Risks inherently are part of business operations and can have a devastating impact on business continuity, brand reputation, financial loss, cash flows, or/and loss of customer trust, if not managed pro-actively.
At the same time, organizations always do not have adequate visibility into the status of obligations, and they end up being reactive in identifying and handling risks. It raises several challenges:
- Companies cannot proactively assess and manage their risks, given the current post-pandemic business environment characterized by unpredictability, volatility, and mounting counter-party solvency risks
- Traditional Governance, Risk and Compliance (GRC) and Risk Management tools are not able to roll-up risk insights from across business processes and hence are only good at reporting and analyzing risks in hindsight
- Lack of visibility and insight into obligations —typically spelled out in service contracts—can lead to substantial risks for businesses if not surfaced at the appropriate time and monitored at an adequate level to provide required executive attention