Riskonnect: Premier Technology for Risk Management

“Risk management is all about getting the right information to the right people, so they can make the most informed decisions,” explains Bob Morrell, CEO of Riskonnect, Inc. Morrell began his career as a sophomore at Georgia Tech, where he started his first risk management software firm that eventually became part of a major insurance brokerage firm. Riskonnect is Morrell’s second risk management software firm, founded in 2007, with risk management solutions including Healthcare & patient Safety, GRC (Governance Risk & Compliance), and RMIS (Risk Management Information System). “Riskonnect is reframing how risk professionals and compliance officers think about their business. We are redefining this industry by empowering professionals to do what they want to do with their programs, not just what they need to do,” he adds.

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.”