Quin J. Rodriguez, VP, Strategic MarketingTechnology has supported organizations in their quest to diversify into multiple business units that spread across different geographies. However, this has also led to a new breed of threats—both strategic and tactical. The classic approach to addressing these risks in fragments (a particular business or a system) proves to be costly and time-consuming as the legacy platforms carry technological debts like different versions, codes, and databases. Challenging the primitive, fragmented risk landscape, Riskonnect offers game-changing integrated risk management solutions that bring together all areas of risk effectively and efficiently, reduces costs, and enables insights that are unobtainable by the legacy systems.
Riskonnect’s solutions surface the relevant risk information— from wherever it is hiding in the organization—analyze it, connect it with other internal and external data, and normalize it securely in the cloud. Later, the solutions create a meaningful visualization of this data to offer critical insight into all the strategic and operational risks across the organization and what is being done to manage these risks to align with the risk tolerance of the organization. "Our integrated risk management approach enables organizations to see the big picture and make informed, strategic decisions by tracking, analyzing, connecting, and mitigating risk throughout the entire organization,” remarks Quin J. Rodriguez, VP, Strategic Marketing, Riskonnect.
Riskonnect also allows organizations to plan for and respond intelligently to online risks accompanied by social media and pocket technology. “Everybody is a journalist now. Organizations are fighting against new risks related to bad publicity on social media,” says Rodriguez. As online negative feedbacks and ratings can affect the corporate reputation, Riskonnect provides a clear view of these online risks for quick mitigation and eases the pressure on the senior management.
Also, managing compliance and regulations in silos can result in confusion, inefficiency, duplication of efforts/remedial actions within one organization leading to wasted resources, employee time, and budget allocations. Riskonnect embeds a risk management culture and risk awareness throughout the organization while optimizing internal controls and improving compliance.
Our integrated risk management approach enables organizations to see the big picture and make informed, strategic decisions by tracking, analyzing, connecting, and mitigating risk throughout the entire organization
This clear visual of the interconnectedness of the risks allows Riskonnect’s clients to build a more strategic and opportunistic business decisions—making businesses better, faster, and stronger in a cost effective way.
One of the clients that Riskonnect helped was a Fortune 200 diversified outsourcing services provider trying to determine a single source of truth that previously depended on emails, manual data aggregation, and normalization. The client’s challenges identifying the most current and accurate individual control assessment status for lines of business and locations, while managing 800+ key SOX controls with no master matrix, resulted in a team of four spending up to 500 hours a year, just attempting to track status. With Riskonnect’s solution for Controls Management, SOX, compliance, internal audit, diverse supplier compliance, and inventory management, the client drastically reduced external support, performed flexible control testing, and saved over $2 million in annual costs.
As a firm believer in continual improvement and growth of organizations, Riskonnect is improving and enhancing their solutions to help clients manage a broader risk spectrum. Leveraging latest innovations and the recent Thoma Bravo (a private equity and growth capital firm) acquisition, Riskonnect continues to drive organizations in being quicker, faster, and more agile in handling business risks. “Organizations need a greater understanding of the speed with which the threats are evolving, and we empower them to not only keep pace with the threats but also tackle them with an upstream strategy,” Rodriguez concludes.