When thinking about data, the primary risks to meeting an organization’s specific risk needs and compliance challenges are poor data quality, poor access to data, and an inability to meet reporting requirements due to complicated or cumbersome processes. There are so many compliance rules, and while each is unique, they all require the same basic components: accurate data and timely reporting. Thankfully, technology has caught up to the game, and risk and compliance officers are now empowered to meet their requirements with tools that are dynamic, easy-to-use, and fully mobile. Morrell said, “This empowerment through technology is something risk and compliance officers have never truly had before, and it is changing the quality of their work and advancing their careers.”
One of the biggest compliance challenges organizations face are those they impose on themselves through internal audit processes. These critical audits demonstrate that operations are secure, and financials are sound, across the enterprise, but how does one unite disparate business units and organizational data in order to make sense of it all? Morrell answered, This is the true benefit of the risk management work platform model over the old legacy model. Compliance rules may be complicated, but meeting those compliance rules doesn’t need to be.”
We can run a risk department from a smartphone or tablet
Riskonnect challenges risk managers to reframe how they think about their business, and this is differentiating the Atlanta-based, global risk management software company from other vendors. Prospective clients are going to Riskonnect because they can run their risk departments from their smartphone or tablet, and because they can collaborate across multiple business units using realtime analysis and graphics that explain organizational risk in ways that everyone understands. Risk and compliance officers now have the workflow automations to remove the administrative burden of managing data so that they and spend their time analyzing and understanding what the data is telling them.
Morrell’s commitment to advancing the risk management industry is evidenced in his firm conviction that technology can, and finally is, providing solutions for risk managers and compliance officers. “I’ve spent my career in the risk management industry and have effected change in that industry by bringing innovative technology to that field, where little existed before. That passion has been passed along to my children to be individuals that force change, whether people are ready for it or not. Any excess energy that is left over is spent in my love of martial arts,” he concludes.