How Can A Business Reduce The Amount Of Incidents In The Workplace?

How Can A Business Reduce The Amount Of Incidents In The Workplace?

Reducing the amount of incidents in the workplace should be a high priority for any business. However, sadly many companies wait until it’s too late to start putting procedures in place to reduce the risk for their employees.

As soon as you sense something isn’t right with a workplace safety policy, a workplace set up or an injury on site and how it’s being managed, it’s crucial that you report it. Without businesses taking a critical eye to their safety management procedures, they will never be able to progress and reduce the amount of incidents in the workplace.

If you stumbled upon this article because you know your businesses safety isn’t up to scratch and you need to do something about it, take a look at the ways that a business can reduce the amount of incidents in the workplace.

  • Audit Your Safety Procedures 

Ideally, this is the entry point for a business to go ‘ah-ha, we can do better’. If you’re coming in at this point and have found this article after some reflection on where your business is failing, good on you! Often people leave it until after an incident has occurred to start making changes to safety measures, and obviously that is less than ideal.

Auditing your safety protocols before an incident occurs is essential, and that’s where a handy tool like Audit Software comes in. Auditing your risks, procedures and data is a crucial part of moving forward successfully and reducing the amount of incidents in future. 

By looking at where previous incidents have occurred, the risks that are still present and the ways you mitigate them, you put yourself in a much stronger position to understand the health and safety status of your organisation. The first step to reducing incidents is to know where the risks are, and to understand whether you’re doing enough to protect people against them.

  • Engage The Whole Team In Incident Reduction Measures

Once you’ve looked at what is going on on your site and how things could be better, it’s time to get the whole team on board. Often, companies will undergo these amazing audits and have great policy changes, however they forget to include the workers who are on the ground.

This means that their audit and new regulations miss the vital feedback from workers who will be able to highlight extra risks that leadership teams won’t come up with. By including team members from each department in the audit and reconstruction of safety procedures, you’ll ensure that everyone is in it together from the off.

Keeping workers engaged in safety is a crucial part of minimising risks. Often leadership teams will ‘take over’ the safety changes without consulting the people who actually need to implement them and this is a mistake. Engage the whole team for full coverage of your organisation.

  • Implement Training To Reduce Incidents

When we think of workplace training, we often think about the kind of learning that goes on at the start of a contract. This is often really effective and is crucial to ensuring that people are qualified to get on the tools. However, this isn’t the only training that needs to go on.

In order to do your bit when it comes to safety and compliance, your business needs to carry out refresher training to keep people up to date. Often, accidents and incidents will happen when people get complacent and forget the safety training that they did months or even years ago.

To ensure that the risks of the job remain in the forefront of employee’s minds, putting workers through LMS training that they can complete anywhere is a great idea. LMS systems like Beakon’s will alert leadership and employees when their refresher training is due, making sure that your people feel empowered to take their learning into their own hands.

  • Review And Improve As Information About Incidents Comes Through

An incident response strategy has to be flexible and agile in order to take into account the kinds of incidents that are happening in your workplace. Each site will be different, and companies need to look at industry and company specific data to see where their incidents are occurring.

By reviewing incident data and taking staff surveys, you will get a good picture of how your organisation is managing safety in real-time. There is no one size fits all to incident management, but by reporting, investigating, analysing and proactively actioning issues, your business will be able to improve processes in order to lessen the likelihood of accidents in the workplace.

OHS Management Software: Why Should Companies Invest?

OHS Management Software: Why Should Companies Invest?

Are you considering investing in OHS management software? If so, you’re probably wondering whether the software is worth the money. It’s natural – if you’re going to be investing time and money into a new application, you want to know that it’s going to improve business operations and enable you to offer a safer work environment for your people.

We’re looking at why OHS management software is so effective, and why companies should invest.

What Is The Purpose Of OHS Software?

Businesses invest in OHS software for a variety of reasons. Some want to boost their public image, some want to streamline their safety processes, but for the most part businesses who invest in OHS software cite making their people safer as a main incentive.

The reality is that 3,751 workers were fatally injured while working from 2003 to 2018 in Australia. This is a tragic statistic, and one that proves that businesses have a long way to go when it comes to protecting their employees at work. Within those who have been fatally injured at work in 2020, the majority were working on a site where they managed or operated machinery (8.3 per 100,000 workers) and labourers on sites (2.3 fatalities per 100,000).

This proves that site managers really can’t be too careful when it comes to OHS. Working on sites with labourers and heavy machinery is highly dangerous, and often people can forget the risks as it becomes part of their normal routine. OHS software helps to ensure that doesn’t happen – and that everyone keeps their finger on the pulse when it comes to workplace safety.

Fatalities are the worst case scenario, however they do happen. More often though, sites will encounter scenarios that cause injury or even disability as a result of workplace accidents that should have been avoided. The implications of these accidents are huge, which is why companies of all sizes and in all sectors are keen to reduce their workers’ risks and put a robust occupational health and safety management system in place.

OHS Management Software: Why Should Companies Invest?

Why Should Companies Invest In OHS Management Software?

OHS management software has a whole host of benefits. Take a look at some of the most compelling ones:

  • Keep your people safe by educating them

Whether it’s employees, contractors or visitors that you need to keep safe, it’s crucial that you have the correct processes in place so that they understand the requirements. OHS is useless unless everyone participates in keeping safe, and education is a massive part of that process.

An OHS Management System ensures that all employees have a clear understanding of how to handle key activities, whether it’s reporting an incident, responding to an issue, or working through a problem. With a record of exactly what happens on your site, and processes that every understands and follows, your organisation’s OHS performance will improve.

OHS Management Software: Why Should Companies Invest?

  • Reduce costs associated with accidents 

On the surface, OHS software may seem like an outgoing cost. However, in reality a good OHS management system will save you huge amounts in the event that something goes wrong on your site. Many people go through life with an attitude of “it won’t happen to us/me”, but the proof is in the stats. A 2020 study recently revealed that 27,090 labourers made serious claims in one year. That’s a huge amount considering the stat refers to only serious claims amongst labourers.

When you consider that the average cost of these kinds of incidents on a worker is $51,960 per incident, it soon makes sense why so many businesses are keen to straighten up their risk and safety management procedures. By managing risks and seeking to minimise them, as well as reporting all incidents effectively businesses can significantly improve their OHS procedures. 

This saves huge costs when it comes to staff compensation claims, the cost of hiring temp staff and the cost of a back to work scheme. The goal with OHS software is to reduce incidents altogether by tracking and monitoring the risks and red flags within an organisation. Without this, businesses are leaving themselves open to major financial downfalls.

OHS Management Software: Why Should Companies Invest?

  • Ensure workers feel valued 

When we think about how we can improve the employee experience and boost engagement, we often forget that safety at work is really important to people. Yes people want a good pay check, a nice working environment and a solid management team, but in reality none of those things matter if you don’t feel safe at work.

When people don’t feel safe at work they quit. This means that you could lose top talent in your organisation because they don’t feel that they are being looked after in terms of their safety. OHS software shows your people that you care about their health and wellbeing and are prepared to invest in them.

By improving safety in the work environment, you enable your people to increase their productivity and enjoy their work. No one wants to go to work somewhere they don’t feel safe, and by improving the safety management practices within your organisation you can minimise that risk. This in turn makes workers feel valued, safe and motivated to work hard for a business that puts their safety first.

Want to learn more about workplace safety? It’s time to discover Beakon software. We’re currently running a free trial whereby you can explore our OHS systems. Book your test drive of Beakon software today!

Incident Management best practices

Incident Management best practices

Improving incident management practices isn’t always easy. Although it is of high importance, often staff members don’t want to spend time learning about incident management. Let’s face it – it’s pretty boring for them. However, in the event of an incident or emergency, they need to know exactly what to do.

As a manager who oversees people it’s important to have a grasp on incident management best practices. This way, you can spread knowledge within your team and ensure that you are always complying with your legal and moral duties.

We’re rounding up some of the incident management best practices that every business should be aware of.

What is incident management?

Incident management refers to how a company or team responds to an incident. An incident could mean a variety of different things to different businesses, but what is important is that each business has clearly defined understanding of possible incidents and has clear instructions on how to manage them.

Without incident management practices in place, businesses can be liable in the event of an incident. Incident management helps to mitigate the disruption caused by an incident and reduce harm when an incident occurs. It allows businesses to continue business as usual whilst also maintaining their obligations to their employees and the public.

The stages of incident management can be defined in simple terms as identifying, analysing, reporting, correcting and managing hazards. The goal of incident management is to effectively report incidents and ensure that the risk of a potential incident is minimised in the future.

Why do businesses need incident management practices?

Businesses need incident management in order to protect their reputation, their employees and comply with their legal obligations. The WHS Act requires that employers notify the regulator of certain types of workplace incidents depending on how serious they are. 

This measure is in place to protect employees and businesses from putting a foot wrong, and to ensure that every safety incident at work is fully reported. Depending on how serious the incident, a business may be required to preserve the incident site. However, this will be relayed to the business via the regulator once they report an incident. 

The important thing to remember from a businesses’ point of view is to ensure that all relevant staff understand the incident reporting guidelines and are able to carry them out on behalf of your business. This is where cloud-based workplace training and incident management reporting systems are extremely beneficial.

Incident Management best practices

 

Train staff to report incidents as first responders

This tip relies upon training having already been completed before the point of an incident. In short, the first responder needs to have already had sufficient training in how to respond to an incident. 

A comprehensive ‘first responder’ E-Form on an online incident reporting system can help with this, and urge the first responder to take the right steps. With Beakon, all incidents that are reported will work through a built-in Risk Matrix and prompting questions to assess the incident effectively. Prior to the incident happening, it is essential that the first responder has already been briefed on the process of incident reporting.

 

Investigate the incident

It is best practice to investigate any incident that occurs in your workplace. This doesn’t necessarily mean that the incident has to be reported to a higher body, but it means that your business needs to report and investigate all incidents internally.

 

It is key that you assign mandatory investigations based on risk level, looking at things like why the incident occured, the root cause and Contributing Factor Analysis. It is also important that you review investigations for quality and accuracy before being released for action.

 

Analyse the incident and report to a regulator if necessary

In some cases the incident report will need to be escalated. In order to do this properly, you will need to analyse the incident and assess its seriousness and risk level.

An incident management platform means you will be reminded to escalate the incident report automatically based on your business rules. The complex administration of compliance can be tricky to master, but with a platform that embeds your Health & Safety framework, business rules, and industry and legislative requirements within it, you can rest assured that you are protected.

Record corrective actions

After an incident occurs, a company is required to take corrective actions to ensure that it doesn’t happen again. In order to do this, you may want to invest in a digital platform that allows you to create an online paper trace that can’t go missing. Providing corrective actions and showing how you are minimising risk is an essential part of compliance, and a best practice that should not be forgotten about.

 

Create a return to work program

 

When someone has been involved in an incident, it is a requirement that you support them in their return to work. Incidents involving an injury will mean that the individual will likely need time off, and may have special requirements when they return.

It is best practice to ensure that the returning employee’s needs are met, and that regular meetings are hosted to see how they are getting on.

 

Incident Management software that helps keep your business compliant

Incident management software helps to keep your business compliant and ensure that employees are protected. It is not simply about reporting an incident. A business must also be aware of the incident management that needs to occur in order to continually evolve and minimise incidents.

At present, we’re offering a free trial so that you can see how incident management works with Beakon software. Sign up now!

Does health and safety software save businesses money?

Does health and safety software save businesses money?

One of the questions we are so often asked about health and safety software, is whether it will save the business money.

On the surface, it can look like health and safety software is an added cost as opposed to something that could save your business money. However, this couldn’t be further from the truth. 

Health and safety software can save your businesses huge amounts in insurance, injury claims and compliance costs, which can not only hurt your business financially but in terms of reputation damage too. Discover why health and safety software can be one of the best ways to save money, and ensure that you have the best practices in place as your business grows.

Here’s some of the ways health and safety software will help you save money:

Improve how your business responds

One of the main costs associated with health and safety that set people back are the response times and how the business responds to an incident.

These are the areas where mistakes can be made, incidents can be left unreported and ultimately the business can be liable. A significant amount of time and money can be saved by implementing more effective safety management and incident reporting systems that help you stay on top of everything that is going on within your business.

Your business could save money with these systems by improving the response time, minimising clean up, encouraging a faster return to normal productivity and preventing the need to replace damaged equipment.

Safety systems that help you set out how employees and contractors should respond to an incident can significantly improve emergency response time, which in turn saves money.

Does health and safety software save businesses money?

Avoid Penalties 

One of the main ways that businesses lose money when it comes to health and safety is when they don’t comply with rules and regulations and end up being fined.

Compliance is crucial to reducing fines and ensuring that things are done the right way on your site or project. With health and safety software in place employees are aware of the guidelines and have an easy to read guide on hand on their mobile or tablet. This helps to minimise error on the businesses behalf and means that your teams can identify and communicate with the right person when unsure of what to do. 

In this regard, the compliance goal becomes much easier to achieve and maintain, which reduces the likelihood of any penalties that can add up in the long run.

Does health and safety software save businesses money?

Reduce costs associated with accidents and incidents

The cost of having an incident occur on your site can be shockingly high. Correcting mistakes, paying fines, or paying out to compensate staff who are injured on your site can make a huge dent in your profits and in some extreme cases even put you out of business.

Having safety management software in place helps to reduce costs associated with accidents in two ways: 

  • Reduces the likelihood of the accidents 

The best way to avoid having to pay out for accidents is to avoid having them in the first place. Health and safety software helps your business do just that by ensuring that measures are in place to reduce the risk of an incident.

  • Ensures you are doing everything correct if something does happen

Sometimes accidents are just unavoidable, and in these moments health and safety ensures that you are covered and have done everything you can do reduce them and report them if they do happen.

Does health and safety software save businesses money?

Save on reputation costs with health and safety software

The immediate costs of an incident on your site are obvious – compensation costs, costs of temporary workers, sick leave costs, insurance premiums – the list goes on.

However, some of the costs that are caused by an incident are hidden. Included in these costs are things like reputation damage and team morale that can cause issues.

If your company reputation is damaged you may find it hard to generate new business, or keep your clients if they don’t trust that your business is operating safely. This is especially true in a small business scenario, where many clients may know each other, or your story may feature in the local news.

Your reputation both internally and externally can have a huge effect on your profits. People need to trust your organisation both from within and without in order for you to continue doing good business, and a health and safety system helps solidify that.

Does health and safety software save businesses money?

Reduce Insurance Costs when you have health and safety software

Another important and often overlooked cost-saving of health and safety systems can be lower insurance premiums.

When a business is able to show that they are compliant and have measures in place to reduce incidents, they will often see a drop in their insurance premiums.

Plus, you will also benefit from a lower rate of injuries and incidents on your site, which will help you in lowering your premium. In having less incidents, and dealing with them correctly when they do happen so that perhaps you don’t have to claim as frequently will ensure that your risk is lower.

This often results in cost savings through lower insurance premiums.

Are you looking for an exceptional health and safety software for your business? Discover Beakon Software today.

5 ways to reduce the risk of an incident on your site

5 ways to reduce the risk of an incident on your site

If you manage a construction site, you’ll know that managing risk is a huge part of any project. However, this can be easier said than done when there are plenty of moving parts.

Government research shows that in 2019, 182 Australian workers were fatally injured while working, compared with 144 workers in 2018. Amongst the industries that had the most injuries and fatalities were Transport, Agriculture and – you guessed it – construction.

If you manage a construction site, or look after any aspect of workplace safety for your organisation, it’s always useful to brush up on your incident and risk management skills. To help, we’re running through the top 5 ways to reduce the risk of an incident on your site.

Educate Your People On Incident Risk

Risk increases when employees don’t understand the dangers of their environment, and often the only way to bridge that knowledge gap is by educating them yourself. Realistically, health and safety is one of the last things on the average contract workers mind, but it’s so important. One of the first steps in reducing the risk of an incident on your site is educating your people.

Often an effective learning management system or LMS can be very helpful in keeping track of the modules that people have completed and having a record in one place. Training people on health and safety best practices will help to reduce the risk of an incident on your watch.

Perform Regular Inspections

Having a handle on the level of risk is important, and regular inspections to see how your risk level is holding up is essential. Without constantly checking in and going over the hazards that are present on your site, new risks can crop up and cause issues.

Having a risk register that you can refer back to is very important and helps to remind everyone of incidents that have occured in the past and the potential weak spots where an incident may occur in the future.

Take A Risk Management Approach

On many sites, the policy is just ‘wait until something happens and then enforce safety measures’, however often that’s when incidents occur. Taking a risk management approach may seem boring or over the top, but having this attitude will help you reduce the risk of incidents on your site.

A risk management approach means that you actively seek out the risks and measure the likelihood of an incident occurring so that you can prevent them in the first place. This risk management attitude should have a trickle down effect from the top project managers and stakeholders to the day to day construction workers.

Once You Have Identified Risks, Make A Plan

Once you have identified the risks of an incident on your site, make a plan of attack to ensure that they don’t occur. This safety plan should be well documented and readily available for everyone to access.

A list of preventative measures should be implemented, and you may need to check in with your teams weekly or even daily to make sure that everyone is on top of these risks and doing everything they can to reduce the risk of an incident on your site.

Ensure That Your Tools And Protective Gear Are Up To Scratch

Aside from human error and negligence, one of the main causes of incidents on sites is when there is an error with equipment or protective gear. It is important that your business has an allocated individual to check the safety of tools and protective gear to keep your people safe.

Task Management software can help to ensure that everyone is on top of these tasks and keeps a record of when checks have been carried out.

For more information on how to reduce the risk of an incident on your site, head over to our contact page and get in touch.

 

How to Successfully Implement an Enterprise Risk Management System

For most organisations, utilizing an Enterprise Risk Management (ERM) software could be a daunting task. In the modern world, analytics is a great asset in risk management systems using sophisticated technological tools and an abundance of data.

As a result, potential risks that could affect your company’s workflow can be easily detected. Thus, insights and actions are hence provided concerning how to make corrections.  

Based on knowledge and experience, business owners understand that an effective ERM is majorly about capturing, analyzing and responding to risks but how can they align their assets and goals that will lead to great organizational management? And what kind of processes and mechanisms are required in reporting risks?

This article explores the answers and many more.

How Every Company can successfully implement an Enterprise Risk Management System?

The following are 5 ways that organizations can create business values by identifying risks through an effective and enhanced enterprise risk management system:

1)  Support from the Top management:  When those who are at the apex section of a company see no importance of risk management, there’s no way real investment in this area can be achieved. Thus, to successfully implement a formal process for an enterprise risk management system, there has to be committed personnel who are willing to proactively manage risks. This personnel includes everyone starting from the board, CEO and other senior managers. Thus, when there’s support from the top, the probability that an ERM system will be used more effective will be high.

2)  Educate the staffs on all levels: It’s important to educate your staffs about the relevance of an effective ERM system and why it must be implemented. For effective result, this knowledge is required to be communicated to all levels in the company. This communication creates a risk awareness culture among them which is then embedded into their day-to-day operations.  Likewise, it also promotes an accountability culture and ensures that the mechanisms that will be utilized to report risks are clear enough. This training process can occur annually or quarterly as the management deems fit and should be made mandatory for all staffs and sub-contractors.

3) Awareness that the ERM system is a continuous process: To implement an ERM system, you need to know that the process is ongoing on rather than a one-off exercise. So it doesn’t suffice for anyone to conclude after noting the company’s risks into writing that it all ends there till next time. In fact, no true successful program happens all at once. It involves a continuous collection of data and monitoring. More so, regular review of risks and updates will ensure that adequate resources are allocated appropriately for proper and effective management.

4) Identify the risks with huge threats: To improve your company’s business performance and governance there’s a need to focus on the most pressing risks. What do we mean by this? Time is of the essence in the business world so it’s considered a waste of time and effort when attention is given to a risk of less importance when urgency is needed at more important matters. Hence, the risks that have a high impact and tendency to occur should be given priority.

5) Provision of periodic progress reports: There’s a need for risk owners to have regular updates on the attainment of milestones specific to key enterprise risk management objectives. These reports highlight matters like the comparison between risk profiles and the targeted outcome, material risks, and ERM system progression.    

Conclusion

Obviously, there is no doubt that complying with the demands of an ERM system is a great opportunity to empower your company. To successfully implement a good risk management program in your company, all you have to do is to adhere to our above mentioned systematic ways.

You can make this possible by starting a free trial of our enterprise risk management system safety software. 

 

Related Articles You Might Also Like:

Enterprise Risk Management Tools: What Every Manager Ought to Know

5 Benefits of an Enterprise Risk Management Solution

Enterprise Risk Management Tools: What Every Manager Ought to Know

Enterprise risk management covers all activities directed towards making sure that your organization reduces the effect of risk on its financial security. Risks in the organizational setting cover a broad perspective depending on the organizational structure. However, it is fundamental that the organization’s information is the main object of risk. Technological solutions or software to manage enterprise risks are referred to as ERM tools.

ERM Tools: Why So Important

Serious enterprise risk management doesn’t happen without the right tools. Choosing the right tools, however, involves that you identify the risks and where the threat is coming from. Enterprise Risk Management tools make risk management easier and even more effective. Managing the ERM program of your business comes easier when you have the following facts at the back of your mind.

  1. Outlined Management Plan Simplifies Your Task: Organizational objectives are the first department to visit when it comes to usage of ERM tools. you need to get a clear overview of the organizational structure before taking any step. your organization’s history, present milestone, and prospective feats should be kept in view.

This will not only help you draw a transitional roadmap for risk management, but it will also influence your choice of ERM software, thereby guiding you to an easier ERM tool selection process. It will help you select tools that can function at more than one phase of organizational buildup.

  1. Risk Assessment Is an Eye Opener: conduct an overview of all the possibilities of risks to which your organization is liable. This will inform your next move regarding risk management. To do this effectively, you must study your organization’s activities carefully. Make sure you take a critical look into the data type, where data used for processing is obtained from, and how it is obtained. After that, you assign the measure of possible risk related to each factor and its implication on the security of the organization.
  2. Installed Safety Controls are very important: preventing hackers from having access to your database is a hectic task. Although you can’t influence their activities, you can make it difficult for them to infiltrate your database. You do this by establishing policies, protocols, and security controls.
  3. Internet Usage Ethics Reduces Vulnerability: the level of dedication of your employees matter when it comes to cybersecurity. Let them understand that the password to their E-mail account is just as important as the key to the office. Constant training, reminders, and tips for maintaining the right attitude to cybersecurity will help create and sustain this important culture.
  4. New Trends puts you a step ahead: risk is dynamic. The potential danger your business organisation is exposed to changes from time to time. This may be due to change in industrial policies, adoption of new software, or a step up in hackers’ activities.

Effective risk management requires that you pay attention to happenings around you. Upgrades in your risk management software should be carefully studied. This is to ensure that it doesn’t come with loopholes that may leave your data open to hackers.

  1. Keep Staffs Informed: don’t keep information about the new trend to yourself, it won’t help your organization. You can’t be everywhere at all time. Provide information about the latest developments to your ERM software tools to the right staffs, or if appropriate, all staffs. Set up round table discussion with ERM key stakeholders in your organization. That should be members of the risk management committee or department. There, you can analyze the latest trends in ERM tools, steps to be taken for right adjustment and sample their opinion on the discussed subject(s).
  2. Observe Constantly: Don’t wait for monthly or annual retreats before you monitor changes in your controls. damages may have been done far too deep by then. When changes that put your data at risk is noticed In your ERM tool, you should organize an impromptu round table session to inform your team and take decisive action to ensure the risks are controlled effectively.

Conclusion

Your risk management move is not complete if you don’t have the right Enterprise Risk Management tools. Let us help you with that today.

You can take advantage of our Safety Management software which is designed based on the experiences of successful, A-list organisations in managing and reducing workspace incidents. You can start by signing up for free and see how we can be of help.

 

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5 Benefits of an Enterprise Risk Management Solution

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Enterprise Risk Management (ERM) Software: 7 Features Safety Managers Should Look Out For

The world has reached a level wherein if an ERM system isn’t applied in an organization, such a company will lose regard in the sector. This is why applying enterprise risk management is highly pertinent regardless of the company’s size and complexity. Applying good techniques to risk management will help to improve business performance provided it has the required features.

Knowing these features requires sound knowledge by experts. This is because they’re able to understand the functionalities and likewise know the way they apply to individual organizations.

What are the features of an Enterprise Risk Management system that must be present for effective results?

We’ve compiled 7 strong features that every safety manager should know. They are:

1) Adequate Risk Management Framework: This framework will be a guide that shows the right approach to go about things within the company. It allows easy management of organizational risks although they vary across firms based on the following factors:

–  The kind of company,

– Risk exposures and

– Needs.

Furthermore, these risk management frameworks are meant to meet the peculiar needs of specific organizations for effective Enterprise Risk Management systems. These needs can be met by customizing your own frameworks where necessary. Regardless of inevitable organizational changes, both the current and future risks processes should be incorporated into the system.

2) Accountability: It is required for anyone who wants to use risk management software. To make this feature effective, it has to be implemented for both individuals and departments. Likewise, the respective managers at different departments and stages are expected to access risks that are relevant to them. This is what leads to the provision of little chunks of your risks by comparing them against hierarchy levels is made possible.

3) Integration of data storage: This involves proper management of data that is consistent for every user.  This feature prevents the movement of data from one system to the other by doing the following:

–        Tracking all data history for portfolios etc

–         Sending of data updates as well as receiving them from clients, custodians, traders, etc.

Based on the collected data, managers are able to review several trade scenarios before they’re executed.

4) International standard compliant: Adhering to laid down principles of implementing things begets credibility and trust. This is a more reason why you have to purchase good ERM system that adheres with international standards like ISO 31000:2009.  Based on the premise that an organization has various needs, the design and implementation of risk management plans are made possible by adherence to the ISO 31000:2009 standard. It’s worthy of note that this standard isn’t limited to a single sector or industry but it’s applicable to all forms of risks.

5) Regular reminders, alerts, and notifications: What’s your purpose of having an enterprise risk management tool in the first place? If it’s to manage risks better and more efficiently, then this is one of the key features that all software should have. The electronic alerts enable the authorities to control the risks once it has been identified. This means that the entire process will take place on time immediately without delay.

6) Generation of reports: As we mentioned above about reminders and alerts, likewise it’s also important that the risk assessment software has the power to generate timely reports. This is because these data gotten from such reports are crucial for efficient performance and risk management. These reports should be generated for boards of directors, regulators, and auditors.

7) Performance Measurement: Based on the reports gotten, the managers will be able to see where they have gotten things right and where they have fallen short. Hence they will be able to set performance goals against next reports and ensure they are able to meet up with it.

Conclusion

We have outlined seven critical features we believe every safety manager should know when considering enterprise risk management solutions. These features make the workflow of any company to be effective with little or no issues.

So are you ready to get an ERM software system that has all and more of these features combined that enables you to manage your risks and increase your performance? Then Beakon is the right choice. It has a plethora of management software tools that will save you time and increase your productivity. Start a free trial of Beakon today.

Risk Management Software: 6 Benefits Every Manager Should Know

A myriad of risks is part of a daily operations organisations, from small to global organisations. This is because risks are an intrinsic part of a corporate landscape. These risks can range governance, compliance, financial, security, legal, and reputational as well as risks posed by natural disasters. Risk management software helps businesses measure, predict, and manage possible risks appropriately.

Risk Management Software

Risk management software helps companies to identify possible risks associated with their operations and processes, and displays them via a display dashboard. Any threat posed to an enterprise is virtually measured and monitored by such software.

As a business grows, so does risk this made it essential to incorporate risk management software into your business. Risk management integrated at various levels could be an equivalent to adding a revenue stream to a business organization. Multiple tools are combined to RMS to help manage product design and manufacturing operations. Risk management software has many benefits to a business organization below are six examples.

Benefits of risk management software

  1. Business risks are identified and classified: Risks are identified and classified accordingly with the aid of an RMS. It takes proper measures based on the detected and classified risks, to evade them by suggesting an appropriate risk management strategy.
  2. Minimize the complexities of business risks: Risk management software responds appropriately with the help of the industry’s checklist and task-based calendar and minimizes the complications of risk. The software will generate a customized approach to avoid risk based on the unique needs of a business.
  3. Automated risk reports: A user is informed of any necessary actions to be taken to prevent risk through an automated report, which provides precise data on the objectives as well as information regarding the associated risks.
  4. Accurate and relevant: It is made easy for managers to view risk in real-time because Beakon uses real-time data, results are accurate and related to the business operations.
  5. Secure data: Organization’s data is secured with password protection, thus limiting the availability. With the help of automated backups, it offers complete protection to the system. It becomes reliable without putting much effort.
  6. Real-time recording: The advent of risk management software made it far easier to record and update information related to risk compared to traditional paper-based systems or Excel where people spend hours updating risk relevant data.

Conclusion

Risk management is an important element for any organisation looking to be compliant, and have a safety culture in the workplace. Beakon offers a range of software to help safety managers do their jobs more efficiently and effectively. Take our all-in-one software for a spin with a free trial today.

Risk Management Strategy: A Guide to Getting Started

Most large organisations do not have a problem developing risk management programs because they got the basic framework right several years ago. The same cannot be said for newer organisations or startups that have experienced exponential growth.

These companies often rely on lean methodology principles that are not quite as effective in putting together an effective risk management strategy as it is in helping them scale. One of the significant causes of risk exposure is because many organisations think of risk management as a project.

Risk management is not a project

Risk management is a program, not a project. The Project Management Institute defines a project as temporary because “it has a defined beginning and end in time, and therefore defined scope and resources.” However, a  program is “a group of related projects managed in a coordinated manner to obtain benefits not available from managing them individually.”

The first step towards creating an effective risk management strategy is first to recognise that risk management is a program and not a project. That means instead of looking at it as something with a beginning and end, it should be viewed as a series of connected projects that works together to reduce the overall risk exposure in an organization. Once that has been addressed, we can easily towards constructing a risk management framework that works.

5-step framework for creating a risk management strategy     

Although there are several versions of what makes up a fundamental risk management strategy, a vast majority falls into the following 5-step framework.

Step 1 – Discover potential risks to the organization

The first step is to discover what your organisation’s potential risks are. You cannot deal with what you do not know. Taking inventory of all the things that could go wrong is a great way to prepare for the rest of the process.

Step 2 – Analyse those risks and assess their impact

The next step is to analyse the risks you discovered in the first step and try to evaluate their impact o your business. It is important to note that while eliminating all the risks you discovered might not be entirely possible, prioritizing them are. When analysing these risks, the most important factors to consider are the impact of the risk and the likelihood of its occurrence.

Step 3 – Implement Necessary Controls

The next logical step after compiling your list of possible risks and analysing the likelihood of its occurrence is to put controls in place to combat and mitigate these risks when they do occur. Examples of these controls include policies, systems or tools that allow you to manage your company’s risks effectively.

Step 4 – Monitor

After your controls have been put in place, you need to implement a system to monitor it. You need a way to track which of your controls have been met and which ones are still operational. This 3000ft view of your entire risk management operation helps you paint a clear picture of where your organisation is when it comes to risk reduction.

Step 5 – Communicate and Report   Data

The final step of this framework is to report key data captured from your activities. A comprehensive risk management report helps your organizations decision makers make better decisions that will affect the company positively.

Additionally, your reports should not only focus on decision makers but should also include other key personnel, for example, lime manager, supervisor, project manager etc. The first audience will want summary information that shows the full picture while the second audience would like to see operational data. This is especially true for those who are in charge of contractor management.

Risk management software ties everything together

Every aspect of a successful risk management strategy can easily be managed using Beakon’s risk management software. Our risk management software is easy to use and comes with a free trial that lets you look at all the features without any financial commitment.