Embracing new opportunities requires balancing agility with robustness. Like a great chess player, boldness must be balanced with protection: implementing guardrails to ensure continuity of operations, safeguarding your company’s and customers’ assets, and complying with regulations.
Whether you are a rapidly scaling start-up, or an established company adapting to the shift to digital, you realise that the changing business environment requires a stronger business operating model and a culture of innovation.
While many businesses understand this, we have often found that when people hear risk management, they think process, they think box ticking, they think back office, they think cost centre.
Now, we would like to challenge that thinking. Sure, in the past risk management may have been very process driven. The Risk function may have been restricted to reviewing existing processes, identifying risks and suggesting remedies. In new product development initiatives, Risk Management may have only been involved as an after-thought, possibly to demonstrate to Internal Audit and Regulators that they had been consulted. Some companies might even ask, do we need a separate Risk Management function? Perhaps we are being cynical. In these times of uncertainty, it is not an unusual step to cut costs and what better place than in the cost-centre?
IT departments have transformed themselves from being a cost centre to a value driver. As even customer-facing interactions became digitised, treating IT as a purely back office function was no longer viable. The move to cloud computing and Software-as-a-Service (SaaS) has enabled companies to more directly link usage to cost and value. The ability to pay for only what you use enables companies to scale their usage of services up and down in line with demand.
We believe that the same approach can be applied to risk management: Risk Management as a Service (RMaaS).
If these past 3 years have taught us anything, it is that we must continually challenge assumptions about how to conduct business. Many physical activities are now impractical, disrupting customer interactions, business processes and supply chains. In response, businesses have rapidly digitised their customer engagement, operations, and linkages with partners and suppliers. They have enabled remote working, and adapted business processes to the new normal. While new ways of working have created opportunities, they have also exposed vulnerabilities: less physical oversight, looser governance, greater use of personal devices for business. Enabling remote access to more systems increases the cyber “attack surface” available for bad actors to exploit.
RMaaS can be very powerful. At blue connector we apply a service mind-set to Risk Management. We understand how to balance agility and robustness.
RMaaS can be a great accelerator for your business and not a handbrake. It can enable business to reach greater heights by taking calculated steps appropriate to the organisation’s growth rate, maturity and risk appetite.
Engage blue connector’s RMaaS if:
- You are a start-up in FinTech, Payments, Wealth-Tech, Technology and do not wish to use your start-up capital on a full-time Risk Management staff but equally want to manage your risk and setup the Enterprise Risk Management framework to manage risks.
- You are an established small to medium sized outfit and wish to enhance your Risk Management function and / or require an independent party to validate your risk identification and mitigation process, your risk management strategy, your risk culture.
- You are pressed for time and want someone to help you choose the right Governance Risk and Controls (GRC) system and need a project manager with in-depth Risk management and implementation knowledge.
blue connector offers expertise in:
- Enterprise Risk
- Cyber Security, Information Security
- Technology / IT
- Project risk management services
Ready to protect and grow your business?
Contact us to discuss how we can help you.