Engineering and Construction organisations face an increasingly complex and challenging business environment with more and more pressure to be competitive whilst ensuring long-term sustainability. Typical business challenges facing Engineering and Construction organisations include:
There is a need for an integrated approach to risk management in order to minimise the ramifications of actions (risks) taken in one area of the business affecting another area of the business and ultimately affecting the success of a project. The embedding of risk management procedures and practices across an organisation in a non-siloed manner is, therefore, critical to ensuring relevant awareness is raised across departments and functional areas.
A flexible risk management framework is critical for meeting the needs of a complex and dynamic industry such as the construction and engineering industry. Organisations need an effective way of prioritising and managing risk across the organisation as well as complying with local and cross-border legislation, standards and mandates. Proactive risk management also involves the documenting and managing of lessons learnt, incidents / near misses. In addition, the identification and ongoing monitoring of risk mitigation plans is critical to effective risk management.
An organisation’s risk and opportunities, strategy, business model, performance and sustainable development are all inseparable elements of the value creation process. (King IV™ Principle 4)
BarnOwl GRC software streamlines your GRC processes, integrates risk, compliance and assurance information on a centralised platform, standardises risk and control taxonomies and offers the flexibility and scalability required for your changing business environment. BarnOwl:
