In the past 10 years, the interest in risk management has been stable and risk management processes or methods did not significantly change. Things are changing now.
What are the main trends that we currently see in the field of risk management? In this blog we identify five trends. Some of these pose new challenges. This blog will help you face them using BowTieXP, and other barrier based risk management tools from our product suite.
Trend 1 – Digitalization of risk management
As mentioned, in general, the process of risk management doesn’t change much; however, the way the risk management process is delivered, changes rapidly. Traditional risk management work relies on communication between people and documentation. Nowadays, computers, mobile devices, the internet, and cloud services change the means of communication and recording. Therefore, more and more digitalized systems are applied in the process of risk management.
The Bowtie Suite toolkit supports digitalization of barrier based risk management, using the bowtie method.
Trend 2: Automation of risk data
Automation is trending in every field, including risk management. Have you noticed an increasing number of dashboards in your risk management work? Based on the digital record of a risk management process, you can easily populate and display data for certain purposes. An intelligent data process can greatly improve the efficiency of risk management and optimize risk decisions.