A well-designed process will enable organizations to standardize core tasks and in doing so will manage variation and risk. Yet it is impossible to completely eradicate risk. This article discusses how process models can be used to identify areas of risk, and how this can feed into an overall risk management approach.
There are many reasons that organizations look to model and manage their business processes. Having the ability to improve and monitor processes is one crucial reason, but another related reason is having the ability to minimize, monitor and manage risk.
Well-defined processes can help ensure that core activities are carried out in a consistent way, and standardization of this type can be one step that helps ensure that some types of risks are minimized or kept to an acceptable level.