The importance of a thorough risk management process

Managing risk is a fundamental process for any business and is crucial to achieve ongoing success for any company. Strunk’s Risk Manager solution provides a systematic process to ensure that you organization 1) knows your risks, 2) has policies to mitigate key risks, 3) is able to verify that policies are followed, and 4) can easily prove to others – management, board, examiners – that you follow this structured process. Risks may hinder or even prevent your business from achieving its goals, cause operational disruption, financial loss, or escalating cost. By performing a risk assessment, you can mitigate key risk indicators by taking them into account early on and developing action plans to reduce and effectively manage risk.

Risk management should not be confined to just one department in the organization or be the sole responsibility of a certain group of employees – it should be an integral part of everyone’s job. Strunk’s Risk Manager software will allow you to involve as many individuals in your organization as you like in the risk management process, keep all of the key components of your risk management process in one place, and gain a better understanding of the nature of the risks facing your organization. Many Risk Manager clients only use one or two modules but are not making full use of the entire solution. By using all of the modules in Risk Manager it will help you establish a more cohesive and stronger risk management environment. The new Version 2 of Risk Assessor is available and can help streamline your risk assessment process even further and save time. If you are a client that currently has Version 1, Strunk can help transfer results from Version 1 into Version 2 for no additional cost. Also, if you have staff members that have not yet been trained on any of the Risk Manager modules because they are new or their job responsibilities have changed, Strunk will do additional web based training for no additional charge.