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May 24, 2023

5 ways software integration improves risk management

If companies wish to get ahead of risk in an increasingly chaotic risk landscape, they must be able to identify, understand, and measure risks relevant to their businesses effectively. Software integration can help.

Our exposure to risk has never been more volatile with economic uncertainty, a global pandemic, climate change, digitalisation, increasing stakeholder expectations and geopolitical risks all contributing. To effectively navigate this ever-changing landscape, organisations must adopt a more dynamic and flexible approach to risk management.

Integrated Risk Management (IRM) brings together different risk management disciplines, including cybersecurity, compliance, operational risk, financial risk, and strategic risk, into a unified and cohesive framework. IRM is becoming increasingly important to organisations because it enables them to improve risk management processes, enhance decision making, meet regulatory requirements, improve financial performance and better protect their reputation and brand.

Software integration is an essential component of IRM. By integrating different software systems and applications, organisations can bring together data into a single, unified platform, providing a more complete and holistic view of their risk landscape and reducing duplication and human error. Decision makers can then use this single source of truth to better identify potential risks and vulnerabilities across their entire technology ecosystem and develop more effective risk management strategies.

But to integrate effectively, software must be built with a modern tech stack. An old inefficient tech stack often leads to slower performance, doesn't support a large increase in users, and requires more resources to maintain and scale, which increases operating costs and reduces profitability. Stacks based on older tech also limit a business's ability to take advantage of critical data and new technologies because without significant IT investment, they do no integrate. A modern tech stack is scalable, flexible, efficient and importantly, supports integrations with other applications.

Here’s why software integration is a crucial component of risk management:

1.       Increased visibility: by integrating different software systems, organisations can gain greater visibility across their technology ecosystem and identify potential risks and vulnerabilities. This visibility can help businesses better understand the impact of potential risks on their operations and develop more effective risk management strategies.

2.       Improved data management: software integration can help businesses bring together data from different systems and applications into a single, unified platform, providing a more complete and holistic view of their risk landscape. 

3.       Streamlined processes: software integration can help businesses automate reporting, risk assessment, risk mitigation, and risk monitoring across different systems, helping to reduce duplication of effort and ensure that risk management activities are consistent and effective across the business.

4.       Consistent risk management policies and procedures: software integration can help businesses implement consistent risk management policies and procedures across multiple systems and applications. This helps to ensure all potential risks are identified, assessed, and managed in a consistent manner across the entire technology ecosystem.

5.       Real-time risk monitoring: by continuously pushing and pulling data from one application to another, businesses can monitor risks in real-time and respond quickly to potential threats and vulnerabilities. This reduces the risk of potential disruptions to business operations.

THE GLX CARGO SOLUTION

Not all software applications are able to integrate with one another, but GLX CARGO can.

GLX CARGO is next generation software purpose-designed and built to manage all aspects of commodity cargo management.

The software’s modern tech stack and data hierarchy allows it to integrate with all existing systems, updating data across the organisation in real time. This allows commodity companies to better protect their portfolio value, improve value chain efficiency and manage risk more effectively.

To learn more about how GLX CARGO can bring value to your business, get in touch at glxdigital.com.

 

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