Since the advent of risk management as a specialized function in many organizations, software plays a greater role in the operational health and growth of a company. Software has been developed to minimize business risk, as well as identify opportunities where ‘risk taking’ can accelerate growth.
Operational risk management is designed to provide IT organizations with the training, technology and process improvements they need to manage software risk, and view risk as an enabler, not an obstacle to success.
There are some risks that companies can minimize and others they can embrace. For example, there are risks associated with people and their behavior or risks in technology and its impact on the organization.
There are risks that may harm a business such as compliance failures, system downtime and software glitches. These are risks that can grow and differentiate a business. Many companies are turning to IT and software to understand, evaluate and manage these various types of risks.
Most risk management software packages are equipped with tools to help manage product design and manufacturing operations. The tools derive cost, schedule, labor and materials estimates by assessing the interaction and impact of product, organizational and even operational variables. Each risk can have a user-defined risk management plan and a log of historical events.