Mitigating risk in your organization with a BI tool
As businesses adapt to the pandemic and shift to new norms, risk mitigation strategies have become as normal and ubiquitous as having a fire escape in the office. Smarter, AI-driven learning and development initiatives will help mitigate risk in our rapidly evolving world.
According to Statista, risk management experts state that the 2021 pandemic outbreak was a greater business risk to small companies than it was to mid-sized or larger companies.
Despite the difference in overall risk, all businesses and people suffered under the pandemic; the ways in which different-sized companies were impacted varied: Business interruption, including supply chain disruption, was the greatest threat to companies with annual revenues of over £180 million. Meanwhile, the pandemic outbreak was the biggest threat to companies that generated revenues below £180 million.
Anna Lloyd, Director of Product at leading online learning provider, Learning Pool, says every organization needs to undertake compliance management in some shape or form.
“Based on customer needs, the Insights product at Learning Pool has an entire compliance management dashboard. We did research with customers about what they wanted, and compliance management and mitigating risk was top of their list,” Anna says. “We understand that organizations are different, and the ability to set and manage their own risk parameters pro-actively — with alerts in place — is a real benefit.”
Despite the need to be agile, efficient, and transparent in mitigating risk, alarmingly, some corporations are still using spreadsheets instead of robust learning management systems.
Minimizing risk by ‘infusing’ AI
When organizations infuse AI and data analytics into their risk management solutions, they unlock a plethora of advantages. These include centralized reports, faster access to data, and a direct connection to their database.
Anna says compliance training has become smarter over recent years with the proliferation of data analytics, which enables organizations to manage their compliance training faster and mitigate risk, all at scale.
According to Anna, Learning Pool’s recent partnership with Sisense was instrumental in helping add ‘Insights’ to its portfolio. This partnership enables Learning Pool to create AI-powered, expertly-designed dashboards built specifically for learning data analysis.
“By presenting accessible, adaptable, and actionable visualizations that are grouped together as meaningful dashboards, Insights provides clients with actionable guidance about the past, current, and potential future performance of their learning ecosystem and learners,” Anna says.
“With Learning Pool, powered by Sisense, our customers are expecting more than just tracking training deliverables,” Anna continues, “They want precise systems that can manage compliance training smartly, and have the ability to diagnose issues.“
Infusing artificial intelligence for compliance management can also create greater visibility, Anna explains.
“With AI and BI, you can get more granular data, and you can easily identify where there are efficiencies in staff training. You don’t want staff to spend loads of time training, you want them to spend time working. So you need to ensure training is effective, has the right outcome and can easily be embedded into staff workflow.”
“Better efficiency, better granular data, better ability to predict levels of risk, and to be automatically alerted when you fall outside in particular thresholds — this is what BI and AI can achieve for compliance training. Sisense has the ability to predict and analyze, offering potential explanations for data anomalies and changes.” Anna adds.
A consistent approach to professional development
A good example of mitigating risk through AI-enabled learning and development is that adopted by one of Learning Pool’s customers, a multi-academy Trust of schools in the UK. The Trust needed a consistent approach to professional development across a geographically-dispersed workforce.
The only way to achieve this goal was by equipping staff across the Trust with the right knowledge and skills.
By using Learning Pool’s Platform to provide a scalable professional development platform, the Trust can offer the same induction program for staff in all of their academies. By providing a common platform, it helps the Trust track compliance in areas such as safeguarding and health & safety.
The Trust is also able to use Learning Pool Authoring to create its own e-learning, enabling it to respond quickly to the changing needs of staff and stakeholders in the trust’s academies.
The full service offered from Learning Pool means that the Trust has a partner to work within developing solutions to new issues – as well as learning from other customers’ experience in delivering effective online professional development.
Compliance frameworks delivered at scale
Another great example is a large reinsurer Learning Pool partners with, which works in a data-intensive market with a strong need to safeguard its people, organization, and customers from the risks inherent in a digital economy.
As a risk mitigation strategy, they created a Digital Governance Framework (DGF) for compliance training. The DGF ensures adherence to all relevant compliance and governance topics that relate to digital services and provides staff with a simple process for risk identification and mitigation.
The challenge for the reinsurer was to effectively communicate this framework to its workforce and advise staff on how and when they should apply it. They wanted to create lively e-learning modules to reinforce the message and leave a lasting impression.
To achieve these goals, Learning Pool designed and developed an online interactive learning experience to deliver the key messages around the DGF and its application to real-life scenarios.
Learning Pool developed an animation to promote the framework, as well as various novel interactions, knowledge checks, scenarios and visuals which communicated the key messages in a memorable and engaging format. These supporting campaign materials not only reinforced the key messages informally it also made the learner feel like it is an exchange rather than a lecture.
The e-learning was well received by the reinsurer and 500 members of staff have viewed the material to date, which is exceptional for a non-mandatory piece of learning. The reinsurer now plans to roll out the DGF course within the IT division as mandatory training.
This article was written by Asaf Tsur, Regional VP Sales EMEA at Sisense. This article was originally published on Sisense’s blog.
About Learning Pool
Learning Pool is a full-service online training provider, offering courses, tools, and content creation to over 1100 organizations and 5.1 million learners around the world. Annual revenue growth increased 34% last year and our team has grown to 260 colleagues across our seven global offices.
Sisense goes beyond traditional business intelligence by providing organizations with the ability to infuse analytics everywhere, embedded in both customer and employee applications and workflows. Sisense customers are breaking through the barriers of analytics adoption by going beyond the dashboard with Sisense Fusion – the highly customizable, AI-driven analytics cloud platform, that infuses intelligence at the right place and the right time, every time. More than 2,000 global companies rely on Sisense to innovate, disrupt markets and drive meaningful change in the world. Ranked as the No. 1 Business Intelligence company in terms of customer success, Sisense has also been named one of the Forbes’ Cloud 100, The World’s Best Cloud Companies, five years in a row.
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