New ARIS Mobile App – Risk Catcher!
Blog: Software AG Blog - Reality Check
Years ago we believed that it was sufficient to schedule a meeting, sit together, and brainstorm about new risks that (might) occur. Based on the identified risks, risk managers evaluated the gross and residual value in order to come up with appropriate mitigations. Mitigations might be the introduction of new process controls or by sharing the risk via an insurance policy. In the digital age, that isn’t enough anymore. We have simply no clue what risks we will face today let alone coming weeks. Think of threads of cybercrime, risks by employees in social media or unexpected risks in a complex logistical processes with a dozen of suppliers that rely on each other. Daily, new risks surprise companies unexpectedly and it is a serious threat.
There are two practical ways of defending the company against unexpected risks.
First of all we can make use of streaming analytics. Big volumes of data can be monitored and automatically emerging risks can be identified. An example is automatic risk detection in (pre)trade processes in financial markets. Or a combination of suddenly changing weather forecasts and safety of thousands of people at dance events in the open air. Party people can be warned real-time. We can even go further and predict when certain risks will occur. In manufacturing the downtime of machines is a huge operational risk. Since we can predict when certain components of a machine will break with an accuracy of minutes or seconds, we can fix it before it breaks. The risk mitigation measure can also be automated, like placing component/consumable orders and plan next stop of field service, in the example of avoiding down-time of machines.
The second method is for all those risks that cannot be detected automatically form big data and using IoT, like sensors on machines. The second method does not rely on e.g. 50 business risk managers doing risk identification assessments in the office. This method is based on the >5.000 employees in the field. All experts that know their own domain best. They are the best identifiers of new risks in their processes. That is exactly why ARIS Mobile has been developed: utilize the in-depth knowledge of your community! Special for the GRC area, there is now the “Risk Catcher“ developed. In case someone in the field sees a potential risk, he simply takes his mobile phone/device and takes a picture. They add information like the ‘hazard’, ‘event to prevent’ and the ‘’possible consequences. In the app, you can link the risk to the process where the risk occurs, simply by scrolling through the process list and picking the right one. Immediate action is taken by ARIS Process Governance: the process owner will be notified and is requested to take action. This real-time action can save millions by preventing the negative event takes place and it can save bad injuries. The “Risk Catcher” is a co-innovation of Software AG and Centrica and is demonstrated live for the first time at Innovation World 2015.