If you are a business leader, risk management, or governance professional, you are laser focused on managing enterprise and business risk while keeping costs down. Do you know a well-orchestrated Knowledge Management ecosystem can help you in your endeavors to do just that?
Read on as we spotlight, three Knowledge Management approaches that you should be seriously considering in the short to medium term to improve your risk posture.
1. Running Knowledge Audits helps mitigate Operational Risk
Often organizations discover unintended risk exposure when they run Knowledge Audits. Knowledge Audits are an investigative technique to figure out what knowledge (or information) people in your organization need, what they have access to (within acceptable quality thresholds) and where the gaps are. A gap in organizational knowledge can result in all sorts of employee-level activities that invite risk, including working off unapproved and dated information. Once knowledge gaps are identified, you know you can take remediation efforts to fix them. You should do this periodically.
Questions to ask:
What knowledge do people need to do their job?
Who knows? Is it stored centrally? How does one access it?
What are the knowledge gaps?
2. Organized Knowledge repositories help manage Compliance risks
Compliance risk is top of mind for business leaders, risk management, and governance professionals. A failure to comply can lead to a company facing fines, censures, reputational damage, and so on.
An often overlooked and simple approach to organize knowledge ‘critical to compliance’ within a structured knowledge repository accessible to those who need the information in a timely and easy-to-find manner can do wonders in improving compliance behaviors within organizations.
The magic in this simplicity is that people will have access to authoritative and accurate information, policies, tools, and training to do their jobs and stay compliant. Well-organized knowledge repositories also support various regulatory requirements around eDiscovery.
Questions to ask:
What knowledge is critical to compliance?
How often is the information refreshed?
Where and how is it stored? How is it shared?
3. Active Communities of Practice help manage Continuity risks
When talent walks out of the door, they don’t just leave they walk away with years and often decades of institutional knowledge. Employee turnover and retirements are business realities that result in knowledge loss for organizations often impacting continuity — both short and long term.
An antidote to the continuity risk is to activate Communities of Practice (CoPs) within your organization (How To Activate Your First Community of Practice?). CoPs foster active knowledge sharing and access to experts which results in the preservation of existing knowledge and the creation of new knowledge. You can activate a CoP in your key business areas and through that create institutional forces to grow and retain knowledge within your organization to build deeper resilience.
Questions to ask:
Which business function is at the highest risk of disruption due to employee turnover or retirements?
Which department does a poor job of knowledge sharing?
Where do you need to break down organizational silos?
We are happy to help you get started with your Knowledge Management (KM) program or aligning your existing KM program with your business goals and risk posture.
We will workshop it for you
Give us a brief about your business challenges, requirements, vision, or whatever.
Be ready to engage in a free-ranging 60 minutes discussion about possibilities and alternatives.
Experience the magic of melding our ‘outside-in’ approach with your ‘insider’ view.
Connect with us.