Replace Excel Based Process
Issues with Excel Based Risk Processes
- If you are like most organizations out there – and we have talked to a lot of people – risk management is more a matter of luck than systems and processes.
- You / your team wrestle with excel spreadsheets, formulae and obtuse calculations; most of which nobody understands. You may not even be sure that your calculations are returning the right values needed for accurate decisions.
- Your existing excel based system does not scale to meet your current or future needs. This means you end up duplicating your efforts to aid your decision making.
- Your existing system might require you to manually enter many inputs and settings – thus introducing inadvertent errors into your calculations.
- You struggle with Inconsistent Data across the process, which gives senior management a feeling of GIGO (Garbage-In Garbage-Out) hampering their deeper involvement in Risk Management.
- More time is spent on generating reports than analyzing them, hampering Your team’s Efficiency and profile. And we haven’t even considered numerous ad-hoc changes to reports that your team has to do for senior management !
How do you Solve this Problem?
Generally, usage of Excel based processes represent that the organization is low on the Risk Management Maturity Curve. Smarter companies take proactive recognize this and take proactive measures to replace excel based processes for risk management. Here is what you should be looking at, if you want to find a way to Reduce Costs, Improve Efficiency and build Risk Management into a Strategic Function for your company:
Make it Easier for teams to use the Risk System
- Move on from Geeky-looking, complex screens, to Simpler, more beautiful screens that invite actions
- Have a web-based system that can be accessed from anywhere, any time, and any device
Build relevant, usable risk reports for Business Heads
- Get top management involved in Risk Management by providing regular, meaningful reports they can act upon
- Quickly build and give top-level summary to top team
Provide deeper business insights through reports, analytics and drill-downs
- Allow Risk Management team to focus on Risk Analysis rather than risk report generation
- Enable Better decision-making through deeper business insights
Deliver relevant risk reports to Finance, Trading, Operations
- Provide risk numbers with division perspective, something they understand best
- Enable risk intelligent decision making throughout the organization
Have a system that can scale with Business
- Change in businesses is constant, so why not use scalable systems?
- Your Risk Function is crucial, so keep it relevant to business – always
Automate checking and monitoring
- Allow automation of Risk Policy, advanced systems can do all the checks and monitor in real-time
- Connect reports and alerts with emails, for real-time updates on portfolio
Contact us, or read up on RiskEdge Software to know how to achieve these benefits for your company !