to your processes. Our integration is just one of the ways we help customers achieve efficiency while reducing risk and remaining compliant.

cip integrations

How flexible is your software to account for future growth?

With so many providers in the risk management market, it makes sense to partner with a company for the long-haul. Ensuring you will not outgrow your solution means selecting a company that can offer:

Whether you have just begun for search for risk management software or are in the midst of various demos, keep this checklist handy to be sure your provider can meet your needs. CIP Reporting handles all this – and more.


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