Monte Carlo risk analysis is a powerful technique used in risk management to model and visualize uncertainty and risk exposure based on different scenarios and outcomes. These simulations allow professionals to model uncertainties to [...]
Bowtie analysis is a powerful visual risk assessment tool that has gained significant popularity across many industries for its ability to clearly illustrate and communicate complex risk scenarios. This risk analysis visualization tool provides [...]
Risk professionals and the insurance industry have long grasped the advantages of risk modeling, but they are just beginning to appreciate the value of predictive and geospatial analytics. The ability to predict outcomes — from the [...]
For those in risk management, great data is the equivalent of gold dust. You can have a fantastic team, good workflows and insightful hunches, but rich data is the element that will propel you forward. [...]
Gap analysis is a comprehensive method used to compare two or more entities to evaluate their differences. Understanding gap analysis can help identify areas of improvement or potential risks that may affect operations, as [...]
An article by Mary Long " Goodbye Spreadsheets, You Had a Good Run " that I read recently discusses a phenomenon that I have encountered regularly for years when speaking with risk management and insurance executives, [...]
Risk is everywhere. Managing risk is top of mind for leaders of all organizations, but properly assessing risk, managing it, and planning for outcomes in this era of instant information can be extremely challenging. With [...]
Calculating business decisions using algorithmic risk identification comes not without its risks. As data becomes increasingly available, there are almost infinite possibilities when determining risk levels. This may quickly become overwhelming — resulting in [...]
In today’s era of technology and increased reliance on data, the ability to measure risk and make comparisons has never been more important. Companies are more reliant on analytics than ever before, especially in [...]
Predictive analytics and prescriptive analytics are two essential components of a comprehensive risk management strategy for companies. If you’re not familiar with the difference between the two, let us explain. Predictive analytics help companies [...]
Data is as pervasive as the air we breathe. As of 2020, some 64.2 ZETTABYTES OF DATA HAVE BEEN CREATED WORLDWIDE — a number that is projected to almost triple to 180 zettabytes by 2025. To organizations [...]
Root cause analysis (RCA) is an incredibly helpful process to uncover the underlying factors of an issue or situation. With it, companies can understand what happens when they run into roadblocks and prevent issues [...]
