Our Smart Solutions
Risk management nowadays goes well beyond intelligent use of insurance engineering. With the outburst of environmental, geopolitical, economic, technological, and societal risks, risk analysts and managers have to cope with several aspects of company’s overall strategy. Instead of requiring more stringent EC requirements, Authorities would be well-advised to rather require a more efficient risk management.
For someone external to your business, telling «what your risks are worth» to you would be misleading. Past observations and experience feedback, even complemented by straight expert judgment are not anymore sufficient and can be very costly. Because it is much less costly, extracting from team members’ experience anticipations and proactive judgments (which are the really appropriate data) leads to more efficient decisions. Recent research allows quantifying them now with sufficiently reasonable accuracy.
We consider, along the lines of ISO 31000:2009 standard, that risk translates into a gap between scores and expectations. It can indeed be be defined as the effect of uncertainty on someone’s expected results. But such an effect cannot be anticipated considering only variability or volatility. Note that the definition includes the impact of extreme events : Frequency tables obtaining from past observations are therefore insufficient for stress tests or even for risk evaluation.
We have launched a research program aiming at a global risk management modeling. Monitoring business’ results and financing the appropriate policy is only possible when grounded on appropriate modeling. The canonical risk management process is compatible with different background cultures in a corporation only if it embodies a common internal communication code between different officers in your organization. We can dedicate necessary resources on request: Innovative software, adequate training, and suitable recommendation.