In today’s world – rising competition, changing trends and evolving risks present a survival threat to companies. In order to survive, businesses need to make intelligent decisions incorporating business risk intelligence. Avoiding risks as recommended by traditional risk management is no longer sustainable. For a business to be resilient, there needs to be a proactive effort to manage the complexity rather than be risk aversive.
To put data into context, in the global banking sector, 65,000 loss events occurred from 2016-2022 with losses amounting to $600 billion due to operational risks. It is difficult to capture the losses as financial impact does not cover the full impact of loss emanating from operational risks. However, a key indicator of loss could be gauged from the shareholder sentiment which is highly sensitive towards the operational risk. For example, if a viral social media video harms company’s reputation, its market value could take a serious hit, leading to even bigger financial troubles.
Business risks can emanate from
- People – internal fraud or breach of contract
- Processes – supply chain breakdown or failure of internal business operations
- Systems risk – cyberattacks, data breaches or inadequate IT infrastructure
- External events – natural disasters, political instability or critical infrastructure
- Financial risks – insufficient funds, cash flow disruptions or bad debt
Risks ranging from environmental threats, technology disruptions, reputational risks or external threats, require constant vigilance and monitoring along with continuous assessments and risk mitigation response. Business risk intelligence incorporates identification of potential risks, monitoring the developments, assessing organisation’s risk appetite and formulating risk mitigating strategies.
One of the key components of business risk intelligence is access to quick, accurate and actionable intelligence. To make informed strategic information, reliable information is a must. In recent times, with the help of new technology, organisations are now tapping into the new capability of monitoring events happening across the world.
An advanced technological tool – datasurfr for all your risk intelligence needs
For instance, MitKat’s datasurfr, an AI-powered operational risk monitoring tool combined with expert human insights can provide you with the state-of-the-art business risk intelligence. It enables security teams to comprehend worldwide, regional, and local incidents and produce tailored alerts and advisories. Our tool, datasurfr empowers organisations to stay ahead of potential disruptive events.
AI-driven critical event monitoring tool, datasurfr scrapes more than 20,000 verified global data sources in over 50 languages to provide you the best real-time risk intelligence. datasurfr provides operational risk data and intelligence from open source vetted by human analysts across 12 non-financial risks including civil disturbances, crime, critical infrastructure, environment, external threats, political disturbances, regulatory, extremism, health, travel risks, technology and natural disasters.
Our much-loved features:
- Multi-mode monitoring
- Attention to proximity and live events
- Forecast and historical event access
- Level of impact and customised risk matrix
- Global, regional and local coverage
- Customised risk alerts
- Operational risk reports and advisories
- 24*7 access to subject matter experts
Why choose us?
MitKat is a trusted name in the security industry and offers the best risk intelligent insights that enable organisation make better, informed strategic decisions. We help organisations ‘thrive’ by pre-empting and managing operational risks and enabling sustainable resilience.
To know more, please get in touch with us at contact@mitkatadvisory.com