Creating Better Processes
Risk data can also be used to improve processes and create better ones. Transition points from one process to another provide opportunities to make a measurement of some sort. At each juncture, you can assess the wisdom of moving along with the process or stopping. Many of these pause points require major decisions. They may also provide opportunities to assess your future path. All of this can result in improved decisions, minimized losses, increased profits, or reduced costs within your process.
There are two key approaches to improving business processes as they relate to risk and profitability: staging process decisions and process streamlining.
Staging Process Decisions
With this approach, you intentionally ...