All types of organizations face a number of internal and external factors, which may shake their chance of success and makes it uncertain whether the company will meet its objectives. These uncertain events, or conditions are called the risks. Understanding the risks and effectually managing these, will significantly benefit the organization in realizing their long term success. By tradition, risks will be described in a data language that officials may not understand. Risk Analytics can be an important ‘know-how’ to eliminate these would-be problems in an organization. This pressing need to measure risk in a quantifiable way is helping drive growth in the Global Risk Analytics Market, which is growing at a CAGR (Compound Annual Growth Rate) of 13.95 percent from 2014-2019.
The global Risk Analytics market, which was expected to generate revenues of USD 20-21.0 billion in 2013, is projected to become a USD 50-51 billion industry globally by 2020. In 2013, IT services and analytics represents the largest risk analytics market size of 55-56% and is expected to grow the firmest, contributing USD 27-28 billion to the market by 2020.
GeakMinds used Basel I & II Framework to regulate how much capital their clients need to lay aside to safeguard against the types of financial and operational risks their clients face, ensuring that credit risk, operational risk and market risk are enumerated based on data and formal techniques. By acquiring different levels of risks for different forms of financial deposits and other borrowings, GeakMinds largely reduced the risk of running a financial firm by implementing Basel III Framework. In contrary to other risks, Operational Risk Frameworklays the foundation to quality management and Enterprise Risk Framework improves organization’s ability to manage risks effectively.
Many organizations want to take lead of the blessings of risk analytics to pro-actively determine and capture birthplaces of risk to limit risk exposure or to take definite risks to breed returns.
While risk analytics may seem overwhelming, the truth is that the big game changer will come only when risk analytics are integrated with company financials and applied to strategic decision making.