Risk & Compliance Use Cases

Business Innovation
Risk Assessment

Business Innovation Risk Assessment

Automate risk management of business innovation ideas
with proactive, empowered front-line teams
Automate risk management of business innovation ideas with proactive, empowered front-line teams

The Challenges

Business users who are asked to deliver change or proactively look to make business improvements have no single place to find guidance on assessing their idea and identifying all key risk areas. Decentralized policies, resources, standards, and risk mitigation requirements often lead to missed opportunities for early risk mitigation, which can complicate or derail project execution down the line. Often the only way for business users to overcome this is by engaging in individual communication with several divisions that could be involved in their project (Legal, Procurement, IT etc.), a process that often yields conflicting information between varying and overlapping standards across the organization. This slow and time-consuming process presents a serious barrier to innovation within organizations.

How Checkbox Solves Business Innovation Risk Assessments

Challenges How does Checkbox address it?

Business users don’t know where to go to understand compliance and risk requirements for initiatives that they take up, resulting in low engagement with proactive risk-mitigation strategies. 

Enterprise-wide policy standards and risk mitigation requirements can be centralized into a single app, creating a “one-stop-shop" for business users to dynamically assess their initiative against a comprehensive list of risk and compliance standards. 

Business users seeking to understand compliance and risk requirements for their initiatives face inefficient, de-centralized communication with individual teams, resulting in mixed-messages, over-governance and inconsistent application of policies and standards.  

This process, often conducted by phone, email or person meetings, can cause lengthy delays to projects, further deterring business users from proactively seeking risk and compliance advice. 

Checkbox enables risk and compliance experts to codify their knowledge as business rules in apps, allowing business users to get consistent, bespoke advice that is compliant by design and available 24/7.

This increases business user involvement with risk processes, increasing the chances of successful proactive risk mitigation. 

Once potential risks have been identified, business users are unclear about the next steps or the process required to mitigate the risks or gain approval to proceed with their initiative.  

Checkbox’s workflow capabilities allow for dynamic approval and review, providing visibility to first and second line risk teams and enabling them to provide strategic oversight and an additional layer of governance over new ideas and initiatives inside the same assessment.

Large organizations can often experience issues with information silos, where functions operating independently of each other can end up creating conflicting standards, making compliance difficult for business users. 

The dynamic and bespoke nature of Checkbox solutions enable the creation of enterprise-wide tools for greater collaboration, simplification and standardization of risk and compliance processes across the organization. This reduces confusion and lack of clarity for business users seeking to meet organizational standards

Key Features

Benefits

  • One-stop-shop for risk evaluation

    Business users have one central place for users to assess their idea, understand their key risk areas, identify key stakeholders and have clear next steps. This makes risk mitigation and management accessible and simple, increasing uptake and engagement with risk management strategies.

  • Consistent compliance processes to align with policies and standards

    Codifying risk and compliance expert knowledge into Checkbox’s rule engine minimizes human error and inconsistency that can occur when a business user engages with a single person in a team, resulting in the standardized usage and application of standards across the organisation.

  • Centralization and standardization of organization-wide governance

    Having a single tool for assessing new ideas helps organizations overcome the over governance and inconsistency that can occur with information silos between different organizational functions.

  • Standardized review and corporate oversight process through workflow

    A business user’s risk assessment can be directly put through the relevant approvals and first and second line risk review, providing an added layer of corporate oversight, a clear overview of all key information for reviewers, and an expedited, efficient approval process for business users to get their initiatives in motion.

What’s the Return on Investment?

On average, with Checkbox, clients save their compliance team 1-hour per risk assessment through eliminating the need to engage the compliance team to consult on potential risks. By assuming that 300 innovation risk assessments are generated per year,  300 hours from the compliance team can be used to re-focus on executing validated business ideas.

Integrations

How Does Checkbox Automate This?

1. Business users access the self-serve risk assessment from their company portal

A URL can be embedded inside the company portal, or iFrame can enable users to access the tool while staying inside the portal.

2. Checkbox automates the initial triage for the business innovation idea

The business innovation risk assessment solution assesses the idea against common risk-areas within an organization, including technology, procurement, privacy, data security, legal and more. This triage produces a dynamic list of key risk areas based on answers provided by the business user.

3. Checkbox completes a more comprehensive risk assessment

Dynamic questions are asked of the user to narrow down risk areas and key considerations in accordance with organizational policies and standards relevant to the area. Weighted scoring is used to quantifiably and objectively assign risk categories.

4. Checkbox automates the risk assessment review and approval process

Where applicable, Checkbox’s workflow capabilities are used to send the assessment outcomes to the correct set of risk and function approvers to provide additional visibility and oversight across the organization and begin the execution of next steps.

5. Oversee the progress of all business innovation ideas

Business users can view the progress and status of their business innovation idea assessment through a centralized and customizable dashboard.

Get started with your digital transformation journey

See how Checkbox fits in with your organization by contacting us and requesting a free demo