A recent article in Business Finance finds Brinqa CEO Amad Fida speaking to the publication about all things risk analytics.
Fida was questioned about some “common misconceptions that people have about risk analytics specifically surrounding the data itself” and points out the importance of effectively analyzing data by making sure there is proper representation of “all factors associated with the given risk being identified.” Failure to do so can potentially impact proper assessment of a particular risk.
Fida also pointed out the areas in which risk analytics are most commonly used including security, application security, compliance and operational. Fida adds the metrics within those particular areas vary based on the company and their needs.
Strengthening information security continues to be a priority for many companies. Fida says supply chain security and data security continue to be a focus for risk managers as sensitive data is becoming more frequently scattered due to offsite housing. To shore up information security, Fida recommends that risk managers implement an “aggregated, centralized risk view, where all metrics are combined and reported on by application, process, risk area and line of business.”
What is the recipe for success in implementing a successful risk analytics program? Fida says those that are using risk analytics to their advantage have “processes in place that are accepted and there is company-wide awareness of these processes.” Additionally, Fida says having a manual practice in place and making the data accessible for continuous analysis can only contribute to the ongoing success of a risk management program.
To read the entire Business Finance article, click here.