The most successful companies figure out how to leverage their processes to become business assets, even when there is no clear ownership within the organization for managing business processes. Here are 5 ways you can help your organization be one of those companies.
Process inventory lists. A list of relevant core business processes at the highest level. It enables everyone to speak the same language when discussing processes and their characteristics. From prioritizing needs to scoping projects or making organizational and role decisions, this provides enough information to be useful without unnecessary or overwhelming detail. According to Gartner, using “visual perspectives of processes helps people to see the inefficiencies and identify opportunities for improvements.”
Process scorecard. Rating business processes according to an organization’s strategic priorities and objectives. This approach engages stakeholders from across the enterprise and integrates diverse perspectives into a carefully crafted rating. This is a best practice used by successful companies all over the world.
Process design/re-design. An effort to provide a deep understanding of current state or a deep focus on defining the desired future state. To understand current state, subject matter experts document baseline metrics, understand process rules, and map existing processes based on a process inventory before beginning future state process design. A combination of individual interviews and group rapid design sessions help to design future state processes.
Process Control Topology (PCT). An approach that provides a view into how controls, business process, and application architecture cooperate to achieve compliance with regulatory and risk management requirements. Unlike traditional BPM approaches, where the object is cost reduction, service improvement, or streamlining, a Process Control Topology focuses on the institutionalization of controls across process and system.
Controls analysis. A way to determine where your processes may have too many, not enough, or the wrong controls based on non-negotiable rules imposed by internal or external regulatory entities (e.g., SEC, compliance departments, customer contracts, product designs).
NEOS has expertise in implementing these tools with great success. We can help your organization better understand its business processes and how to turn them into assets.
Wednesday, December 11 at 11 a.m. EST
Everybody has operational risk. If you have operations, then you have operational risk.
The webinar discussion will focus on getting at operational risk through your business processes. We will define some basic terms and talk about an approach to prioritizing the risk assessment effort based on your specific situation. At the end of the webinar, you will walk away with a better understanding of how leveraging your business processes helps you mitigate the people, process, or technology risks that keep you up at night.
Operational Risk eBook
Organizational risk exists in every organization. Even yours. Read our new eBook to learn how to best manage your company’s operational risk.
Topics this year include Big Data Analytics, the Cloud for SMBs, Digital Marketing, and Enterprise Social Networking. A CIO panel discussion will include a discussion about how the role of the CIO has changed.
Click here to read more and register. Business processes are either liabilities or assets, depending on how you define, control, and manage them. According to a June Gartner report titled ‘Successful Approaches to Business Process Improvement,’ “90% of organizations are early on their BPM journeys and still struggling to apply BPM as an enterprise program. Changing organizations toward higher levels of appreciation for business processes as an essential corporate asset remains a slow and difficult undertaking.”