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Follow on Google News | Spreadsheets should be banned from the Risk Management process, says Sword Active RiskBy: PR Artistry Ricketts states; “Spreadsheets are universally loved. Why, because they give everyone their own version of the truth, with complete autonomy to update and amend them as often as they like. However, while spreadsheets might be a great tool at an individual level they are completely un-scalable, and therefore totally unsuitable for compiling and analysing important information such as Risk data, either at enterprise or individual project level.” “Worst of all,” states Ricketts, “is that organisation’ Increasingly risk management is no longer a standalone function. Taking a proactive approach to risk management is becoming ever more critical to success and can deliver major benefits including: Improved EBITDA – up to three times, according to the Ernst & Young study in 2012 Improved Visibility - Enhanced visibility and accountability builds confidence in the risk management process Actionable information – supports more effective strategic planning and decision making Better resource allocation - across the enterprise leads to better asset utilisation Achieve Goals - Increased ability to deliver capital projects on time and on budget Better relationships with insurance providers, regulators and stakeholders Ricketts concludes; “Manual methods and spreadsheet solutions have become the high-risk option for managing risks and are no longer up to the job. Only a true enterprise risk management solution will capture consistent data, provide a single version of the truth, allow access to real-time, trustworthy information and provide the reports required to proactively manage risk and opportunities. ERM can move risk management from a cost to the business to a value-adding process which can make a difference to the bottom line of any organization or project. For a copy of the paper ‘Using Spreadsheets to manage Risk is Risky Business indeed!’ please call Andreina West on 01491 639500 or email andreina@pra- ---- ENDS ---- NOTES TO EDITORS About Sword Active Risk Sword Active Risk makes risk management simple, valuable and personal. Sword Active Risk provides the world’s first risk management software that drives business performance by enhancing visibility, accountability and confidence at project, program and enterprise levels. Active Risk Manager (ARM) is the first solution available which integrates Risk Management, Cost Management and Schedule Management to show the real impact of risk, to enable better-informed decisions, and the ability to leverage risk to create competitive advantage. Sword Active Risk is the project risk software provider of choice for the world’s leading Energy, Infrastructure and Defense projects, working with organizations like the US Air Force, Bechtel, Crossrail, US Federal Aviation Administration, Lockheed Martin, Rio Tinto and Skanska to manage project risk worldwide. Sword Active Risk has offices in the UK, USA and Australia, servicing customers worldwide directly and through a growing network of partners. In September 2013 Active Risk was acquired by Sword Group. For more information please visit:www.sword-group.com For further information and a detailed view of Sword Active Risk and ARM please visit: www.activerisk.com Editors Contacts Keith Ricketts Marketing Director Sword Active Risk +44 (0) 1628 582500 Keith.Ricketts@ Andreina West/Mary Phillips PR Artistry +44 (0) 1491 639500 andreina@pra- End
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