Steadfast has launched a new enterprise risk management tool, iMonitorRisk, to help businesses identify and understand operational risks. 

The tool, which was developed by Steadfast’s Risk Group, includes the development of a “pre-populated starting point” of expected risks for a business based on location and sectors of work, a heatmap of ongoing threats, and reports on methods to reduce risk.   

Steadfast EGM Corporate Development Martyn Thompson says the tool is a “real game changer” for brokers to address key issues affecting their clients.  

“Traditionally, enterprise risk management has mostly been adopted by large and mid-market sized organisations whose strategic needs require better risk visibility and control, Mr Thompson said.  

“However, today, there are all kinds of businesses incorporating ERM into their everyday operations, no matter how small or large the organisation.”  

Mr Thompson outlines the importance for businesses of all sizes to stay on top of managing risks.   

“The benefit of good enterprise risk management practice can help businesses achieve better success by facilitating a risk-aware culture allowing employees to make informed decisions and take appropriate action when a threat occurs,” he said.  

“Ultimately, this too can help reduce the impact on business operations and its stakeholders.”  

The iMonitorRisk tool will be provided exclusively to Steadfast clients.