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The Importance of Smart Workflows in Risk Management

July 22, 2021 | 2 minute read
Proven Optics

Written by:
Proven Optics

A smart digital workflow is critical to data accessibility, especially as the global economy slowly recovers from the pandemic. To prepare for the next crisis, a consistent supply of mission-critical data is top of mind for many businesses.

“The reality is, there’s always going to be another crisis,” says Vasant Balasubramanian, general manager of ServiceNow’s risk business unit. Balasubramanian and his team ensure clients have the necessary tools to manage risk and maintain resiliency when dealing with various issues across the organization.

In a recent Forbes article, Balasubramanian was asked what advice he would give an executive who is eager to build a world-class risk management strategy but doesn’t have the systems in place to do so.

  • Start small – Start with something relevant that you know you can fix. Don’t try to boil the ocean
  • Reach out to your stakeholders – Unless you are the CFO or the COO, you are unlikely  the sole and single owner for all of the risks in the organization. 
  • Use technology – Technology itself isn’t the answer, but a solid technology platform is. A solid technology platform that connects day-to-day work will help embed risk management across the enterprise. 
  • Understand what “risk” means – Risk can hold a variety of different meanings. There’s financial risk, reputational risk, competitive risk, and more. 

Staying resilient during and after a crisis is critical, and it’s important to identify how technology can help make this possible. 

At Proven Optics, we are enabling financial management transformation with workflow, budget and funding management, and costing of products and services on the ServiceNow platform. The power of the NOW platform allows us to automate, modernize, and streamline any workflow and any business process on the platform. Learn more about the Proven Optics Financial Management Application Suite by visiting the ServiceNow Store today.

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