Risk management is the modern science of understanding and controlling dangers to business that extends into a codified set of practices instituted among US corporations since the 1990s — typically grouped under the term Enterprise Risk Management. Risks occur in the course of operations, to the assets within financial markets, and in competition with other organizations (strategic risk).
In previous posts, we’ve introduced various aspects of entity management software platforms. What you may not have considered is that the same solutions your business uses to safeguard itself and to grow under entity management systems can also be applied to risk management. This post outlines some ways in which you can make them work.
1) Keeping leadership in the loop
Board and leadership software ensures constant and secure communication between the Board, C-suite and senior management that is integral to the smooth functioning of enterprise. For official purposes, record keeping and access to those records can also be automated. By knowing the same things, the leadership of your company is able to act as a unified and effective front capable of making your business successful.
2) Creating a single source of data truth
It goes by many names, but the data repository or vault comprises a single space created by software, increasingly often hosted on the Cloud, which contains the corporate data and documents that comprise operations for the many overlapping entities that make up a large organization. These data banks are sorted so as to be easily searchable, use group permission functions to handle access, and track content creation and editing.
3) Optimizing data
Data and document management is only the start of the process of getting a full understanding of operations. The raw data contained in words, numbers, zeroes and ones on your servers or in the Cloud need to be cultivated, mined and shaped into a presentable form on which your leadership is capable of acting. A good entity management platform is capable of extracting data from diverse resources to such different purposes as entity relationship diagramming, enterprise resource planning and compliance.
4) Managing compliance and legal filings
A major part of managing risk in all of its major forms is ensuring legal compliance from leadership to the base level of each of your entity’s operations. Entity management software works for you here, too. It can generate, process and auto-file the reports that are needed internally and for external regulators. With entity management implemented properly, your business can save its leadership, legal and compliance departments endless headaches in sticking to both what the law and your company’s investors require.
5) Expanding entity management to fit an expanding organization
A solid entity management software platform is both consistent in the way it operates as well as in the results it delivers, in addition to being malleable and capable of fitting the many needs of various roles, departments and teams within your organization. With economic growth strengthening, to implement software solutions to entity management now can both smooth out current operations and help your leadership plan for future success.
Managing ERP Effectively and Efficiently
Solutions in the form of software to the problems of entity management at a leadership level come in different shapes and sizes according to the organization’s needs. Large organizations are less and less interested in trying to reinvent the wheel, and instead are looking for cost-effective solutions to the dilemmas of entity management in an outsourced platform.
The features and functionality discussed above, plus much more, offer a number of elegant, effective and affordable solutions within Blueprint OneWorld’s entity management platform. We hope to be your organization’s entry point to entity management, as well as optimal and efficient risk management. Please call or email us today to discuss how our platform can serve you.