5 Reasons to Stop Using Spreadsheets to Manage Risk

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Recently, there’s been an undeniable increase in the demand for effective risk management, which is unsurprising considering the growing complexity of threats organizations face globally – from pandemic and supply chain issues, to emerging cyber risks and changing consumer expectations around Environmental, Social, & Governance (ESG) and more.

Spreadsheets are an obvious and seemingly easy first step for an initial introduction of risk management, but in all but the simplest applications, the use of spreadsheets in managing risk falls short and can actually cause more harm than good.

Risk and security professionals are aware that getting risk management wrong can result in missed risks, complacency, looking in the wrong direction, overspending in the wrong areas, underspending in the right areas – ultimately exposing the business to intolerable risk. However, with limited resources and budgets, how can this be avoided?

This whitepaper explores why using spreadsheets for risk management can actually increase your business exposure. You will also learn:

  • Why risk management platforms that mimic spreadsheets are no better, just more expensive;
  • The key requirements for effective risk management, and how these can be met by a better, yet still cost-effective, alternative to spreadsheets;
  • ‘What good looks like’ for risk management in the modern enterprise, and how you can take steps towards this with an Integrated Risk Management platform.

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