Better Decisions : Better Outcomes TM

As many of you know, one of my key roles now is as the Chairman of the risk management software start-up Riskwell. I am both delighted and excited with the progress and development of Riskwell’s first product, Riskwell Protect, since its launch several week ago. Protect is already being recognised as best in class, which is no surprise considering that it is based on many years of industry best practice and the extensive experience of Riskwell’s leadership team. Looking at how you can make better decisions and reduce future threats, while at the same time capitalising on opportunities, has always been a passion of mine. Sometimes it is just a small things that makes the difference, rather than a so called big ticket item. This experience is all built into Protect.

We created Riskwell after recognising that whereas all our risk management techniques are proven practically, at the same time many businesses are dealing with high levels of uncertainty. With simultaneous challenges such as the Covid-19 pandemic, climate change, net zero, unrest in multiple regions, global economic crises, conflicting data and the ever increasing speed of technological change, charting an effective way forward for your business is a daunting and difficult task. This is neatly summed up by the acronym VUCA: Volatile, Uncertain, Complex and Ambiguous.

Well documented research and benchmarking shows that 50% of business decisions result in adverse outcomes, 13-14% of businesses go into liquidation each year, less than 2% of companies have consistent top quartile capital development performance, and 70% of projects go significantly over budget and schedule. Significantly, there are blind spots regarding risk associated with both growth and organisational capability.

However, rather than leaving it to chance, or the intuition of your teams, there is a way forward where you can improve your odds of success and create better sustainability for your business. Of course, the only real way is with people. But, redefining the VUCA acronym, if you can give your people better Vision and Understanding, more Clarity and the ability to be more Agile, then they become more aligned, more confident and make better decisions that improve your business’s outcomes. This thinking lies behind Riskwell’s company slogan – Better Decisions: Better OutcomesTM.

In addition to its first product, Protect, Riskwell is developing a suite of additional software products that will launch over the next twelve months to help teams even further with their decision-making processes. Although Riskwell’s software is intuitive to use, we also have excellent consultants to help embed and develop decision making and risk management awareness and processes in your business if that is also required.

Many companies work vertically. With risk management, at best this leads to a focus on threats and actions only. To me, this is like trying to drive your car with three wheels, a dodgy gearbox and no windscreen wipers. In today’s business environment, we need an enterprise decision and performance system that works both horizontally and vertically across the business. Only then can real success be achieved. Research shows that having this type of system doubles the chances of consistent top quartile performance.

My team and I would be very happy to discuss with you how Riskwell can help improve your business performance. Please visit our website at www.riskwell.co.uk and contact us if you would like a free consultation or demonstration. We would love to hear from you.

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@RiskwellBetter