Symbiant: Ushering Cost Optimization and Simplicity to Risk Management
Andrew Birch, Director
If I can use the product, then anybody can use it,” says Andrew Birch, Director, Symbiant—a provider of risk management solutions, by equipping the overall workforce with ERM tools to indulge into risk management processes without a glitch. It is interesting how Birch does not come from a risk analytics background yet believes it to be the driving force behind fabricating a solution that is easy to understand and use. Birch is of the opinion that this approach successfully captures the idea that is usually neglected by risk analytic professionals while designing Enterprise Risk Management (ERM) tools, “some of the users who actually use the tools have very little knowledge about risk matters,” he says. What’s more, the solution’s cost effectiveness does not make it come in the way of it being the industry leader. Testament to this is the high profile client base that the firm caters to which includes the likes of the Rothschilds, Harrods, MTN, International Civil Aviation Organization, Dexia, United National Bank, Rabobank, and UBM. “We create solutions that are simple but also ensure that power and flexibility are not compromised, quite the opposite, our solutions can match the most expensive ones,” he adds.
The company’s risk management suite brings out visual insights to areas of risk through customizable dashboards and graphical representations. Users will be in a position to procure detailed analysis of those risks by risk registers and multiple scoring sets that show and score monetary and standard type of risks.
We create solutions that are simple but also ensure that power and flexibility are not compromised, quite the opposite, our solutions can match the most expensive ones
The dynamic residual scoring then links to controls and automatically tests them, in case the control fails, the score will be recalculated. Various departments can collaborate on issues relating to risks and conduct online meetings using the suite’s workshop. Additionally, they can also collaborate on remedial action plans and treatments, assign those actions and track till completion.
Risks that are fed into the workshop module can then be transferred to registers with their scores. Based on the reduction, controls are linked to impact or likelihood allowing users to evaluate those using self-assessments. If the control fails then it will automatically affect the dynamic residual score. The suite equips users with incident reporting to report hits and near misses, and link them to risks and controls to begin the process again. As a last step of the process, the suite enables users to enter data and customize the way they want to produce reports in the form of statistical and graphical data.
Unlike its competitors who offer consultancy services to sell the software, Symbiant offers tools to help users manage their ERM. “Since we focus only on providing solutions, we are constantly developing them and keeping them up to date,” asserts Birch. Adding to this, the firm does not charge for any new update or extra services rendered to its clients. In one instance, Emerson, a global manufacturing and technology company, was finding it difficult to arrange meetings that could suit several time zones because of its global operations. Symbiant helped them overcome the issue through its risk workshops enabling them to get input from a variety of stakeholders rapidly. “By using our workshops they could collaborate on risks in a much quicker cycle,” he adds.
The company has seen tremendous growth right from its inception and vested its focus on risk and audit lately. Symbiant has devoted 16 years in the development of its product and will continue to be at the forefront of ERM solutions.