The concept of risk management isn’t new. For years it has been a core responsibility of the C-suite. What is new, however, is the skyrocketing awareness of the importance of risk management. The regulatory and economic environments have become more challenging, and the news headlines are replete with examples of what happens to organizations when risks aren’t adequately managed. As a result, risk sits at the top of the agenda for the executive team—again.
That’s a tall order for organizations relying on the same old approaches to risk management. It’s no wonder that so many are turning to risk analytics. Today, risk analytics techniques make it possible to measure, quantify, and even predict risk with more certainty than ever before. Risk analytics techniques help establish a baseline for measuring risk across the organization by pulling together many strands of risk into one unified system and offering executives clarity in identifying, viewing, understanding, and managing risk.
With risk analytics techniques;
· Get the details
· Understand the complexity
· Cross the divide
· Lay the groundwork
· Focus on asking the right questions
· Examine interdependencies
· Establish effective programs