Low-code application development is on the rise as it seamlessly meets many enterprise requirements. Unlike traditional app development where every line of code is manually written, business people can utilize an intuitive drag-and-drop editor to build visual models of the app’s user interface, business logic, and integrations.
This approach can also be extended to enable the control of all risk management processes within a single centralized platform. Furthermore, it essentially eliminates the skills gap while streamlining app maintenance and updates.
Because low-code development enables the rapid deployment of applications, it can play a critical role in the efficiency and the effectiveness of risk management processes through the deployment of innovative solutions.
As enterprises go through a digital transformation, low-code apps can help modernize operations while reducing risk through increased control and demonstrability.
What’s more, all this can be achieved without compromising compliance, security, or efficiency as the experts behind the low-code application development platform will have that covered.
Managing enterprise risk and significantly reducing it happens in four stages:
Planning and designing
Implementing and benchmarking
Measuring and monitoring
Learning and reporting
What’s the role of low code app development within these four stages? Let’s take a look.
1. Planning and designing
When companies go through a digital transformation, they have a unique opportunity to evaluate each function that’s about to go through digital automation against their enterprise risk management policies.
Furthermore, there is also an opportunity here to develop low-code applications that can consolidate systems to seamlessly track, analyze, and mitigate risk. Additionally, when you design apps that centralize records and communications, you can also benefit from leveraging the data generated by these apps.
2. Implementation and benchmarking
When you engage in enterprise risk management through low-code application development, the implementation stage should be a seamless experience. However, during this process, it will be important to conduct a risk assessment of each procedure that is going through a digital transformation.
When traditional functions go through digital automation, you also have an opportunity to set benchmarks. This means the organization should create benchmarks that help determine the significance of predefined risks. However, the nature of these benchmark tests will heavily depend on the type of risk.
3. Measuring and monitoring
A low-code application development platform like Pulpstream helps enterprises improve continuously by visualizing valuable data. Furthermore, you can also automate reminders for corrective actions, renewals, and audits to ensure that nothing is missed.
When workflows are digitally automated, you can also take advantage of real-time data analytics. This will enable various stakeholders to not only identify and mitigate risks but also to identify new business opportunities for growth.
4. Learning and reporting
During the final stage of the enterprise risk management process, you get to learn from experience and report on performance. At this juncture, enterprises can review their risk exposure, as well as risk appetite, and measure the exact contribution that risk management and mitigation programs have made to the success of the organization.
The reason for engaging in this activity must be clearly established within the company. If you fail to do this during the early stages of digital transformation, you won’t be able to evaluate whether the mitigation endeavors were in line with expectations.
When you build low-code apps, you can set up protocols to monitor and report on risk indicators to evaluate the contribution being made by risk management programs. This function can also be extended to the evaluation of the appropriateness of control mechanisms that were selected.
If something isn’t working as well as expected, low-code application development platforms can empower enterprises to rapidly make appropriate changes. This means that business people themselves can analyze and identify potential risks within business processes and resolve it themselves without the IT department getting involved.
This low-code approach to risk management also provides business leaders with more control when it comes to managing that risk. As low-code app development platforms come with data integration, cross-platform support, and security, they can be easily customized to meet each business requirement securely.