As we near the completion of our Integrated Risk Management (IRM) series, we turn our focus on one of the most critical factors of any IRM program: User Experience. We previously propounded that having the best technology and processes do not necessarily translate into successful IRM.  The key ingredient that often propels an IRM program forward is “great user experience”.

In our last blog we looked at the importance of streamlined, integrable processes as the connectors of an IRM ecosystem. While processes, data, tools, and innovation play essential roles in IRM, human engagement is still required. Even with the greatest technology in the world, risk functions can still benefit from human participation that cannot or should not be automated in any way. Simple and flexible user interfaces help users to interact with technology in a stimulating and meaningful way, allowing users to focus more on the essence of Risk Management. It is for this reason that a goal and objective of any IRM program should be to continuously provide the best user experience possible in order to drive passion and energy into its team. Without this, there is the risk of unintentionally promoting a culture of “check-box” Risk Management and Compliance.

The reality of today’s world is that people interact with technology on a day-to-day basis and have come to expect simple, intuitive, and user friendly interfaces at work similar to what they use in their personal lives through social media, e-mail, and other applications. Institutions are also finding that they need to provide employees with easily consumable interfaces to their platforms, including traditional legacy systems, in order to maximize their productivity and engagement. Leading organizations are doing this by bringing three customer-centric capabilities into play:

  1. Persona-based design.  Designing IRM technology with specific users or personas in mind allows technology and the business to develop meaningful features that are intuitive and user friendly based on employees’ journey through the risk management process. A user-based, customized experience encompasses simple-to-use databases, workflows, and intuitive functionality to simplify the user experience and encourage engagement. Simplistic design with intuitive functionality helps and encourages users in the risk space to execute risk management processes with ease.
  2. Intuitive dashboards and analytics.  Dashboards and analytics allow users to review and actively monitor – from both independent and aggregated, holistic viewpoints – threats to the organization sourced from a variety of risk management applications. These can be enriched with intelligent automation to add even more value.
  3. A flexible working model.  Mobile interfaces provide similar and seamless experiences to normal office configurations, providing them with the same data and functionality from the convenience of a laptop, tablet, or phone. In the new post pandemic way of working, quick access to data insights and ability to execute process activities from anywhere is essential.

In the upcoming final blog of this series, we will examine how the right operating model can bring all of the elements we have discussed together in an optimal way to seek successful IRM and enable faster, smarter decision making.

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