A good Revenue Assurance software platform will play a key role in mitigating risk within a business.It can provide assurances in relation to the accuracy and completeness of the billing process; it can address regulatory concerns; it can be used to manage customer complaints; it can help reduce customer churn; it can assist in identifying network issues, etc.
Revenue Assurance solutions have been around for many years now, and the discipline of Revenue Assurance itself has reached a measurable level of maturity in many organisations. But the experts believe there is a lot more hidden value in these tools, to the extent that they can even be the drivers of a risk management culture within an organisation.
For instance, in the event of an unexpected incident which may incur a financial or reputational loss for an operator, teams are tasked with effecting changes within their departments to avoid a reoccurrence of this incident. In doing so, they are encouraged to collaborate and think about other potentially significant risks to the business. These could be as far reaching as losing the licence to operate, major network failures, significant system failures, data breaches, losing key customers, etc.
Lately there has been a lot of talk about Enterprise Risk Management (ERM) – an approach to risk management in which all such risks are looked at. More than just Revenue Assurance or Business Assurance (which covers revenue assurance, cost assurance, margin assurance and partner assurance, or basically wherever one set of data can be reconciled against another),
ERM provides a framework for risk management which typically involves identifying risks and opportunities, assessing their potential impact, and determining a response mechanism which will ultimately protect and create value for stakeholders.
A good risk management strategy should recognise the value and importance of an effective Revenue Assurance solution in supporting the business in reaching this end. If a Revenue Assurance solution is used to its full potential, it should encourage Revenue Assurance operatives and senior management to think outside the box when it comes to mitigating risk, and to taking a risk-based approach to managing the enterprise, such as ERM.