[Report] Driving Financial Performance through Operational Risk Management
Perhaps not surprisingly, in a recent LNS Research survey quizzing over 500 manufacturing and industrial executives on their top challenges, objectives and planned adoption of management systems and technologies, revenue growth was rated as the top financial objective. In parallel, operating through disparate systems and data sources was among the most identified operational challenges in the three participating industry categories.
If you’re of the same opinion, here’s a fact to make your day: Introducing an ORM framework may hold the key to driving financial performance while fully integrating risk management processes across your business.
While there is an endless list of variables that can positively impact revenue growth, the possible occurrence of incidents and adverse events is an underlying risk that is common to all of them. Faced by this, market leaders worldwide are opening up to the potential of ORM frameworks to address not just financial and corporate governance risks, but also to identify, assess and monitor operational risks through the use of next generation technology.
By adopting an integrated and holistic approach to risks in management programs addressing quality, environment, health, safety, energy and sustainability (among other areas), the effects of ORM on people, management systems and processes, are deeply transversal.
Traditionally, risk management in these areas was addressed separately. ORM frameworks and software on the other hand, are designed precisely to bring risk management processes together, enabling companies to safeguard and cultivate a competitive advantage, while addressing risks in a way that is both targeted and integrated.
The adoption of an ORM framework will especially bring added value to:
- Corporations working in risk-prone industries (oil & gas, mining & metals, chemicals, biotechnology, etc.).
- Companies seeking to minimize human error and move away from Excel-based operational risk management, in favor of fully automated, centralized and standardized risk management processes.
- Companies wishing to streamline operations, boost efficiency and deliver products to the market more consistently, thanks to an improved NPI rate (New Product Introductions).
If you want to learn more and dive into how you too can leverage ORM to drive financial growth in your business, the full LNS Research Report will also give you the following key insights:
- How to address operational risks through a clear, four-step ORM framework process
- The benefits of ORM Software
- Case Study: How a Leading Bio-Pharma Manufacturer is successfully deploying a seamless risk and compliance management system
- Benchmarking Data: Executives’ Top Objectives and Challenges