Five questions about applying analytics to risk management
For virtually anyone working in the area of risk management, analytics isn’t new. Risk professionals have been using analytics tools for years. But many have noted a resurgence of interest in the application of analytics to risk management challenges, and with good reason. There is a renaissance in analytics technology underway today, and it arrives just as the issue of risk takes on an even higher profile for leaders across industries. It can be challenging to separate the hype from the reality when it comes to analytics and risk management.
In this issue of Risk Angles, Vivek Katyal, principal, Deloitte & Touche LLP, Risk Information Services (RIS) practice leader and Audit and Enterprise Risk Services (AERS) leader for Deloitte Analytics, answers five questions risk leaders frequently ask today about how best to apply an analytics approach to the job of risk management. Then Mark Carey, partner, Deloitte & Touche LLP and leader of the U.S. Governance and Risk Strategies services for commercial and public sector industries within Audit and Enterprise Risk Services (AERS), lends his perspective on the use of risk modeling.
This Risk Angle answers the following questions
- How do you measure and quantify risk?
- Haven't we been using analytics for years? Is there anything new here?
- Isn't analytics already built into the Enterprise Risk Management (ERM) function?
- Can analytics help with financial statements and reporting?
- What role can analytics play in meeting regulatory requirements?
It also takes a closer look at risk modeling