The analysis, identification of risks and measures to address them is a tailor-made process for each company and requires a number of actions, such as: An in-depth study to identify risks, comparison with the mitigation measures in place or to be taken, projection of risks and/or opportunities into the future by creating scenarios to test the viability of the business model.
The environment in which businesses operate today is complex and highly affected by local and global factors. Risks (but also opportunities) can be identified in the internal operations, in the wider socio-economic environment in which they operate, but also in exogenous factors. The whole risk analysis process can be assisted through the use of innovative technologies and tools such as Data Engineering, Artificial Intelligence, Machine Learning, IoT.
Below we discuss how new technologies are involved in the identification and assessment of risks (and opportunities), mitigation actions and economic impact, as well as in the creation of models and scenarios for business sustainability.
Data Engineering και Analytics for Risk Identification and Assessment
Collection of data from internal and external databases, storage, pre-processing, cleansing and organizing in Cloud or on-premises environments.
Identification and assessment of risks and classification according to international standards and methodologies for identifying and reporting/disclosing risks and data.
Data analysis to generate insights and key performance indicators (KPIs).
Analysis and assessment of risks and/or opportunities in financial and/or technical terms.
Analysis and assessment of mitigation measures in financial performance terms.
Artificial Intelligence & Machine Learning for Predictive Analytics
Data analysis to develop forecasting models and test future scenarios.
Identification of infrastructure, functions, activities across the value chain that are subject to risks.
Projecting risks/opportunities into the future.
Assess and quantify risks/opportunities according to socio-economic future scenarios.
Assessing the Probability and Severity of occurrence of risks.
Assessment of long-term impacts.
Testing of business model sustainability.
Natural Language Processing
Scanning data and natural language text to extract intelligence (e.g. risks or mitigation actions) and interpret it into business - specific context for a particular business.
IoT (Internet of Things) Applications
Collection, storage, integration, processing, visualization and monitoring of data from smart devices and embedded sensors.
E-On Integration with specialized IT engineers and scientists as well as innovative tools can help you in the risk assessment and management process, whatever your requirements may be:
To design, gather, store, organize and pre-process your data (traditional or big) in Cloud or on-premises environments using Data Engineering techniques.
To extract useful information out of your data and visualize them for Business Intelligence purposes using traditional Data Analytics and Statistics techniques.
To develop prediction models using Machine Learning Techniques.
To combine your internal data with external databases from reliable sources. We will convert these to business-applicable information and identify their impact to your business.
To assist you in converting language data from various sources (e.g. social media, texts, voice) into useable information and combine them with the rest of your internal data.
To develop and deploy prediction models tailored to your needs and performance indicators using advanced Statistics and Machine Learning techniques.
To develop platforms and business applications to integrate the process from data acquisition to data visualization and model deployment.