Every company has its share of operational risks. But one thing that sets good companies apart from great ones is how they employ risk management solutions to reduce risk without sacrificing profitability.
Risk doesn’t take a single form, which means there is no single way to locate and mitigate potential threats in your company. For example, finding risk associated with compliance isn’t usually discovered or handled in the same way as identifying safety hazards within the facility.
Most companies experience a variety of risk touchpoints, including compliance risk, safety risk, environmental risk, climate risk, and risk associated with changes in the organization. Each type of risk may require a unique set of tools that can assist with data recording, analysis, hazard identification, creating action plans and follow up, and other activities.
Regardless of the type of risk, one thing is clear: the variety of risk that companies face today is drastically different than those of decades past, which means there’s a need to change the way that business leaders respond to these risks.
Take a closer look at the risk management tools for 2019 you can put to work in your organization to effectively manage your risk profile.
What Is Risk Management Solutions Software?
Risk management software was developed to tackle the fast-evolving challenges in today’s business landscape. Today’s solutions use a comprehensive approach to risk management by providing effective, repeatable, scalable solutions that can be easily adapted to every department and their unique set of risks.
Risk management software for EHS and Maintenance departments generally come in two forms: EHS software and CMMS software.
Acting as an all-encompassing solution for various components of the EHS department, EHS software combines activities like audits, inspections, incidents, near misses, workplace observations, compliance, and training in a single platform.
Because of its comprehensive nature, EHS software delivers deeper, more accurate insights into EHS departments because all activity takes place within the platform. Data collected from previously unrelated activities are now meshed into one solution to help you find connections that may otherwise have been overlooked.
This unique functionality is helping EHS leaders gain more control over risk within the organization. Deeper data analysis can help identify problem areas and hazards, so you can take action sooner, save time, and focus on the outcome of your actions.
Also referred to as Computerized Maintenance Management Systems, CMMS software’s core responsibility is to simplify maintenance activities within an organization. Everything from routine inspections and repairs to inputting work orders is performed through a CMMS solution.
In risk management, CMMS software is proving to be invaluable. Part of the job of a facilities leader is to identify when a company’s assets (e.g. machine, equipment) is most likely to fail or when its use may have consequences. Those assets that carry a high risk can then be prioritized to ensure the best possible outcome.
Many industries, including healthcare, oil and gas, and machinery, often use a risk-based approach to maintenance. Identifying information such as asset failure history, service dates, and past issues can help companies avoid costly downtime and unsafe work environments for their employees.
Benefits of Using Software to Mitigate Risk
Replacing the pencil-and-paper modality of years ago, EHS and CMMS software streamline risk management by helping organizations to improve risk visibility, which can help businesses identify threats before they become larger issues and maintain profitability. It also provides EHS leaders with data-driven insights rather than forcing them to make decisions based on gut feeling.
As added benefits, having a reduced risk profile can instill greater confidence in the company from employees and shareholders alike. Companies earn a competitive advantage by being able to operate more efficiently. But most importantly, less risk means a safer work environment for all.
How to Implement Risk Management Solutions in Your EHS or Maintenance Department
Choosing a risk management solution can be seen as a risk in itself. You want to ensure that whatever software or system you choose will be able to do the job you need it to while helping you save time and remain profitable. Before committing to a single solution, take it for a test drive to see how it will look and function in your organization.
Contact us to learn more about how risk management software can help your organization.