COVID (C-19) has impacted the world economy, countries, businesses, and workers so significantly and rapidly that it requires Boards and company leaders to have clear visibility of changes impacting the risk profile of their organization. The risks (and opportunities) of yesterday are not necessarily the risks requiring urgent attention today. Kirby says that it is from this new lens that leaders can develop their strategies and initiatives to adapt and succeed in the future.
“Risk Management is not something new yet managing it efficiently and effectively has never been more important to ensure the survival and success of any organisation”
Linking risk based decision making to vision, strategy and performance
With more than 20 years of experience in Enterprise Performance Management, Camms is a leading risk & performance management solution provider in the enterprise SaaS world. As companies seek to position themselves in the new world now and post C-19 the link between strategy, enterprise performance and risk has never been more apparent. The unique capability the Camms team bring to any organization is a native system based integration to strategic execution, PPM, performance and scorecards enabling boards and executives to leverage a single point of truth for truly informed and rapid decision making. Kirby says that leading organisations are not just improving risk management but leveraging it to gain competitive advantage as they integrate their risk function into strategic planning for a more informed way to decision making. This risk informed strategy development and decision making allows organisations to stay ahead of the curve in anticipation of the what's coming next rather than dealing with response and recovery.
Experienced Eyes for a More Confident
Working from home has highlighted significant challenges for organisations including an organisation’s VPN bandwidth, and challenges in using MS Office (including, home vs work version conflicts) for critical business performance management requirements.
Before C-19 the way businesses implemented Risk Management and any system for that matter has changed. According to Kirby, the Next Generation of Risk Management providers need to be able to scope, plan, implement, train, support and educate digitally, whilst ensuring there is an authentic human engagement for their customers. This highlights the importance of leveraging all the latest digital collaboration, project and learning management tools to bring this all together.
Kirby says that customers are seeking rapid deliverables and not lengthy, drawn-out implementation processes. They expect pre-configured risk, incident, and hazard management models and templates, to ensure that clients can “go live” in a short period of time and start realizing tangible benefits. Cammsrisk is designed to start off with an 80 percent fit for most customers, meaning that the majority of the solution design is ready out-ofthe-box. Refinements of these models through configuration for individual organizations can be undertaken immediately to meet the client's exact preferences before go-live. Best practice solutions should be platform-agnostic, with simple dashboards that deliver the right information to user's fingertips on any device.
Kirby believes that most organisations are now on a rapid digital transformation journey, and ERM providers are being called on to help drive this transformation by supporting various risk frameworks. Next Gen Platforms need to be open and agile, capable of ingesting third party data, social media, big data, IoT, and technology risks.
Unleashing Risk Management
One of Camms' clients, a large Airport Group selected Camms to support them with a challenge. As a relatively mature organization in terms of their understanding of risk across the organisation they had developed a comprehensive methodology their biggest challenge was having a vehicle to facilitate this and operationalize their practices across their three airports. This Airport Group had many different business functions using disparate spreadsheets which meant there was not a coherent approach to reporting. This was okay for the business functions, but it hamstrung the ability for the executive to view a holistic, organisation wide profile of risk exposure.
Risk based decision making is now a pivotal agenda in every organization’s board meetings'
In another instance, Camms has helped Menzies, a leading UK accountancy, finance, and business advisory firm that was conducting its research in a manual model and relied on onerous processes. Changes in UK legislation and policies drove the management committee to look at a risk management platform for their organization. Due to these changes and industry trends, improving upon the restrictions in place became a top priority. Menzies came to Camms for a cloud based single source repository, that would assist them in managing risks and incidents across their organization with a focus on configurable workflows, risk assessments, controls, and issues. Soon after the implementation, cammsrisk ensured better visibility for executive management across all of their functions. The solution provided the client with dashboards which included drill-down facilities that delivered better quality information, resulting in improved decision-making capabilities.
Experienced Eyes for a More Confident Future
The company offers cammsrisk, a next-generation, easy to use, enterprise risk management system that combines the enterprise governance, risk, and compliance needs into a simple and holistic enterprise-grade solution. "Risk based decision making is now a pivotal agenda in every organization’s board meetings," says Warwick Kirby, CEO of Camms.
The company was recently named in Gartner Magic Quadrant for Integrated Risk Management Solutions for its ability to execute and completeness of vision. Gartner stated in its report that Camms focuses on developing a modern lookand-feel interface.
In light of the 2020 global pandemic, and according to Kirby, clients do not view risk management as a compliance function manageable within a spreadsheet anymore. Going forward, as a next generation provider Camms is working toward improving the capability of its solutions to better serve its customer anywhere in the world, whilst supporting and adapting to our new norm of working. In short, Camms is ushering in a new age for Enterprise Risk Management.