First off, what is risk management? In terms of business, risk management is predicting and evaluating any upcoming financial risks in the business and coming up with procedures that will avoid or minimize these risks if they were to happen. Some examples of risks could be:
- Financial uncertainty
- Security threats
- Natural disasters and accidents.
Here are 6 ways Risk Management can be improved with Field Eagle software:
- Organized Data: Field Eagle software places all of your inspection data and reports in one place. One of the ways to do risk management is to numerically determine the probability of certain risks happening and the losses that might occur if the event occurs. Field Eagle will input all of this data in one place for better organization and for ease of access if the data needs to be referred to.
- Adaptable: Risk management needs to be adaptable to change as the company’s risk factors could change if the company decides to utilize a different approach. In order to stay on top of this, you need a software that will be flexible with changes. Field Eagle has customizable features (custom modules, API’s, reporting and analytics) that will help integrate changing data in order to meet the requirements of a company.
- Mobility: one of the most important factors of risk management is the ability to identify and characterize threats. This is usually done through inspections. Field Eagle software is completely mobile via tablet (with or without Wi-Fi) which will allow inspectors to put down any notes immediately. This minimizes the chance of a risk being forgotten.
- Assessment and Evaluation: When a risk is noted, it gets further evaluated. With risks that are foreseeable (such as a pothole in a construction site for example), the Field Eagle tablet will allow the inspector to take a photo of the risk and then store it in their files for further assessment. Additionally, the inspector can add notes to a potential risk as well. This will improve accuracy in assessing the risk when there are notes alongside photographic evidence.
- Risk Mitigation: a company will rank their risks from high to low, then evaluate their highest risk and come up with tactics to prevent/minimize it on the chance that it occurs. Field Eagle software has a component called ‘Serious Defect Notifications’ which will notify the inspector of any red flags and items that require serious action which can be useful when a high risk is evident.
- Tracking and Reporting: a big part of risk management are the inspectors and their reports. There are usually multiple inspectors/inspections which leads to a multitude of reports, which may get disorganized and inconsistent. This can increase the chances of misinformation. Field Eagle provides report writing which emphasizes consistency across the board no matter how many different inspectors write them up. This will minimize the chance of human error in risk management.
Having a plan catered to risk management should increase the business’ organizational process, address any foreseeable and unforeseeable events, and take human error into account.