Gain a ‘helicopter’ view of enterprise risk with risk management software

Inspired by the film, ‘No Time to Die’ in which, true to form, 007 adeptly uses situational awareness of opportunity, uncertainty and risks to his advantage, GRC Pundit, Michael Rasmussen suggests that taking a leaf out of Bond’s book is something that all organizations could benefit from when it comes to risk management.

In his blog post entitled ‘James Bond 007 and Risk Situational Awareness’*, the internationally recognised specialist on governance, risk management and compliance (GRC) states, “Risk situational awareness is the perception of the details and events around us and the interpretation of how they can or will impact us to determine our course of action. James Bond looks at the big picture and sees all the details.”

PERCEPTION - COMPREHENSION- PROJECTION

In simple terms, situational awareness means knowing what is going on around us; the perception and assessment of all elements within our environment at a particular time; comprehension of their meaning, followed by projection — knowing how a situation is likely to play out and what impacts are likely.

Such Bond-like ability to see ‘all the details’ draws interesting parallels when considering risk management. According to Rasmussen, “Situational awareness is needed across the organization because of the complexity and intricacies of risk management.”

DEFINING RISK MANAGEMENT AND DETERMINING BUSINESS OBJECTIVES

If risk is ‘the effect of uncertainty on objectives’, Rasmussen believes that organizations must consider exactly what those objectives are and they are setting out to achieve, “In the business world, we have all sorts of objectives. They can be strategic entity-level objectives for profit, growth, expansion. They could be a division or department objectives. They can then drill into the process, project, or even asset-level objectives. We need to understand and manage risk (uncertainty) in achieving those objectives.”

He cautions that what may initially appear to be a small risk event can in fact be broad-reaching in impact. Change in one area of the business can have “cascading effects that impact the entire eco-system. Dissociated risk information leaves the organization with fragments of truth that fail to see the big picture of performance, objectives and risk/uncertainty across the enterprise.

“Situational risk awareness enables the organization to understand performance in the context of risk. It can weigh multiple inputs from both internal and external contexts, and use a variety of methods to analyze risk and provide qualitative and quantitative modelling.”

Take a situational awareness approach and the benefits for organizations working to develop their risk management maturity and capabilities are extensive. Essentially, with greater awareness of enterprise-wide risks, drawn from reliable risk data that can be shared and analyzed, and with alignment between performance, risk management and compliance, businesses are poised to make better decisions. And in critical situations, take it from Bond, the right decisions count!

DISCOVER A SINGLE SOURCE OF TRUTH FOR ENTERPRISE-WIDE RISK MANAGEMENT

Numerous world-leading organizations trust Active Risk Manager, Sword GRC’s best-in-class enterprise risk management solution for a complete, helicopter-view of the overall picture of risk within the organization. Download brochure.

See the wider picture of interconnectivity between risks

Interested in learning how greater visibility can offer a better understanding of the connections between risks across the organization can better inform decision-making?

Register now for Sword GRC’s upcoming webinar Sword Visualizer — helping you understand the interconnectivity between risks within the enterprise

*James Bond 007 and Risk Situational Awareness | GRC 20/20 Research, LLC (grc2020.com)