Performance monitoring with the Meercat RiskView dashboard
By now, almost everyone has switched attention from delivering risk reports with lovely graphs to worrying about verifying the controls that are keeping those risks in check. Still, there were almost 200 workplace fatalities in 2015 according to Safe Work Australia, so monitoring control verifications remains an insurmountable challenge for many risk and safety managers.
According to Ernst & Young (EY), overly complex and inconsistent reporting makes effective risk oversight at all levels of an organisation particularly challenging, and poorly structured interaction between risk and assurance can lead to confusion and fatigue.
This type of performance management is a huge part of Meercat RiskView, and our intuitive dashboard is designed to make tracking indicators on every aspect of the risk, control monitoring and control assurance processes as simple as possible.
The importance of performance monitoring
Assessing Control Effectiveness during a risk review process delivers an As Low as Reasonably Practicable (ALARP) assessment at a specific point in time, perhaps yearly. The extent to which that control continues to function as expected determines the confidence we can have in it. Naturally, without regular testing, our confidence in that control decays over time.
Therefore, it is only the rigorous, consistent and on-going assurance of controls that provides the confidence that the risk reduction claimed is justified with the residual risk ratings reflecting that level of confidence.
There are a number of reasons why controls need to be regularly inspected to make sure they are effectively providing the protection they are designed for. Environmental factors can introduce new variables, prolonged use of a solution can result in deterioration and new or existing employees may need to be refreshed on the purpose and procedure associated with certain controls.
Many managers are overwhelmed with the implementation challenges of their risk management strategy. Maintaining rigour while downsizing and cost-cutting makes un-managed change frightening for managers, shop floor workers, let alone company directors. That’s where Meercat RiskView comes in – offering a highly-configurable dashboard– that brings risk, control verification and action performance data together in real time, ensuring that everyone stays aware.
The Meercat RiskView dashboard
Research from visual education specialists Wyzowl confirms the often repeated finding that people are likely to remember just 10 per-cent of what they hear and 20 per-cent of what they read, but when presented with visual information the retention skyrockets up to around 80 per-cent. This goes a long way to explain the attraction of bowties.
Dashboards aren’t new: cars (perhaps the first mobile dashboards?)have had them for years. Significantly, due to the costs of supporting infrastructure, automakers strive to reduce the number of the sensors that feed car management systems and dashboards, preferring the lower costs extrapolated values to optimise performance and providing real-time driver updates. But with risk it’s like you’re running fleets of cars, trucks, weighing stations, bulldozers, drones and more, each contributing to the overall health of the company ecosystem. Unlike cars though, the varying maturity and dynamics within each company demand different sensors, different extrapolations and different presentations.
There is no one-size-fits-all model. Every dashboard solution needs to provide you with the information you and your team need to understand, measure and manage the risk and control verification processes you run. The sophisticated and ultra-flexible RiskView platform does all the work behind the scenes, allowing you to observe the situation in real time and act as you need to.
The dashboard is highly customisable, with an ever-deepening array of leading KPI-dashlets available for display, including control verification and/or scheduling and status monitoring, verification results and real-time risk recalculation updates, and action tracking and reminders.
Once you’ve configured your default dashboard page with the most pertinent information for all users, you can create additional pages to narrow focus on specific areas of your risk management.
It’s a truly flexible and adaptable solution, which integrates with organisations of all sizes and types.
Speak to Meercat today for a demonstration and more information about how your risk performance monitoring can be brought under control.