Risk Analytics

Intelligence beyond compliance

Although scenario analysis is often required for operational risk regulatory compliance, financial services firms have the opportunity to get much more value out of these exercises if they use the right approach. aCCelerate GRC Risk Analytics enables financial services organisations to better understand their risk and control environment through scenario analysis, enabling the business to make more well-informed decisions about investments in controls. As well, organisations are better able to connect what happens on-the-ground with the risk appetite. 

Understand risks and controls

Often financial services business executives are confronted with traffic light-based reports on risks and controls, and are at a loss to relate the meaning of the colour scheme to what is happening within their operations, their strategic goals, or their bottom line. By directly relating risk and controls outcomes to monetary values, aCCelerate GRC enables firms to base decisions on intelligence that connects directly to the daily challenges they face. In aCCelerate GRC, firms are able to:

  • Calculate net risk, which puts a real monetary value on the amount of risk left after the control framework has been applied. Net risk is computed based on the output of a firm’s risk and control self-assessments (RCSAs).
  • Understand the sensitivity of the organisation’s control environment against its risk appetite and control appetite.
  • Show the business how much money could be lost if a risk materialises, both before and after controls are applied. Enable the board to relate risk and controls back to the risk appetite.
  • Determine the cost/benefit of controls in a monetary value. Discover which controls are more efficient, identify poorly-performing controls, and make better decisions on which controls to invest in.
  • Assign gross losses, control benefits, and potential net losses to individual risk owners across the organisation. Better understand who owns the most risk, who has the biggest control benefits, and start conversations.​
  • Assign gross losses, control benefits, and potential net losses to individual risk owners across the organisation. Better understand who owns the most risk, who has the biggest control benefits, and start conversations.
  • Rank the best and worst controls within the organisation, by control benefit after cost. Begin to ask questions about why some controls might be more beneficial than others.
  • Run scenarios for operational resilience planning. By using RCSAs, KRIs, and KCIs to fuel scenario analysis, firms can both see how potential events would play out, and link operational resilience back firmly to the overall operational risk framework.

Additional support for scenario analysis

Many organisations interested in driving more business value out of scenario analysis activities have partnered with RiskLogix Consultancy and RiskLogix Training. Both of these services have enabled hundreds of financial services firms around the globe to learn more about the best practices that are right for them, and implement these approaches quickly and effectively.

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