We’re off to the land of cloud-based risk management software, where productivity, innovation, and efficiency triumph.

Tethered to our devices, we bring the ethos of technology-enabled convenience and drag risk into the 21st century.

However, first, it is helpful to reassure you that this is no clickbait tech fad that will soon be dead and buried. Cloud-based risk management software is now vital for all companies in all market sectors, micro, small, and large enterprises. The solution is simple and easy to use and set to disrupt risk management forever.

For some, risk management is the big, scary Kale of the business world: huge, lumpy, fibrous, heavy on the tongue and bitter on the palate. Too often, it’s associated with time-consuming Excel spreadsheets, mountains of red tape and lengthy, frequent reports that symbolically consume the business’s ‘slack’, a person or two’s time every quarter or month. It’s a necessary evil of conducting business that a business can’t do much about. Except maybe to get rid of it. Cloud-based risk management software flips Kale on its head. It uplifts conventional tedious, time-consuming, and hard-to-understand processes. It pushes risk management into a slick, streamlined and strategic real-world future.

One of my favourite aspects of this technology is that it is, of course, inherently portable. You can access the tech anytime, anywhere – all it takes is a live internet connection. You can manage your risks at a distance, which is helpful during these emerging ‘work-from-home’ trends. On top of this, all the enhancements in risk management algorithms and techniques are rolled out to you automatically via regular updates. You don’t even have to think about it. No new software or updates!

Data security is a common worry for companies reluctant to take the plunge and opt for cloud-based technology. However, reputable risk software providers safeguard your information according to the highest levels of security. Cloud security is generally more secure than conventional methods – you can rest assured that your precious information will be safe.

Then there’s the cost. Yes, yes, I know that one is top of the agenda for a great many. Many assume that any tech solution will come with a costly price tag. It’s probably true that any aspect of digital transformation involves a cost, but here’s the good news – cloud-based risk management software is substantially less expensive than you might expect. There is no upfront hardware cost, whack-a-mole bill for unexpected repairs, or ongoing maintenance costs. The subscription model usually includes upgrades and support. It will also scale as your business grows, i.e., you pay only for what you need.

Lastly, there is the area of collaboration. By its very design, cloud-based software fosters collaboration and cooperation. It allows real-time, consistent access to data from all team members so they can work on the same inputs. It generates high-level reports and dashboards, more effective forecasts and scenarios, and facilitates more informed strategic decision-making.

Final Thoughts

To sum up, it’s high time we switched to the cloud! What can be better than automation? Cloud-based risk management systems bring all these benefits: flexibility, security, low costs, teamwork and, finally, better productivity!