Do you remember the movie Twister from 1996? In this epic disaster adventure some crazy storm chasers are hunting passionately for the next tornado, the bigger the better.
They don’t (only) do it for the thrill, but to collect as much meteorological data as possible.
No risk, no fun? They even risk their lives to get this data. While it might sound crazy, the idea shows how important the right data can be. The movie stars are chasing this data to digitalize it to develop advanced storm warning systems – this will help them to better predict tornadoes in the future and save lives.
Although this was pure entertainment, Twister can help to explain today’s idea of creating a digital twin to reduce risk. This digital twin consists of meteorological and probability data that can help to predict how the weather will be when certain circumstances occur. The goal is an effective early warning system to help reduce damage. You can’t prevent the development of tornadoes, but you can better handle their consequences.
If you transfer this notion to the business world, it would be like having an early warning system for your company. What does it take to achieve this? You need data and visibility. You don’t have to chase tornadoes, but you do need to know all of your risks. You need to know where and when they can occur, what they affect and what possible damage can result. If you have this visibility then you can take the right countermeasures, like implementing controls and risk-mitigation measures.
In the business world a lot of risks arise from compliance requirements like the EU’s General Data Protection Regulation (GDPR). The procedure is the same as with other risks. You need to know them to control them and you need to know what they affect to implement the right measures and ensure compliance.
This is the concept of an enterprise digital twin for risk and compliance built in ARIS. By catching all the risks and compliance requirements, and mapping them to your business processes, you create full visibility and a perfect repository for risk and compliance actions.
Your risk & compliance digital twin with ARIS helps you to:
- Identify, document and assess risks
- Establish appropriate controls and acceptable levels of risk
- Define measures to minimize risk, simplify audits and ensure compliance
- Create management dashboards with information about the current status
- Inform risk managers when thresholds are reached
Like in Twister, maybe your risk and compliance digital twin can even help you save lives by reducing dangerous risks threatening your employees. It will definitely help you to ensure the survival of your business. In today’s stormy economic climate it’s very hard to keep your ship on the right course. Therefore, you need appropriate risk and compliance measures that can be adapted fast to changing circumstances. Let your digital twin - built in ARIS – give you the early warning system you need.