Carijam Executive Summary

The safety aspect for risk management will evaluate the potential for human loss of life and or injury. The potential for major incident or accident, such as fire, explosion, or spill, including environmental damage. The necessity for security within the company is a highly need aspect of safety that can lead to risk. The revenues aspect for risk management will evaluate the loss of customer base, recovering of capital loss and recognizing uncoverable capital loss, and loss of opportunity in marketing of the product. The necessity for revenue risk management is key. The costs aspect for risk management will evaluate the costs that were incurred due to preventable problems. Also, costs due to increased warehouse space, vendor changes, and discount changes. A significant risk in cost for this company is the cost of legal defense. The legal aspect for risk management will evaluate regulatory compliance failures and actions that could result

Usually, the most common risk management strategies can be subdivided into multi-stage approach in order to obtain a better impression of the underlying risks and thus to increase the probability of mitigating the firm’s risks properly and successfully. Also General Motors Corporation has developed various rules and guidelines to help manage minimize the risks associated with their business and investment operations.

Through the examination of ABC Community Banks environments, both internal and external risks of the organizations can be identified. External

This paper discusses three risk analysis methodologies, specifically, MSRAM, OCTAVE, and CRAMM and provides a detailed description of each and how they incorporate risk into a platform for decision makers to use in their endeavors to prevent, protect, mitigate, respond, and in recovery measures as part of the risk assessment and management processes.

The increasingly popular terms “big data” and “predictive analytics” have become so widely discussed that, in many ways, they lack a cogent meaning – even within the financial industry. The Capstone team used the literature review as an opportunity to scan the field for defining characteristics, resulting in a suggested guide for how the Federation should articulate these concepts. Generally speaking, big data is about the growing availability of data, as well as the tools needed to analyze the information. Predictive analytics refers to the analysis of big data which can help uncover patterns, correlations and trends that were otherwise unknown to the organization. Predictive analytics is also known as

Big data is a big way for life insurance companies to enable big improvements. For

The promise of data-driven decision-making is now being recognized broadly, and there is growing enthusiasm for the notion of ``Big Data.’’ While the promise of Big Data is real -- for example, it is estimated that Google alone contributed 54 billion dollars to the US economy in 2009 -- there is currently a wide gap between its potential and its realization.

By defining key controls based on cyber threats (translated into business risks), an organization can more easily right-size the its control set and adapt it to their needs. Risk assessment processes that are near real-time, gated by the change control process, provide continuous feedback on the sufficiency of controls within an

Business thrive when they have the most accurate, up-to-date, and relevant information at their disposal. This information can be used for a plethora of pertinent markers in small and large businesses, relating to accounting, investments, consumer activity, and much more. Big data is a term used to describe the extremely large amounts of data that floods a business every day. For decades, big data has been a growing field, facing controversy on many levels, but as of late, it has been a major innovator in the challenge of making businesses more sustainable. Big data is often scrutinized for its over-generalization and inability to display meaningful results at times. When applied correctly, data analysis can bring earth-altering information to the table.

The risk management approach of the company is proactive and focuses on identification and effective management of risk through the assistance of the risk management committee of the board with the purpose of creating long term shareholder value. Risk specific management activities are carried out in core areas including operational risk, strategic risk, and reporting and compliance risk. Besides, the board oversees and approves risk management strategies and policies, internal compliance and internal control (Harvey Norman Holding Limited, 2015).

Today, data is a growing asset that various businesses are having difficulty converting into a powerful strategic tool. Companies need help turning this data into valuable insight, which can diminish risk and enhance returns on investments. Companies are struggling to make sense and obtain value from their big data. Superior and reliable

Improvements brought by big data include creating more transparency among stakeholders by making big data more accessible (Manyika, 2011). Having access to and being able to manipulate data sets enables a different way of decision making to bring more science into management. Companies can segment and analyze data in near real time. The analysis improves decision making, minimizes risks, and uncover more insights to enable new innovation.

Over the last decade, there has been an increased interest in risk management. Stakeholder’s expectations regarding risk management have increased rapidly, especially since the recent financial crisis (2008). Due to that crisis, weaknesses in risk management practices became visible, and companies are currently under significant pressure to strengthen their risk management practices and to take proactive role to reduce business risks.

Big Data embraces structured, semi-structured and unstructured information. It can be demographic or psychographic information about the customers, their opinions, product reviews etc gathered from variety of sources such as tweets, blogs, other social media content, technical devices like sensors and stream of data from mobile devices. Businesses have started using Big Data to get right information to identify right markets and right customers at the right time in order to make right strategic decisions. The Big Data market is estimated to grow to $32.1 bn by 2015 and $54.1 bn by 2017. According to the report “Be Careful or Big Data Could Bury Your Bank”, the world creates 2.5 quintillion bytes of data daily and last 2 years have contributed to almost 90% of the data which exists today. It empowers institutions to learn more, create more and do more using the data available with them.

There are changes that insurance companies must undertake, not just to survive, but to succeed in today’s market. One of those changes is how the business manages risks. Risk management was listed by PricewaterhouseCoopers LLP, as one of the top insurance industry issues for 2013 (Top Insurance Issues, 2013). Risk management for insurance companies “is the process by which companies systematically identify, measure and manage the various types of risk inherent within their operations” (Risk Management, 2013). One of the objectives for sound risk management program is the ability to manage the exposure of the business to capital volatility and potential earnings. Despite the fact that not all risks may be removed, businesses still must identify, assess, control, and mitigate risks. A comprehensive risk management program allows organizations to identify and quantify their risks and to set risk tolerances based on corporate objectives. According to Risk Management (2013), risk management tools and practices across the insurance industry have advanced significantly in recent years. Implementation of risk management programs, which include models for economic capital, catastrophe management and hedging programs have helped the insurance industry to respond to the ever changing risk dynamics.