Following the market downturn of 2008 – where some of the largest and most established companies in the U.S. crumbled – the need for effective risk management became paramount in nearly every industry.
What exactly do risk managers do and why are they so vital to organizations? Salary.com broadly defines the role of risk managers as those professionals tasked with developing and initiating internal and external risk-management and loss-prevention programs.
As a result, risk managers are often called on to work with top executives within organizations and identify concerns that could jeopardize a business. Because of this responsibility, most risk managers are well-compensated, with incomes averaging around $104,000 annually, according to Salary.com.
The Risk Management Society lists a variety of opportunities that prospective risk management professionals can consider. These roles can range from entry-level slots such as Claims Analyst to mid-level positions such as Business Continuity Manager all the way up to Chief Risk Officers.
Regardless of the industry they work in or the role they serve, risk managers are expected to effectively evaluate risk, analyze data and alert decision makers about any potential vulnerabilities, while offering solutions.
Here is a list of seven of today’s most effective risk management apps:
1) Citicus MOCA
This app accesses critical data from across your company (IT Infrastructure, warehouses, retail outlets, offices, etc.) within minutes, allowing you to assess risk and loss within your company. It also allows you to display your risk in an easily-readable format on your tablet. You can even create a .pdf to share with other stakeholders in your company.
When doing business in other countries, there are important things to take into consideration, such as law, political unrest and human rights issues. Zurich Risk Room allows risk managers and analysts to assess risks on a national and international level. Public data, such as energy prices, water shortages, and political unrest can all be factored in, which enables risk assessment on a global scale. You can use this information to consider supply-chain disruptions, demographic shifts, and imbalances in macroeconomic complications. The display is easily readable, and sharable across an organization, so you can distribute important information to all interested parties.
This iPad-only app offers companies the option of in-depth research and risk analysis in a complicated business world. Marsh, a global leader in insurance broking and risk management, built extensive databases using its own research. The app offers access to briefings, white papers and comprehensive analytics.
Strategy and Risk Studio is an all-encompassing app that manages risk, while also developing and enacting strategy. The iPad app’s “Risk-Based Performance Management model” incorporates several frameworks. These include:
COSO – Provides flexible evaluation standards to compare existing real-time ERM practices. This allows a focus on the activities first rather than only the process
ISO 31000 – This is more of a guide about the nature of risk management and the best practice ways to implement it. This translates into a focus on the implementation of a settled ERM system. ISO 31000 provides more insight for people not used to working with any risk management model.
Balanced Scorecard – This strategic planning and management system aligns action with a companies stated vision and goals. It’s designed to improve communications and monitor performance along the way.
Risk managers and analysts will be able to use any of these t both breakdown and implement a risk model and strategies.
The app acts like a tour, guiding users through the process. Users enter their business structure as well as their key performance indicators (KPIs), risks and initiatives. Controls and risk indicators can also be entered, allowing the user to define risk exposure and risk appetite.
This app helps risk managers assess geographic locales for safety. Risk managers can use the app to search for currency information, emergency telephone numbers, embassy data, custom contacts, transportation information and communications. It allows employees and managers to know all aspects of travel to any area around the world. It can also help protect the company’s brand through consulting, technology and risk transfer.
This Google App for business security is quite simple, helping risk managers and analysts develop maps to help strategize and map out possible outcomes, while assessing risk and reward. The interface is not fancy, but provides a simplified tool to use when measuring risk. The app is great, as its easy-to-read charts can be exported to .pdf and other common applications, making it share-able throughout the company.
Deductibles, developed by ClearRisk, Inc., was created to help risk managers assess insurance-premiums and insurance-deductibles. This enables risk managers to suggest a multitude of options (versus the cost of risk).
These apps are all useful tools in risk management, complementing the knowledge you gain by earning your MBA from University of Saint Mary. Looking for additional apps to help in business? These apps designed for Professionals in Personnel Management will help: 10 Handy Apps for Professionals in Personnel Management.