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:
Data Integration and Curation
Data discovery and identification, sourcing and extraction, cleansing, mapping, and aggregation for sustainable data integrity
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
Presentable Perspectives
Publish test results in dashboards and trigger downstream reporting and remediation workflows