Organizations can ensure security with adequate precautions and safety measures. Be it the infrastructure or the health and safety of employees, eliminating risks is as vital as devising a business strategy. Today, many risk management solution companies are providing innovative options to help organizations achieve this safety and security. One such provider, Riskonnect, is leading the way with integrated solutions to mitigate such risks or threats in any organization.
Headquartered in Kennesaw, GA, Riskonnect is the global leader in Integrated Risk Management technology. Its growing suite of cloud-based solutions integrate risk from across the organization and across the globe. Riskonnect’s platform has a unique ability to bring together insurable and non-insurable risk, giving clients an unbeatable view of risk enterprise-wide.
Riskonnect’s highly configurable technology helps organizations understand, manage, and control risks, which positively affects shareholder value. The platform allows forward-thinking organizations to easily cope with increased scrutiny and accountability for corporate governance, while better managing strategic risk.
With Riskonnect, organizations can intelligently plan for and respond to all risks that could potentially damage corporate reputation and/or restrict strategic growth. Riskonnect’s Internal Audit solution allows organizations to take a risk-based approach to audit. Because risks can be identified top-down and bottom-up, Riskonnect enables audit teams to identify and capture the most important risks and drill down accordingly. In addition to improved risk identification and management, the solution can attach company objectives to detailed risks, which can be managed and self-assessed within each line of business. Internal Audit can ensure everything aligns to the company’s overarching, top-level objectives — and compare assessments against management’s view of risk.
Riskonnect understands the most successful organizations will leverage solutions that can handle all risks enterprise-wide. This was the company’s founding principle — and it continues to hold true today.
Innovation in Focus
Riskonnect provides a suite of integrated solutions that encompass every aspect of risk management throughout an enterprise. In addition to Internal Audit, which manages complex audit procedures end-to-end, Riskonnect’s solutions include:
Risk Management Information System seamlessly consolidates data from multiple sources, automates routine processes, and uses sophisticated analytics to turn complicated information into actionable intelligence.
Claims Administration integrates people, systems, and claims data, and automates routine processes so companies can resolve even the most complex claims quickly, easily, and fairly.
Vendor Risk Management collects all vendor information – including agreements, contracts, policies, and access credentials – into one place to efficiently monitor vendors throughout the entire relationship.
Enterprise Risk Management combines insurable and non-insurable risks so companies can anticipate, access, mitigate, and monitor every threat from every corner of the organization.
Governance & Compliance aggregates all corporate and legal policies, procedures, and requirements from across the organization into one centralized location.
Health & Safety tracks all safety processes, training status, compliance requirements, hazard data, and incidents.
Overcoming Challenges
Integrating Enterprise Risk Management has been a significant challenge for the Internal Audit function. Risks today cannot be effectively managed in silos. Risk management has expanded beyond insurable risks to those non-insurable risks that could have a significant impact on the enterprise. For example, operational and reputational risks are growing threats in today’s “always-on” media environment. Internal audit plays a critical role in overseeing how these ’new’ risks are being managed. And it is essential to keep this function constantly appraised of changes to emerging exposures to ensure best practices are in place. While not new, the independence from management and the direct access to the Audit Committee or the Board of Directors is still vital for Internal Audit leadership. Riskonnect’s Internal Audit solution helps clients achieve tangible results that will be appreciated by leadership. Companies can easily manage the complete audit process on a secure, expandable platform that simplifies data collection and analysis, provides clear and actionable intelligence, and enhances auditor productivity.
The Leader’s Influence
Jim Wetekamp is the CEO of Riskonnect. He holds a Bachelor of Science degree from Indiana University Bloomington. He brings a wealth of knowledge to the Riskonnect team, with experience in supply-chain management, business intelligence, procurement, management consulting, SaaS, and more.
Jim has more than 20 years of product and leadership experience, most recently serving as CEO of BravoSolution, a Chicago-based cloud procurement solutions company. He joined BravoSolution in 2008, following its acquisition of VerticalNet, his former employer. As CEO of BravoSolution, Jim successfully navigated its sale to an Accel-KKR portfolio company after years of rapid growth.
Sharing his perspective about Riskonnect, Jim says, “Riskonnect embraced the concept of Integrated Risk Management from the start. We are the only provider in the market with a single, integrated solution that connects the dots between insurable and non-insurable risks. And we continue to expand and refine our products and services to give our customers the clearest view of risk across the enterprise.”
Integrated Risk Management
Riskonnect’s unique approach to global risk means that the audit management space has the opportunity to integrate with other functions that require validation of risk-related controls. This allows for a 360-degree view of risks geographically, functionally, and procedurally, which drives focus and emphases on key validation points.
The company’s vision is to continue to grow the breadth and depth of its offerings across the risk spectrum, across industries, and across geographies – all focused on driving customer success.
Customer Success Stories
Riskonnect’s customers are delighted by what they have been able to accomplish:
A retail chain’s OSHA compliance program has gone from “chaos” to “nirvana” with Riskonnect. By intelligently automating its OSHA-recordable event collection and safety incident review programs, the chain has seen — in its first year of implementation — a 14% reduction in lost days and a 26% increase in job transfer and restricted duty days.
At a large financial services firm, nine nurses manage workers’ compensation claims for 10,000 employees. With portal technology by Riskonnect, those nurses are now saving 30 to 45 minutes per claim. (And their data is more accurate and secure.)
“With Riskonnect, there is just more time to focus, and you can spend more time on the analytics, as opposed to the data gathering.” – National Food Company
“We don’t too often take time to step back and acknowledge when a job has been well done. I would like to take this opportunity to tell all of you what an incredible, outstanding team you are.”
“You designed, developed, tested, and implemented a Risk Management Information System with deployment to 37 countries (including developing the training materials and conducting the training of almost 100 users in those countries) in just five months! You guys are awesome. And while we still have work to do, I want you to know how proud I am of what has been done, and how much I appreciate all those midnight hours spent bringing this project home.” – Jackie Hair, Executive Director, Risk Management – Corporate Ingram Micro, Inc.
