Years ago we believed that it was sufficient to schedule a meeting, sit together, and brainstorm about new risks that (might) occur...Based on the identified risks, risk managers evaluated the gross and residual value in order to come up with appropriate mitigations (for example introduction of new process controls or sharing the risk via an insurance policy).
In the digital age, that's not enough anymore. We simply have no clue what risks we will face today...not to speak about coming weeks. Think of threads such as cybercrime, risks by employees in social media or unexpected risks in complex logistical processes. Daily, new risks may surprise your company unexpectedly and THIS is a serious threat.
Practical ways to defend your company against unexpected risks:
- Streaming analytics. Big volumes of data can be monitored to identify automatically emerging risks. For example automatic risk detection in (pre)trade processes in financial markets. Or a combination of suddenly changing weather forecasts and safety of thousands of people at dance events in the open air. We can even go further and predict when certain risks will occur, for example the downtime of machines in the manufacturing industry. So warn in real-time or even ahead of time!
- Wisdom of the crowd or to put it another way get your information from field employees, those experts knowing their own business area best. They are the best identifiers of new risks in their processes. ARIS Mobile Access supports exactly this and enables you to utilize the in-depth knowledge of your community! The “Risk Catcher“ App has been developed to make sure that risks can be catched on the go, anytime, anyplace and by any person using the App.
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That's how it works: someone in the field sees a potential risk. He simply takes his mobile phone/device and takes a picture. Then he adds further information like the ‘hazard’, the ‘event to prevent’ and the ‘’possible consequences". The app makes it even possible to link the risk to the related process (where the risk occurs) simply by scrolling through the ARIS database process list and picking the right one. Once the risk is submitted, immediate action is taken by ARIS Process Governance and notifies the process owner to take action. This real-time action can save millions by preventing negative events and it can save bad injuries. The “Risk Catcher” App is a co-innovation of Software AG and Centrica which was presented live for the first time at Innovation World 2015.
Your ARIS team!
