In the dynamic landscape of business, following risk management processes isn’t just a safety net; it’s a strategic advantage. Leaders who navigate the intricate dance of risk management, automation, and process excellence hold the keys to unlocking organizational success.
Imagine a world where budgeting and headcount decisions seamlessly align with project delivery, where time-related risks become opportunities rather than obstacles, and where leaders confidently execute their roles, untouched by unpredictable outcomes.
It’s all possible by having risk management processes in place that include proactive risk identification and actionable mitigation plans.
Navigating business objectives
Risk can affect key business objectives: revenue, customer experience, project delivery, and headcount, to name a few.
For example, a financial institution’s process excellence leader must mitigate fraud risk to protect customers’ sensitive data, while ensuring compliance with industry regulations. Similarly, a process excellence leader in the hospitality sector must remain vigilant about operational risks (like negative feedback from consumers), to maintain their competitive position in the market.
In all cases, understanding how compliance, regulation, and operational risks impact both process and customer experience leaders is critical for their success.
Get ahead of the game with risk management processes
Process and customer experience leaders can empower their teams to reduce costs, drive efficiencies, and increase opportunities across the entire business by taking a process management and automation approach.
Experts have found that organizations focused on process management and automation are better positioned for growth in both the short and long terms, ultimately positively impacting ROI from both an efficiency and cost reduction standpoint.
Weaving process management into core systems can create valuable insights, helping leaders make data-driven decisions and drive process improvement. It also helps minimize disruption and uncertainty in areas with high financial costs. Automating processes further reduces risk by simplifying error-prone and manual tasks, minimizing data errors, missed deadlines, and poor customer experiences.
With risk management processes that take a proactive approach to mitigating risk, organizations are better equipped to protect themselves against costly losses due to project failures or delays. Analyzing previous successful projects can help pinpoint areas ripe for improvement, best practices, and associated risks. It can also support resource monitoring for headcounts, project delivery timelines, revenue targets, customer experience metrics, and time-sensitive goals.
Automation delivers efficiencies that help organizations meet their KPIs for all these metrics. Moreover, a robust process management system provides insights into entire processes, allowing for on-the-fly changes to keep projects running smoothly and reduce risk exposure.
Stay current, mitigate risk
When processes are regularly managed and updated to reflect the current way an organization does business, they add value to the way teams execute their tasks. On the other hand, when processes are outdated, teams carry out work inconsistently — and that adds risk to your business.
For example, a customer service process might involve manual steps, resulting in a lack of visibility, increased wait times, and dissatisfied customers. Some businesses opt to live with these problems, which slowly erode productivity and increase exposure to risk. Only when they find themselves struggling to mitigate compliance breaches, misinterpreting regulations, failing audits, and suffering reputational damage, do they consider changing their approach.
As changes are announced and implemented, a sound process management platform will keep everyone on the same page and will ultimately set your organization up for the successful automation of processes. Doing so can radically improve employee and customer experiences, as well as process team efficiency, by streamlining operations, and identifying potential risks.
Broken processes increase the chance of risk
In response to questions we recently asked in a survey about broken processes, 28% of respondents suggested customer, client, and patient services and support processes were the most broken. And 24% quoted that customer, client, and patient onboarding processes in their organization were the most broken. Both were in the top 10 of all organizational broken processes.
What about your company?
If risk management is a problem in your organization, too, download the eBook Risk management is a process problem to find out:
- Top business risks operations leaders should know about
- How leaders can take a holistic approach to managing risk
- How process management and automation can help