risk management

Reducing Enterprise Risk With Low-Code Development Platform

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.

Reducing Risk With Certificate Of Insurance Expiration Dates

If a company is just collecting contractor certificates of insurance for only confirmation of receipt, it’s simply not enough. When businesses don’t track contractor certificate of insurance expiration dates, they also leave themselves exposed to risk.

The costs of incorrect endorsements, uninsured claims, and lawsuits can have a significant financial impact on a business’ bottom line. Tracking and managing certificates of insurance with digital business process automation can make confirming all endorsements, limits, requirements, and expirations a seamless experience.

Better connecting the job site and the office

Like most industries, the commercial construction industry is going through a period of digital transformation. It’s now possible to seamlessly connect a job site to the office to efficiently manage building projects. New software tools have enabled construction companies to automate time-consuming processes like collecting and confirming certificate of insurance expiration dates from suppliers and subcontractors.

When companies start using certificate of insurance contractor risk management applications, identifying compliance levels becomes much simpler. Attributing lapsed coverage, or the lack of verification processes, or verifying that the coverage meets the contract requirements can be accomplished in much less time with digital business process management.

When lapses and noncompliance issues can be identified quickly, businesses can rapidly lower their exposure to risk. The company can demand that insurance coverage is resumed or adequate coverage has been put in place before restarting work on the project.

Notably, when you leverage a low-code, digital business process automation tool like Pulpstream, you can customize the management of your unique insurance processes without writing a single line of code. Any application you build for this purpose can be rapidly adapted to enable any business requirement, including the seamless collection of certificates from subcontractors. You can use a cloud-native platform or migrate your data from a subcontractor’s insurance agent.

Once a certificate is uploaded, the software would be able to read the information, identify policy numbers, policy limits, expiration dates, and other requirements much faster than any human could. After the data is recorded, it would automatically be verified against the contract requirements. To achieve this without automation, several staff members would be required to enter the information on the certificate and manually verify compliance. What’s more, they would have to conduct follow-ups themselves to ensure that insurance coverage has been resumed to match requirements of the contract.

With digital process automation, businesses can evolve with emerging consumer expectations. An email or text message could be sent immediately to the subcontractor or their agent for resolution. What’s more, as this process takes place in real-time, your exposure to risk can be reduced considerably and managed much more efficiently.

A cloud-native solution enables unprecedented efficiency

By digitizing the whole tracking process, businesses would have the ability to store all the certificates in a centralized location. So whether the company is managing 50 certificates or 1,500 certificates, the digital tracking system would be able to provide rapid access to the certificates needed for a claim or an audit.

As Pulpstream is a cloud-native solution, it allows all stakeholders to access certificates from anywhere in the world. This means that you can access all the certificates, notes, milestone progress, and ownership seamlessly from a single location. Furthermore, businesses can create data insight dashboards that enable all departments to view key performance indicators in real-time. This means that project managers can now quickly check if a subcontractor is compliant and insured before allowing them on a site.

As construction companies continue to engage second-tier and third-tier subcontractors on projects, it’s more critical than ever to effectively manage exposure to risk. When the insurance of these lower-tier subcontractors isn’t monitored, you can leave yourself open to major losses.

Automating this process with a low-code cloud-native business process automation platform like Pulpstream is the perfect solution to ensure compliance by making sure that insurance coverage hasn’t expired.

What’s more, this approach will enable businesses to save time and money by efficiently and effectively managing their exposure to risk.