Riskonnect: Anticipating and Managing the Risks across Enterprises

Many organizations are sensitive to the inherent risks in their businesses, and constantly struggle to enable a continuous flow of feedback on residual risks and solutions.

But, in many ways, the stakes are higher, and the risks are greater today. Simply put, to remain competitive today, corporations must consider risk management as a critical component of their operations. Without it, a firm can hardly define its future objectives. And if a company defines its objectives without taking the risks into consideration, it may lose its direction if uncertain risks hit their operations.

Riskonnect identified this ongoing scenario, and started helping organizations address it through an integrated risk management platform. Riskonnect was founded with three elements in mind: being a customer-centric organization, serving as an application of leading technology, and enabling organizations to manage all types of risk.

An Integrated Risk Management Platform

Riskonnect is the trusted, preferred source of integrated risk management technology. The company offers a growing suite of solutions on a world-class cloud computing model that enable organizations to better manage risks across the enterprise. It is a sophisticated technology platform delivered on SaaS basis that covers both insurable and non-insurable risks. It allows organizations to holistically understand, manage and control risks to operate more efficiently and positively impact shareholder value.

Riskonnect’s highly configurable technology is ideal for forward-thinking organizations facing increased scrutiny and accountability for corporate governance, strategy and strategic risk. The company’s solutions help their customers plan and respond intelligently to risks that could potentially harm an organization and its corporate reputation.

An Industry Veteran

As the company’s innovation continues to advance, so does its leadership. Jim Wetekamp recently joined the organization as CEO. He has more than 20 years of extensive experience in leading organizations. Before Riskonnect, Jim was CEO at BravoSolution, a Chicago-based cloud procurement solutions provider for three years. He led the firm to an increasingly global footprint with a continuing profitable growth.

Jim’s hiring came on the heels of a strong first quarter for Riskonnect, including being named as a Leader in The Forrester WaveTM: Governance, Risk, and Compliance Platforms, Q1 2018, and a finalist in the Atlanta Business Chronicle’s 2018 Pacesetter Awards.

Responding Risks through its Unified Solutions

Riskonnect’s integrated risk management technology solutions address insurable and non-insurable risks, enabling organizations in various vertical markets to make informed strategic decisions by tracking, analyzing, connecting and mitigating risks along with a holistic view of risk management.

Its broad range of solutions includes enterprise risk management, risk management information systems, health and safety management, audit management, compliance and regulatory management, vendor risk management, business continuity management, and healthcare risk management.

In addition, Riskonnect offers a single, unified, and automated risk-assessment tool that provides critical insight into all the strategic and operational risks across the enterprises to align with the risk tolerance of the organization. Its integrated risk management addresses risks across a variety of levels in the organization, including strategy and tactics, covering both opportunities and threats.

Designing the Future of ERM

Successful ERM programs will require GRC technology to improve executive-level risk awareness and visibility and to drive action at the operational levels. Many organizations feel compelled to embrace ERM due to regulatory demands, while the company believes that all the organizations must employ the innovative program.

An effective ERM program can serve as the ‘voice of reason’ in the executive suite. Effective ERM programs provide a platform for organizations to evaluate decisions about reserves, investment levels and funding of key initiatives. Thus, ERM programs should expand their use of data and analytics, instead of simply studying a single event that had a significant impact to a series of events that have a significant impact. Additionally, risk management organizations should monitor trending events in an attempt to solve the problem sooner, which results in having a more positive financial impact on the organization.

Riskonnect’s vision is to continue to grow in scale that is measured by the breadth of its offerings across the risk spectrum, the breadth of its reach in terms of industries and geographies, and the depth of its value-added experience and support to drive customer success.

Statements of Appreciation              

“With Riskonnect , there is more time to focus and spend more time on the analytics as opposed to the data gathering.”- National Food Company

You all have designed, developed, tested and implemented a risk management Information System with deployment to 37 countries (including developing the training materials and training almost 100 users in those countries) in just 5 months!  You guys are awesome, and while we still have worked to do, I want you to know how proud I am of what has been done and how much I appreciate all those midnight hours spent on bringing this project home.”- Jackie Hair, Executive Director, Risk Management – Corporate Ingram Micro, Inc.

Source: The 10 Most Trusted ERM Solution Providers, 2018

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