BPM Tools vs. Risk Management Tools

Professional risk management software, storing all model elements in a specific database and ready to be reprocessed or reused later on other updated diagrams, can be the go-to solution among all the risk management initiatives. There are various professional software that supports code generation and simulation of risk management in the market place.

However, in reality, a huge amount of businesses select BPM software over risk management software for risk management purpose. One of the main reasons is to leverage  their legacy infrastructure while extending their IT ecosystem for co-creating technological synergie among different tools organization-wide. To do that, qualified BPM software vendors must be able to provide within their solutions the options to referential data and documents to the existing document management and data structure of the business.

Especially for large corporations, compliance and risk management can be the most common pain point. Protecting investors by enhancing accuracy and dependability of business disclosures as well as deterring business and accounting fraud are of critical significance in any publicly traded companies.

BPM: Beyond Risk Management

Implementing BPM tools, whether for risk management or other purposes, is not a sprint but a marathon. To begin with, it is important to undersrtand that your compliance and quality improvement approach always needs to remain responsive and agile to the ever-changing customer needs and business landscape, also to the requirements of compliance regimes and regulators. Hence, besides embedding compliance controls and rules into daily operations, organizations need to make sure that all employees understand their roles and responsibilities in the big picture, that they communicate, respond, and adjust actions rapidly when change is needed. In this case, BPM software that supports seamless collaboration and allows employees to raise improvement requests can extensively break communication silos, reduce frictions and avoid missed opportunities.

Equally important, laws, policies and regualtions can vary greatly in different regions. This means that for multinationals, their operational, quality control, auditing and reporting procedures need to be altered from one place to another. A truly functional and versatile BPM software should be capable of supporting general vs. localized processes, regulatory regimes and compliance frameworks within a unified platform. Benefits like centralized monitoring with regional flexibility empowered by BPM tools will eventually align shared interest among various stakeholders and mold new ways of doing business in today’s digital era. Check out how the latest features of our Enterprise Process Center® (EPC) can help you achieve your goals related to your internationalization.