In a recent interview with Cory Davis, Founder and CEO of Real Time Risk Solutions, we discuss how their solution helps companies increase accountability by managing compliance issues.
Challenges in the GRC space
In the compliance space, accountability is an issue because companies generally employ a lot of people to manage compliance problems (safety, quality, etc) but transparency in meeting these requirements are often difficult to manage from a central location. RTRS provides companies with a way to become accountable as well as an easy way for them to manage their internal compliance policies in ways that are simple for people to use through our mobile application. Our platform can be used in any industry to manage risk and compliance remotely, through our application or website from anywhere in the world and in real time.
The Platform and the Differentiating Factor
Any company that comes to us, we run their compliance requirements through our platform and design custom mobile applications (Apple and Android) in about 48 hours. The cost is typically $15,000 for the development of the custom compliance platform. Clients can review what we call “Prescriptive Risks” from their mobile devices and track issues on a day-to-day basis. In the event that a particular task was inadequately performed, clients have the ability to assign the issue to their internal staff members. Dashboards allow companies to manage these risks across their entire portfolio in real-time.
99 percent of our companies are up and running in less than one hour. After the initial onboarding session we schedule bi-weekly check in sessions—which usually last about 30 minutes—until they are comfortably up and running. However, customers can approach us at any time through the application—or they can contact our customer service team and can even send emails directly from the application.
We offer over 75 executive dashboards to monitor the risk across our customers’ entire portfolios
Every customer is a little bit different in how they approach compliance with their internal processes. Our process is more of a fact-finding mission to identify which departments have compliance issues that need to be addressed first. We then help them define their content (ie, safety, quality, training) and incorporate it into their custom branded products. We also have a library of compliance best practices that they can leverage to build their platform. The result is an essentially white-labelled solution, which is available for the customer with their company's logo. At this stage, we help them set up their executive dashboards so that they can see all the compliance and accountability information anywhere in the world.
In some situations, we build mobile applications that are built on our own knowledge sharing platform. Here, we aggregate best practices on what people do to reduce risk in various components, such as safety. We study white papers and government publications, and we take the gleaned best practice information and make it available for all our clients to use.
A Client Case Study for the Reader’s Benefit
We have a manufacturing client that does a lot of work with Amazon. When they were managing the warehouse activities, they found that there were a lot of accidents taking place; that the procedures and policies defined by the executives weren't uniformly being applied across the company’s 10-15 global locations. The company ran its internal policies through our platform, and we provided the information in a way that employees in the field can easily manage, while also running analytic engines to track trends and spot issues for continuous improvement. In this particular instance, we used their information as a way to track their process. Aside from performing observations and audits, we also have the ability to digitize any paper-based forms that exist within a company with our mobile form creator. This can then be used to track the paper-based forms from the application, within an hour of it going live.
The Future of the Company
We are partnering with a lot of insurance companies, both brokers and carriers, and provide ways where we can package their client risks in a way that can be easily managed. Insurance companies not only provide value-added services to their client but also examine their clients' information to find ways of helping them in the future. The more we partner with insurance companies, the more we will pivot toward other industries; enabling us to expand internationally.