Top 7 Reason Why You Should ‘Gamify’ Your Risk Management

Nowadays, several companies have implemented and monitored to ‘gamify’ on their risk management. Through various mechanisms and practices during a certain period, the company can see how its development and the impact of the gamification on the employee’s performance. Furthermore, good gamification will then be implemented permanently as part of risk management.

gamify your risk management

Moreover, for those of you who want to know more about the importance of how you should ‘gamify’ on your risk management, you can check some explanations bellow.

1. Risk Analysis Can Be Done More Efficiently

Gamification on risk management can help you understand the impact of every risky decision that you will take. In this case, all profits and losses can be mapped to reduce the risk of failure in the future. Therefore, it is the most efficient way to plan your company’s program.

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2. Determine the Best Risk Mitigation Planning

In the other hand, gamification on risk management can also help you simulate the effects of each mitigation action that you and your team will take. In this case, the right risk mitigation strategy will not only be able to reduce costs, but also increase company profits.

3. Understand Your Employees Behavior

Pattern recognition element in gamification will help companies to find the most optimal approach to employees. In this case, gamification on risk management will not only help you maximize employees in doing their exercises and assignments, but also in dealing with future problems.

4. Help to Create and Organize Order

By implementing gamification on risk management, you can also show that employees have an important role in making procedures and work safety. Furthermore, they will more easily understand and participate in building this system. Therefore, it will also motivate and increase their awareness when implementing risk management.

5. Controlling and Monitoring Risk Management Regularly

Another benefit when you use gamification on risk management is that it can help you to monitor and control your company’s risk management more regularly. In this case, the nurturing and growing element will help the company to improve the process of problem reporting to the person responsible for it.

6. Validation of Management Assumptions and Risk Identification

Creating a game that focuses on risk modeling will help train your employees to identify and validate management assumptions. Also, this gamification on risk management will help to improve the ability of employees to identify risks. Moreover, it can also help to determine the right distribution for each assumption.

7. Gamification on Risk Management Industry Development

Since 2016, several industries, such as EY and Palisade, have created games for risk management. They create gamification, starting from using physical devices to online devices. Each device and system continue to be developed to produce the latest gamification on risk management.

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At present, various companies continue to develop gamification on risk management. With gamification, companies can design, implement, and monitor the development of risk management more efficiently. Therefore, the company and employees can together collaborate to build a good risk management system.

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