To begin, what exactly is risk management? In business, risk management is predicting and evaluating any impending financial hazards in the company and devising methods to eliminate or mitigate these risks if they occur. Examples of dangers include:
Uncertainty about finances
Threats to security
Accidents and natural disasters
Here are six ways AuditFlo software can help you enhance risk management:
Oraganized Data: AuditFlo software organises all of your inspection data and reports in one location. One method of risk management is to numerically assess the likelihood of particular hazards occurring and the losses that may result if the event occurs. AuditFlo will save all of this information in one location for improved organisation and convenience of access if it is needed.
Adaptive: Risk management must be adaptable to change because the company’s risk variables may change if the organisation chooses a different method. To remain on top of this, you’ll need software that can adapt to changes. AuditFlo includes configurable capabilities (custom modules, APIs, reporting, and analytics) that will assist in integrating changing data to match a company’s needs.
Mobility: The ability to recognise and classify hazards is one of the most critical aspects of risk management. In most cases, this is accomplished through inspections. AuditFlo software is totally mobile via tablet (with or without Wi-Fi), allowing inspectors to take notes right away. This reduces the possibility of a risk being overlooked.
Assessment and Evaluation: Once a risk has been identified, it is further analysed. With known dangers (such as a pothole on a construction site), the AuditFlo software will allow the inspector to photograph the risk and save it in their files for subsequent evaluation. In addition, the inspector can make comments about a potential risk. When there are notes alongside visual proof, the risk assessment will be more accurate.
Risk Mitigation: A corporation will rank its risks from high to low, then examine its top risk and devise strategies to prevent/minimize it if it occurs. AuditFlo software includes a feature called ‘Serious Defect Notifications,’ which alerts the inspector to any red flags or items that require immediate attention, which can be valuable when a significant risk is present.
Tracking and Reporting: Inspectors and their reports play an important role in risk management. There are generally several inspectors/inspections, which results in a plethora of reports that can become disorganised and inconsistent. This increases the possibility of disinformation. AuditFlo offers report writing services that prioritise consistency across the board, regardless of how many individual inspectors write them up. This reduces the possibility of human error in risk management.
A risk management plan should improve the organisational process of the firm, address any anticipated and unforeseeable events, and account for human error.