From 40-pages of spreadsheets to a comprehensive risk overview
A story on how risk management tool will help your organization get from passing judgement to making risk-informed decisions and that on how Silver Bullet Risk tool was born.
More than 10 years ago, Silver Bullet Risk CEO Igor Zgonc had an important meeting with a German company. To decide upon the future of their corporation, several risk factors had to be carefully studied. This was the reason Igor had to prepare and deliver their boss a comprehensive, 40-pages report in Excel. Can you imagine the look at that man`s face? The was also the day the idea for Silver Bullet Risk management tool came to life.
Igor knew this kind of situation happens often. And he was more than familiar with the feeling on both sides of the table: the person who needs to make an informed decision gets furious for having to go through all the data, whereas the person who is in charge to prepare them feels paralyzed as he or she simply doesn’t have the necessary tools, knowledge or time to gather and make sense of all the information necessary.
Would it be possible to mitigate all company`s risks in order to read the information faster, better and most importantly, act on them in due time? This was and still is the main motivation behind developing Silver Bullet Risk.
Even more, our research showed that even today and despite the increasingly demanding market, it is the mid-size companies that the most often don`t devote enough time, energy or resources to manage their risks strategically. For many of them, risk management is still a somewhat “intangible” area and, therefore, at least at first glance, doesn’t give them clear or profound results.
However, no matter where you operate, problems that have been identified in similar business environments all over the globe are that the management, supervisory boards owners, internal and external auditors simply don’t have a comprehensive overview of their key risks and therefore cannot predict nor act on the possible outcomes.
Risk reports are not supported by financial impacts on the organization itself. Employees don’t have adequate information and a methodological support in their divisions to organize and strategically follow up the risks. By using spreadsheets, their work is time-consuming, not transparent, audit trails are impossible to provide and history unverified, and the preparation of more comprehensive reports, based on a uniform methodology, is virtually impossible.
However, if implemented correctly — risk management works and does wonders! When that is the case, you will practically not know it exists. Whereas in case of the opposite — you surely will be glad to have made the correct predictions, risk scenarios and possibly avoided a huge catastrophe.
Thus, the goal of Silver Bullet Risk is that the mid-size organization management gets a comprehensive overview of all the risks their organization is faced with. This is the basis for risk-informed decisions and not just judgment passing! Our tool is a kind of radar to see how to avoid the risks and act upon the information wisely.