Risk is a factor in every facet of business. Increasing regulatory oversight, globalized operations, consolidated suppliers, volatility in the cost of raw materials and outsourcing key business processes are just a few of the issues risk managers deal with on a regular basis.

Each organization has its own approach for dealing with these risks. Many have centralized the risk management process to better coordinate and track risk probability and mitigation strategies. Others have invested large sums in data analytics and business intelligence software. And when it comes to involving company personnel, strategies range from mandatory training curricula to revised employee handbooks.

These are all serviceable strategies. Yet, arguably the most underutilized resource to help identify and mitigate risk is the one that will help achieve the best results: the collective wisdom of the organization. Company employees, vendors, advisors and affiliates are the closest to the situation, and often have years of experience to reference. But because of office politics and organizational hierarchy, this wisdom is typically untapped. Uncovering this information and putting it to work is a critical component of managing risk.

We discuss a few use cases here in more detail but believe these only begin to scratch the surface of what may be possible:

Improve forecasting of performance indicators
Decisions are made every day based on forecasts of business performance metrics. Shouldn't you make sure to include the input of those who might have something valuable to say about them?

Expose product quality problems early
Quality control problems hurt sales, your stock price, and your brand. What if you could minimize the risk of quality issues by predicting what they will be and addressing them before it's too late?

Predict risk to your supply chain
Supply chain problems wreak havoc on your performance as an organization. Avoid these pitfalls by predicting risks when there is still plenty of time to do something about them.