Our client needs
To effectively manage business asset compliance and assurance it is apparent that 'point in time' surveys are becoming inadequate to meet clients' ever-changing needs. With the proliferation of new technology and big data we envision a future of 365-day compliance, but this will bring new challenges. The need to draw deeper insights from assets, people and performance are some of the key challenges that will need to be addressed, along with the inherent data security and privacy implications.
Real-Time Assurance for clients
Unlocking greater performance
Challenges we see
With supply chains growing increasingly complex, organisations are faced with the challenge of managing them effectively. With this comes the increased number of risk factors bringing disruption and so there is great importance placed on being able to assure these value chains.
While new digital technologies enable an increasing number of data inputs to be captured with greater accuracy and frequency, when combined with our client's complex business requirements, it will become more difficult to process and understand what is happening and why. This increased level of complexity is compounded by the inevitable need to secure data that's transmitted from hardware via the cloud to a centralised data store or decentralised digital ledger. All these factors contribute to the increasing challenge of ensuring data collected at source is the same when it is received at the destination and can't be tampered with en route.
LR works with our clients to identify how best to implement digital solutions, to navigate the complex transition from paper to digital assurance, giving them a better view of their business operations and assets.
Capabilities we leverage
When aggregating inputs from digital assets such as sensors and third-party data services, one of the main difficulties is knowing how to make sense of the data. Installing a new data capture device or source is the easy part but configuring it and converting the output into actionable insight is the challenge. These new technologies can create new problems for our clients meaning many of them are hesitant toward adoption, thereby holding back their potential performance.
Having identified this issue, combined with an understanding that each of our clients has their own set of requirements, LR works closely with them to identify the correct solution for their needs. Our experience of using remote technologies and data analytics means we're best placed to handle the convergence of new technology with an existing business and its processes.
The approach we take
LR provides access to our in-house risk expertise and digital platforms to characterise the risk assessments and mitigation profile. We design a full real time coverage service both digitally and physically. Analysing digital data streams from sites and assets via IOT sensors, we evaluate this alongside historic data from previous traditional audits to build a detailed solution.
We combine our subject matter expertise and in-depth knowledge and use it to define the risk profiles based around client data.
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Who we work with
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Validation of APPEA method, financial assurance
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What we think
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