How cloud can simplify risk management

Businesses sometime struggle with balancing risk mitigation against cost.

If there is one reason why Cloud should be crucial to business processes for a company moving forwards, then it is its ability to simplify risk management. The result is that a lot of firms may view this as too costly to keep a hold on and many may then delegate arranging resources for risk management to junior workers or simply ignore the issue. With the interoperability of Cloud and its ability to store more data, this is an area where ISVs can help. To do this, it had to seek the advice of an experienced Cloud service provider.

Technology can be highly useful for analysing potential risks to a business, particularly as companies can now look to independent software vendors (ISVs) to help them harness the power of big data.

Yet many firms are typically reliant on legacy systems, which can prove time consuming and costly for businesses to use. They need to arrange licenses for each piece of software and many companies also have a tendency to follow traditional paper processes to mitigate risk. As risk is crucial to well-formulated business intelligence it should be taken into account so that companies can increase their stability in the future. ISVs have been able to improve on this in the past.

As an example of the work done, the Fire Protection Agency (FPA) is one organisation that came up with a solution to balancing cost against improving data collection for risk management.

It released the the Resilient Business Software Toolkit (ROBUST) to encourage people to take up solutions to help mitigate risk. The toolkit was produced with the help of an application development provider and released for free.

Over the internet, it was made available via local client distribution, allowing firms to obtain the app that helps them avoid the costly licensing process that can be central to risk management.

However, to make this possible the FPA had to face the challenge of ensuring that the toolkit would not incur any licensing costs either upon release or later on in its lifetime. To do this, it had to seek the advice of an experienced cloud service provider.