Enterprises are struggling to implement adequate risk management processes due to cloud proliferation, new infrastructure and tools, and an increasingly distributed workforce. They frequently overlook one of the most critical aspects of a successful risk management strategy: effective communication between the “front and back of the house.”
An effective and successful risk management program involves the “front of the house” — key business stakeholders defining policies around risk and repercussions of not following them. These policies once established are then shared with the “back of the house” – various functional or system owners who are entrusted with executing them for their departments or teams.
In the past, there have been significant differences in how functional leaders implement these policies, monitor them, and report on their effectiveness.
Automation technologies powered by artificial intelligence (AI) can be tremendously valuable for streamlining risk and compliance, but if technology is not adequately evaluated before being used, it can lead to even worse problems down the road. However, the issue has never been a lack of proper tooling; rather, organizational silos prevent these tools and projects from working together.
This disconnect is common, which is why more companies are searching for solutions that bridge the “front and back of the house” into a single workflow. There is fewer contexts switching, decreased friction, and increased efficiency when real-time monitoring, measurement and risk management strategy are combined in one place. Expectations and polices for how to follow them are consolidated throughout the entire company, making them simple to follow and ensuring that risk management efforts are not wasted.
The sentiment is simple to grasp, but putting it into practise can be difficult. So, how can businesses get ahead of the game and avoid the difficulties of new technology integrations or worse? There are a few approaches to address this, but the simplest and most effective is to favor solutions that integrate with the existing technology stack. This is also known as a platform-native strategy, and it acts as the proverbial “bridge” within a company.
Conventional knowledge has led businesses to resort to best-of-breed solutions to solve their technological problems. However, this method necessitates additional due diligence to ensure that they complement existing systems and are accompanied by adequate training for employees who must become acquainted with new technological interfaces and processes. To put it another way, a lot of things have to go right for individual solutions to succeed. If done correctly, a platform-native approach will accomplish these goals without anyone even realizing it.
A platform-native approach, which is synonymous with seamless application integration, brings together disparate capabilities and ensures that they work together. In the case of risk management, this is accomplished by ensuring that all systems and personnel have the appropriate access and permissions within the organization. Access to sensitive information is limited to those who require it, compliance is automated, and auditing is done with the click of a button rather than a time-consuming, manual IT effort.
Streamlining risk management and compliance becomes even more crucial in today’s hybrid and remote working environments. To meet the demands, most companies have incorporated new apps and technology. All of these technologies necessitate an additional degree of security and accessibility. And add the “The Great Resignation” to it, provisioning and de-provisioning individual access to enterprise systems and data becomes a full-time job.
A platform-native strategy automates these ever-changing, difficult-to-manage permissions, placing risk and compliance front and centre. Aside from improved privacy and security, this has another important benefit for businesses: faster time-to-value and productivity.
An organization can invest in all of the best-of-breed solutions in the world, but if nothing is done to connect people to new technology and processes, there will be no actual return on investment. Risk management requires connecting the “front and back of the house,” and a platform-native solution is one of the most effective methods to do so for all business processes.
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