As risks become increasingly interconnected, traditional assessment methods are struggling to keep pace. John Rogula, risk advisory managing director at Baker Tilly, details how collaboration tools are revolutionizing enterprise risk management through real-time data collection and enhanced stakeholder engagement.
It’s time to reimagine the risk assessment process.
The ripple effects from technological advancements, climate change, geopolitical shifts, regulatory updates, evolving compliance requirements, social media — and the list goes on — are far-reaching and happening at a dizzying pace. Staying one step ahead is a daunting challenge to say the least.
Conducting risk assessments has become an essential component of identifying, analyzing and prioritizing risks to avoid strategic missteps, missed opportunities and worst-case loss scenarios. But oftentimes traditional risk assessments fall short. Ensuring that all stakeholders are represented at the right time and that the data gathered is meaningful and actionable within a rapid timeframe is no easy feat.
Effectively leveraging collaborative methodology and tools can address these challenges and enhance the risk assessment process, enabling organizations to proactively mitigate the downsides of risk as well as uncover opportunities for…
