Spreadsheets are great. However, they really don’t cut it when you are trying to develop a complex enterprise risk management (ERM) framework. Multiple formulas, lots of sheets/tabs, broken links, numerous people editing the same document, version control issues… The list of issues goes on.
The solution? A dedicated, tailored risk management information system.
While spreadsheets do have their place and can be useful for your initial list of potential risks and some risk assessments, larger scale risk management framework and processes need a more robust system.
For example, perhaps you would have a separate text document for your objectives and risk appetite, a spreadsheet table for your risk profile, another couple for data input and reporting, and another program to document, communicate and implement the company’s risk management processes.
With a dedicated RMIS everything is all in one place - without complicated formulas or protected sheets and a huge amount of time saved from removing a lot of manual work.
Still not convinced? Here are a few more benefits of a dedicated risk management software package.
Jul 19, 2017
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