Search for:
SBA 8(a) Business Development Program Consulting Services
Cybersecurity Maturity Model Certification (CMMC)
Providing You Guidance to Innovate and Grow Your Business
Government Contractor Consulting Services
Healthcare Industry M&A Report: What We Saw in 2021 and What’s Ahead
Cannabis Accounting, Tax & Business Advisory Services
Providing You Guidance to Innovate and Grow Your Business
Government Contractor Consulting Services
Providing You Guidance to Innovate and Grow Your Business
Government Contractor Consulting Services
General Data Protection Regulation (GDPR) for Higher Education Institutions
Government Contractor Consulting Services
Providing You Guidance to Innovate and Grow Your Business
Government Contractor Consulting Services
2021 US Middle-Market Private Equity Report
Advisory, Accounting & Tax Services for Special Purpose Acquisition Companies (SPACs)
Risk Management Consulting Services for the Financial Services Industry
Government Contractor Consulting Services
Providing You Guidance to Innovate and Grow Your Business
Government Contractor Consulting Services
Providing You Guidance to Innovate and Grow Your Business
Government Contractor Consulting Services

COVID-19 Guidance Center

Tax Implications and Financial Business Guidance Regarding the Coronavirus

Transaction Advisory Services

Helping businesses navigate financial due diligence engagements and domestic and cross-border transactions.

Employee Retention Credit Tax Services

Expanded Employee Retention Credit (ERC) & how our professionals can assist you.

Services

Risk Analytics Services

shadow

What Is Risk Analytics and How Is It Used in Risk Management?

Now more than ever, we operate in extraordinary uncertainty with the convergence of cyber risks, artificial intelligence, global economic shifts, and a robust technology transformation disrupting the business environment. Organizations cannot afford to reactively find solutions. To mitigate risks and anticipate potential exposure and loss, organizations need effective and timely ways to continuously monitor business operations and key risks through risk management analytics. With the right tools, organizations can proactively manage risks with improved precision and fewer resources. Well-designed risk analytics and automation helps organizations increase risk coverage, drive down cost and re-engineer risk management programs in a cost-effective manner.

Experiencing the Difference of Integrated Risk Analytics Data Science

As part of Cherry Bekaert’s broader suite of risk analytics tools and solutions, we offer a methodology powered by an integrated set of technology tools to derive risk likelihoods from ordinary business transactions. The result of this comprehensive risk assessment analysis approach provides visualization dashboards highlighting areas of concern and subsequent actions such as monitoring, remediation, and escalations as set by policy and procedures. The toolset spotlights areas of concern relative to an organization’s risk appetite and tolerances in a three-phased risk analytics approach:

motherboard icon

Data Integration and Curation

Data discovery and identification, sourcing and extraction, cleansing, mapping, and aggregation for sustainable data integrity

fours arrows in a circle

Rules-Based Risk Identification and Processing

Apply targeted tests from our Risk Catalog and configure input parameters, such as, tolerances, proxies, materiality amounts and assumptions

charts on monitor

Presentable Perspectives

Publish test results in dashboards and trigger downstream reporting and remediation workflows

Related Thought Leadership
Nov 24
Article

The Analytics Challenge: Incorporating Data-Driven Analytics Into Your...

Read More
Nov 09
Article

Demystifying the Microsoft SSPA Attestation Program

Read More
Oct 12
Podcast

Internal Audit Plan Common Mistakes

Learn More
Sep 22
Article

Going Global: Navigating Cybersecurity and Data Privacy Risks Across B...

Read More
Sep 12
Podcast

What Responsible Innovation Means for Your Organization

Learn More
Sep 09
Article

Establishing Risk Management Principles for Responsible Innovation in ...

Read More

Benefits of Our Unique Approach to Risk Analytics Consulting

We help organizations protect value, power performance, and build resilience using purpose-built risk management analytics solutions that can help transform business processes by:

  • Implementing risk assessment controls for prioritizing testing frequency and depth of monitoring.
  • Introducing monitorable controls with risk event flagging for remediation and escalations.
  • Establishing continuous monitoring capability built on structured processes, standardized rule sets, and integrated technology.
  • Utilizing results to assess new risks, re-assess existing risks, and/or improve existing controls.

Our risk and data analytics methodology helps mature risk governance by establishing continuous monitoring of day-to-day activities by:

  • Increasing audit effectiveness across the various risk domains, operational, financial, compliance and fraud
  • Broadening audit coverage from sampling to all transactions
  • Optimizing audit resourcing

Download Brochure

Technology and Data Enablement
Risk and control environments are transforming for a variety of reasons: regulatory compliance changes, environmental changes, digitally-driven economic climate, technology enhancements, and changes in the way customers buy and do business both domestically and around the world. Cherry Bekaert has strategic alliances with several Governance, Risk, and Compliance (“GRC”) software providers to assist companies with strategy, documentation, vendor selection and validation and a proprietary roadmap for implementation.

How We Can Help

Cherry Bekaert’s Risk Advisory Services practice is comprised of experienced professionals in the development, management and execution of risk management services including operations, the assessment and control and process development. Our practice is focused on helping organizations implement advanced analytics and automation solutions designed to monitor risks and enhance the quality and speed of an organization’s decision-making effectively and efficiently.

Contact Us

Risk Analytics Examples: Client Success Stories

  • Success Story: Developing Data-Driven Solutions and Toolsets to Augment a Manual Process

    Challenge:

    A County Library System with over 500,000 card holders across 19 locations and over 1.2 million titles in circulation serves as the community technology connector, early literacy hub, and center for skills development. Yet, their data was buried in manual processes and spreadsheets rendering the Library System labor-intensive, inefficient, and prone to reporting errors.

    Our Risk Analytics Solution:

    Cherry Bekaert defined key performance indicators, cleaned and prepped the Library System’s data building interactive dashboards for staff to visualize and interact with in real-time. Leveraging the interactive dashboards, the Library System was able to make enhancements to their circulation and community outreach efforts. Reports were streamlined, automated and precise data-points were used for resource planning and circulation allocation. This strengthened the library’s internal controls over reporting while freeing up staff to better serve the community.

  • Success Story: Enhancing and Protecting Transaction Monitoring for Procurement Card Program

    Challenge:

    A government authority with over 90 sites and more than 5,500 workers needed to enhance their procurement card oversight program. It operated in a random untargeted mode in its effort to identify risks from fraud, waste, and/or abuse. Its oversight methods were labor hour intensive having limited coverage to meaningfully identify transactional anomalies.

    Our Risk Analytics Solution:

    Cherry Bekaert was able to enhance program oversight and drive effective and more frequent monitoring by utilizing a fit for purpose, rules-based approach to procurement card monitoring derived from industry accepted risk identification methods. Our execution comprised of the following:

    • Provided a facility to learn about cross-functional spending behavior and delineated spending bands to identify normal vs. outlier spending.
    • Prioritized management’s objectives to scope the suite of tests, such as, split transactions, cash-convertible goods (e.g., gift cards), post termination activities, and non-business day activities
    • Initiated data discovery to assess data availability, integrity, and consumability to optimize scoped test coverage
    • Utilized data wrangling to cleanse and prepare disparate data sources, including ERP, HR, Card Provider, and third-party vendor sources for use in analytical tests

    As a result, the entity enhanced their monitoring capability, reduce labor hours, achieved a more comprehensive and frequent approach to risk identification.

Let's Talk

Neal W. Beggan

Partner, Cherry Bekaert Advisory LLC

Let's Talk

Brochures

Risk Data & Analytics Services

We help organizations implement advanced analytics & automation solutions to monitor risks & enhance decision-making....

Learn More

Digital Verification, Transaction & Payout Services

Learn about our Digital Verification, Transaction & Payout Services that help reduce compliance risks, lower...

Learn More

Leveraging Enterprise Risk Management for Better Decision Making

Learn more about our Enterprise Risk Management (ERM) Services and how our professionals can help...

Learn More

System Implementation & System Access Controls Assurance Services

Learn more about our System Implementation Assurance Services and how our Risk & Accounting Advisory...

Learn More