But for many risk managers, the thought of including more people to what is already a complicated and time-consuming process is reason enough to avoid the approach. Origami’s award-winning ERM Crowdsourcing Assessment tool provides a solution.
Origami Risk received a 2021 Business Insurance Innovation Award for its ERM Crowdsourcing Assessment tool.
To assess the risks associated with a specific business department or function, risk managers have traditionally relied on the input of an individual person — typically, an executive or designated “risk owner” — within that department or function. Although it’s an approach that works, it’s a method that also might not be as thorough (or as accurate) as it could be. Enlisting more stakeholders in the process is a potential remedy.
“A more effective way to gain a full view of risk across business areas would be to ask multiple individuals in a department or function to participate in risk assessments,” explains Origami Risk solution architect Josh Newsum in a recent Business Insurance article highlighting Origami Risk’s ERM Crowdsourcing Assessment tool, which was awarded a 2021 Business Insurance Innovation Award.
Taking into account a broader variety of skills, experience, and perspectives contributes to a more comprehensive assessment of risks. With this input, risk managers have access to a broader base of information that can be analyzed and used to inform decisions around the mitigation and management of risks.
What’s preventing organizations from getting started? The traditional approach to collecting assessments is already a time-consuming, resource-heavy process that entails sending assessments, emailing reminders, following up on incomplete assignments, and consolidating the information provided. Add more people to the equation and that time-consuming process becomes a complete administrative nightmare. To solve this problem, Origami Risk worked closely with clients to develop and refine our ERM Crowdsourcing Assessment tool.
About the ERM Crowdsourcing Assessment Tool
Part of Origami’s Enterprise Risk Management solution, the tool helps enterprise risk managers expand their view of risk by simplifying the distribution, performance, and collection of risk assessments. At a high level, the tool provides the following capabilities:
- Automated distribution of assessments and related communications like notifications and reminders eliminates the need for a one-off approach to carrying out those time-consuming administrative activities.
- Helpful on-screen guidance and quick access to documentation provide assessors with the information they need for making accurate and appropriate scoring determinations based on such factors as a risk’s potential impact to the strategic objectives of an organization or likelihood of loss, among others.
- Once an assessment is submitted, the system uses completed responses to instantly calculate — or recalculate — an average score or provide the highest score, depending on what the risk manager deems appropriate for a specific assessment.
And as Newsum points out in Business Insurance article, the tool “represents a shift away from a ‘fear of risk.’” By opening the process of assessing risks up to more individuals across the organization, risk managers not only gain access to opinions and feedback on risks that can be used to take proper actions that align with strategy, they are also ensuring that more employees are thinking and acting like risk owners.
Want to Learn More about the ERM Crowdsourcing Assessment Tool?
In the face of unprecedented and emerging risks, a reliance on the status quo, or the ways things have traditionally been done, may no longer be sufficient. By closely collaborating with our clients, Origami Risk develops and delivers solutions that break down data silos, drive efficiencies, and deliver new insights. Winner of a 2021 Business Insurance Innovation Award — Origami’s fifth — the ERM Crowdsourcing Assessment Tool is one of those solutions.