Spreadsheets for Risk Management Can Become the Risk Itself

When it comes to risk management, spreadsheets are often seen as the go-to tool for organizations looking to manage their risks. However, for many companies, spreadsheet-based risk management can be a risky proposition, with the potential for errors and data inconsistencies it’s least helpful feature.

Although spreadsheets can offer a great way to organize and analyze data, they don’t work effectively for risk management.?Risk Registers and Risk Analysis is simply not easily done in a spreadsheet, so having a specific software solution, like Alcea Tracking Solutions RiskMgr, can offer the best collaborative solution for proper and complete risk management.

Not only do you need an in-depth analysis of the risks faced by your company, using your specific workflows, and their impact on the business, you need to be able to measure fallout, from financial to operational. Additionally, spreadsheets can be difficult to update and maintain, and errors can easily occur due to the manual input of data, often done by a single person. Human error = $$$.

The most important component of any risk management system is the ability to accurately assess and respond to risks in a timely manner, ideally in real-time, with a comprehensive history of the risk for all to see immediately, using notifications presented to the correct people. It is a must to respond quickly to risks as they happen.

With all of the business risks out there, don’t let your antiquated systems be the one that costs you time and money.?Alcea RiskMgr offers a no obligation, free demo, using your specific business requirements so let’s talk and see if Alcea Tracking Solutions is right for you.?Simply send us an email at [email protected] to request your demo.