Definition: Risk management can be stated simply as setting action plans in the face of uncertainty by first understanding and issues related to risk, loss or other incident that can negatively effect your business.
Define Risk Management Software: Software that manages risk from the top down, utilizing state of the art interfaces and sophisticated reporting. This tool can look at your operations from an angle previously unattainable to determine past, current and future risk, thus allowing you to take preventative action to mitigate the possibility of injury or loss. And in doing so, recognize the changes that need to be made to lower risk and maximize your ROI.
Project Risk Management Software: DataPipe has the tools to analyze and identify risk in your organization. Look at data such as injuries, accidents, spills and releases and much more over years or decades to see where your greatest loss dollars come from. Then, once you identify these areas, you can take steps to mitigate future loss through change investment. Granted in the short term it will cost to make change and of course risk management software will cost you. But in the end the amount you save from preventative loss will far outweigh you initial investment. Studies indicate that the DataPipe ROI becomes worth it in a very short period of time.
How Can Risk Management Software Help My Organization?
Risk management software can help an organization in many ways. By analyzing data that has been record over many years and sometimes decades, organizations can find cost saving trends. Type of data that companies record include safety, the cost of cleanup, near misses, injuries on site, fires, automobile accidents, chemical spills and others. By running reports that provide a list of incidents, their cost, number of people involved and when they occurred for example, you can plot these on a graph and trends will start to occur. For example, you mind find that this graph spikes in July each year where without this reporting tool you would never have noticed. Upon deeper inspection you see that a certain facility has a problem with a process due to the heat in July that has lead to a larger number of incidents. Or you may find that because of the heat, more employees are getting hurt. These are simplified examples but by looking at years of data, trends begin to emerge that have saved companies millions not to mention prevented accidents and helped to clean up a public relations image.
What is the DataPipe Risk Management Software Philosophy?
Risk management software will save a company time, money and lives. The software’s main purpose is to identify risk that will harm, hinder or hurt a company’s employees, investments, reputation, image, ROI, and bottom line. Once identified there are 4 main ways to deal with this risk - Risk Avoidance (stop doing what is causing the risk), Risk Reduction (mitigate the risk), Risk Retention (sometimes it is just simpler, less expensive and less risky to just deal with it), and Risk Transfer (passing the buck – the most common example here is retaining an insurance policy or hiring a third party to deal with it). In all cases the first and most crucial step is identification. And without risk management software tracking years of data that can be analyzed for trends, this becomes tedious and improbable.
DataPipe simply put is 'risk assessment software' or 'risk management' software. It manages risk from the top down. Utilizing a state of the art interface and sophisticated reporting, you can look at your operations in a brand new way. And in doing so, recognize the changes that need to be made to lower risk and maximize your ROI. There isn't just one risk management module. Risk Management covers a swath of useful modules that can all work seamlessly together to make an impact on mitigation of risk, saving lives and reduction of spending throughout an organization.
What other recourses are available to me on Risk Management?
Risk management software resources are abound. You can start by reviewing the DataPipe suite of risk management modules and set up an online demonstration to see how the DataPipe risk management suite can help your organization mitigate risk. Also if you just want to learn more about risk management you can visit this wiki link to start.
Do you want more info on DataPipe's Risk Management suite of modules?
If you would like additional information about this module, please contact Knorr Associates directly. An online demonstration can be set up so that you can see this module live on the screen while we discuss how you can utilize it within your organization.