The on-line event hosted by Verdantix, “COVID-19 Integrated Risk Management”, covered discussions on managing risk across international operations, next practices for workplace safety and technology innovation. Sponsored by IsoMetrix, the event featured Verdantix research experts, and guest speakers from leading organizations, attracting over 500 registrants.
One of the session highlights was a demonstration by Kevin Ferris, Senior Accounts Director at IsoMetrix. Kevin explains the benefits of using an integrated risk management approach, and how IsoMetrix’s Golden Threads™ can be used to breakdown departmental siloes.
Traditional vs Integrated Approach
|Limitations of Traditional Approach||Benefits of Integrated Approach|
|Vulnerable to litigations and fines||C-suite visibility of risk|
|No audit||Quicker response time|
|Duplicated efforts||Reduce risk|
|Protect workforce and reputation|
“With many employees continuing to work remotely, there has been a sharp increase in emerging risks that businesses need to consider,” says Kevin. Tracking these risks manually using the traditional approach where each department manages its risk, is close to impossible. The IsoMetrix Golden Threads help organizations understand the interconnectivity between its people, processes, risks, controls and events. Furthermore, the duplication of efforts across departments is eliminated therefore increasing the time it takes to respond to an unwanted event.
COVID-19 Trends with Dashboards
The dashboards in IsoMetrix explicitly visualize the relationships between organizational elements. They “provide insights into the potential impacts of events, risks or any data captured in IsoMetrix across a variety of processes which supports informed decisions,” Kevin explains. The dashboards allow leaders to navigate information from various modules within the solution.
In addition to enabling management teams to make proactive decisions, the dashboards present several other benefits:
- All dashboard elements are interactive, giving a complete picture of the data
- Specific information can be filtered, allowing leaders to report on specific elements
- Valuable information in incidents trends is easily accessible and can be narrowed down to day-of-the-week, time-of-day and historic trends
- Incidents can be tracked if they were reported or not. For example, a manager can track whether a COVID-19 positive case has been reported and what actions were taken
- Reports shown in the IsoMetrix dashboards can be printed or distributed as a PDF, and saved in the system for future reference
Managing Positive COVID-19 Cases
IsoMetrix can be used to manage COVID-19 positive cases. Relevant information is captured in the system (including employee details, incident location, date, time, and reporter) and immediate action taken. Kevin highlights some of IsoMetrix’s key features; “The system has the capability to send the incident report to relevant regulatory authorities that need to see the report.” All incident information logged into IsoMetrix passes through the human resources profile which integrates the process. Kevin continues, “The report incorporates the return-to-work process, and the record will show specific details such as the employee’s fitness for work and doctor’s notes.”
The incident investigation process launches the functionality of the Golden Threads. “The proprietary threads differentiate IsoMetrix from other solutions. It allows users to integrate and connect data registers and attributes to incidents which creates data visualization of the risk.” This functionality records the risk source and associated risk which is assimilated into the integrated risk management thread.
COVID-19 has drawn executive attention to risk management; and the pandemic shows the clear business benefits of managing risk across the enterprise. What makes IsoMetrix a world leader is its holistic approach to risk management and emphasis on control monitoring. IsoMetrix provides visibility by leveraging the platform’s proprietary Golden Threads. These threads hold everything together tightly, integrating risk disciplines and processes to allow leadership to be proactive in their decision making.