Utmost responsibility for corporate risk management starts at the top. To generate more business value, a C-Level executive needs a linkage between key corporate objectives and existing risks to achieve these objectives. Moreover, chief officers have to elaborate an action plan to deal with those risks in an increasingly complex operating environment.
A meaningful and actionable approach to corporate risk management requires direct involvement by C-Level executives. In order to make a place for an RM program in strategic planning, a chief officer has to deal with the following:
Regulatory compliance in order to prevent monetary penalties and reputational damage.
Non-compliance with relevant laws, regulations and standards could be grounds for altering a company's legal status.
Human resources management to ensure tasks are handled by the appropriate employees and that the working relationship is beneficial.
Staffing issues constitute a key risk factor to any business because employees can leave suddenly, pit staff against top management, persuade colleagues to commit sabotage, etc. All such actions could lead to poor performance.
Control of the business planning cycle to ensure that strategic ideas are not leaked.
Such data leakage could result in financial losses or give an edge to competitors, who have similar products and the potential to threaten the company’s existing market share.
SearchInform software helps chief officers to build a solid risk management process and stay ahead of internal corporate risks through the following:
- Facilitating regulatory compliance
- Performing in-depth investigations into incidents
- Analyzing workplace morale to achieve employee loyalty
- Detecting disloyal employees and shaping risk groups
- Measuring employee productivity and detecting abnormal behavior
- Visualizing all events and connections within the company
- Protecting confidential information from leakage during its storage, use and transfer
- Encrypting data to prevent it from being used outside the company