A recent Harvard Business Review article, authored by Karim R. Lakhani, focuses on the concept of crowdsourcing and how it is being used as an innovation starter by a number of organizations to tackle strategic problems. For Risk Management leaders, it's a powerful opportunity and tool to seek the skills of the crowd in identifying and managing some of the organization’s most important strategic risks.
Crowdsourcing is all about people coming together to work to achieve goals and solve problems. It's a neologism, composed of “crowd” and “outsourcing", that has its origins in the field of open innovation and describes the outsourcing of work and creative processes to the masses of Internet users. In the field of Risk Management, the outsourcing process meets the challenges of both risk identification and monitoring. It can not only assist with risk identification, but it also provides valuable insights that trigger powerful solutions risk management programs may not have previously considered :
- Organizations benefit from the insights of the crowd in the identification of emerging risks by internal individuals, teams and organizational units. Uncertainties are then assigned to specialists from the crowd who provide their knowledge and skills to address those problems. In doing so, employees of the company are empowered in decision processes across the company.
- Organizations also sometimes face technical, analytical and scientific challenges that remain exhaustive of any efficient solution. These constant rising problems in the operational departments may culminate to adverse effects to the strategic objectives in the long run. Risk owners use crowdsourcing to generate high-value solutions to some of the most vexing risk issues through large scale and diverse independent experimentation. The assessment of several solutions provided also provides risk owners and the ERM program valuable insights for future reference to develop more productive and efficient risk response solutions internally.
Conceptual Risk Framework by Dr. Michael Gebert, crowd mentor network
Risk Focus uncertainty declaration form
Risk management teams find benefits of crowdsourcing in managing high speed and emerging strategic risks. In times of limited resources and possible future adverse risk events. Oganizations whose risk management programs call upon crowdsourcing find themselves better positioned to manage these types of risks. At Risk Focus, we used this innovative approach to help you :
✔︎ Better identify risks and opportunities by crowdsourcing them
✔︎ Keep the crowd engaged by assigning actions for every declared uncertainty
✔︎ Monitor and improve performance with executive dashboards
Our tool is an integrated solution for Risk Management, based on a strategic and operational approach to raise awareness, transform cultures and produce business results.
Book a demo to discover our features by emailing sales@risk-focus.com and we will be happy to offer you a free access to our trial platform.
No software to install, no credit card, no commitments.