Seven Towering Achievements of KnowRisk’s
The achievements which can change how corporate risks are managed
It is only by implementing KnowRisk in demanding organizations, could we succeed in cataloging towering achievements of one of the highly prized features of KnowRisk; the Knowledge Base. The Knowledge Base features are too many and therefore we have to be selective. It is with lengthy and laborious deliberation that we settled down to seven towering features of Knowledge Base. So let us get started.
All risk management software store risks in databases. This is where the confusion in terminology starts. Vendors, caught in the whirlwind of hyperbole, end up referring to that database erroneously as the Knowledge Base. But KnowRisk’s Knowledge Base it is not a potpourri of user defined risks stored in a database. So let us explore what a true Risk Knowledge Base should be and how this design philosophy is reflected in KnowRisk’s Knowledge Base.
- Knowledge Base has a pre-configured database with commonly encountered risks which can be used straight out of the box.
- It is common that most companies, especially at the initial stage, have risk data either in Excel or in some other electronic format. This data can be imported to the Knowledge Base. Once the data is imported the user has the choice to scrutinize, reclassify it, and modify it before it is fit for final use. Till then and even thereafter it can be kept as a transit repository of risk data. It is only when the management is fully satisfied; the cured data can be moved around and accepted for use.
- Collecting data through workshop, a brain storming session is the best way to capture collective wisdom. This data can be stored in the Knowledge Base and subjected to the same process as data secured from any other external source. The point to note is (in both cases of Excel and workshop wisdom), the risk data is isolated and kept as a separate and distinct activity for ultimate use.
- Knowledge Base can maintain the list of retired risks for the future reference. A handy feature if you wanted to resurrect any or some.
- Consider the Knowledge Base as a constellation of buildings all linked with each other. It is difficult to move physical buildings from one location to another. However in the Knowledge Base paradigm, you can move them from one location to another defining their rightful place within the risk universe.
- Consider Knowledge Base as a gigantic tree with branches within the branches. It is inconceivable to move the branches from one location to another. In the Knowledge Base paradigm, you can move them, reorder them, in effect you can construct a completely new risk tree.
- Risk is multi-dimensional. It has intertwined causes, consequences and controls to start with. Knowledge Base provides this composite view which a simple database cannot.
To sum it up, certainly a simple risk database is not a Knowledge Base. A true Knowledge Base is a constellation of risks, represented symbolically by a group of buildings which can be moved around or a gigantic tree whose branches can be grafted from one location to another, ultimately representing risks at every stage of risk management; that is data collection, scrutiny, cleansing, reorganizing and ultimately providing an enriched classification system through this multidimensional view of the risk universe. These are the features, no other risk management software offers and which KnowRisk does through its Knowledge Base.
How each of these features comes alive in real-life environment will be subject of our next blog.
For an Overview of Knowledge Base please click here