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admin July 14, 2020 0 Comments

Enterprise Risk Analytics

Data drive our businesses today.  It has integrated with most processes and enabled quicker decision making.  One area which is complex for data analytics is Risk Management.  it is not yet adequately ventured due to the following:

 
  1. Risk & technology domains are dominated by different professionals and are only now integrating
  2. Availability of data for Risk Analytics is varied (external & internal to the business) and challenging to accumulate and store in a single system
  3. Data required for Risk analytics may lie in dispersed systems which are tough to be integrated
  4. Varied Risk Scenarios demand writing complex algorithms for assessments, rating & prediction
  5. Tools required for algorithm design are not simple to use and needs a good amount of learning & practice 
  6. Internal ERPs are not user friendly and data availability is very inflexible
  7. Database management systems need specific query skills and difficult to master
while there are great advantages to be able to implement Enterprise-wide Data-driven Risk Analytics:
 
  1.  Stay alert, proactively manage emerging risks & respond faster
  2.  Sanitize the transactions for well-known risks using technology and prevent errors, frauds etc., 
  3. Reduce leakages & exposures using automated Data Algorithms by eliminating  bad payment transactions
  4. Assure highest levels of compliance for adherence to systems, policies, procedures, workflows & statute
  5. match data using advanced robotic systems from varied applications and reconcile discrepancies

Huge financial damages can be prevented if data is properly used alongside technology.  Risk Analytics can prevent revenue leakages to an extent of 5% of gross turnover.