If you’re still using outdated Excel spreadsheets for your company’s risk reporting, it’s time you update for 2023. Here’s how to do it.
How to update your systems to make risk reporting easier than ever before
It’s 2023 – the start of a new year and one that promises technology will keep advancing quicker than ever before.
As we begin the year, there’s no better time to look at the way you do things in your business. Are you using outdated systems or processes? Are there better ways of doing things; helping your employees work quicker and more accurately?
In the business of risk reporting, one thing we’ve seen time and time again is people using outdated tools to manage this process.
And if you’re responsible for risk reporting for your company, you’ll know how onerous this task can be, especially if you’re trying to use old software and it’s failing you.
For risk reports to be effective, they need to be simple, scalable, understandable and flexible. Some systems are better than others for creating these reports. You also want to create some form of uniformity with your reports so they can be understood at all levels, from employees collecting the data, through to senior management and board members.
Does any of this sound familiar with your current risk reporting?
· Your platform is out of date, so running reports is hard
· You’re still using an Excel spreadsheet, or multiple sheets and data integrity isn’t guaranteed
· You need vendor assistance to run reports, and it can get pricey for ongoing support
· You need above average technical skills to run/build reports
· Your reports are slow to generate and don’t show the right data at the right time
· Your data is not entered in real-time so errors can occur with multiple entries
· Your data isn’t secure, and access to your spreadsheets is not restricted
· Your data’s reliability is questionable
The 4 biggest issues with using spreadsheets (like Excel) for your risk reporting
1. Many businesses will use spreadsheets, such as Excel early on to record their risk management. But as with all spreadsheets, the more data that is entered,
the more unwieldy they become, lacking functionality and increasing the chance of errors.
2. If your employees are not Excel savvy, you have a greater risk of data entry errors occurring, formulas going haywire and files becoming corrupt if more than one person is working on it at the same time. They can become a total nightmare that takes you more time to fix.
3. Spreadsheets also have the downfall of not being created in ‘real-time’. If you’re recording information that you later input into the spreadsheet, have you got processes in place to ensure the most up-to-date data is entered?
4. When your spreadsheet becomes larger, you’ll find it extremely slow loading. This can be very frustrating for employees as they’re already under the pump to get the information added promptly. It can also take a while to save so you run the risk of the spreadsheet being closed before it’s saved correctly.
Here’s a way you can improve your risk reporting
If your company has outgrown Excel (or your current risk reporting system), you need to check out our software designed specifically to make risk reporting a breeze. A quick mouse click in your Report Library will immediately display your favourite report.
So much better than a spreadsheet, the Risk Wizard risk reporting system is simple, streamlined and secure.
Here are the top 5 ways it will make your risk reporting simpler:
1. You can personalise the reports to include your processes, structure and terminology, so they work perfectly for your business.
2. You can profile risks of departments, owners or categories and keep track of risks, risk ratings and the progress of risk treatments.
3. You’ll automatically receive risk alerts by email (Excel won’t do that!), so you can keep up to date with your risk action plans.
4. The system is user-friendly, quick to load, simple to navigate and secure.
5. Your data is always kept in real-time, with your employees being able to use the software anywhere they go on their portable devices.
Interested in a demo of our tailored risk reporting software solution?
In an ever-changing world of technology, it’s wise to update your software to keep up. And if you’ve ever tackled outdated risk reporting software, you deserve to streamline your job and make it easier going forward.
Contact our team today and get started: www.riskwizard.co.uk/demo