Enhance Your Risk Management with Business Intelligence Platform

Risk Intelligence is capable of analyzing data, forecasting, and making recommendations. Employ technology to become better positioned for future risks.

Navigating through global uncertainty is a daunting task for business managers and owners. The aftermath of COVID, geopolitical instability, the energy crisis, macroeconomic volatility, supply chain disruption, and rising raw material prices all strained local markets. Large companies felt the pressure on their profitability while small businesses struggled to survive. So, how do you make your company more resilient to a crisis?

The turbulent times require quick decisions and changes. Companies must rapidly adapt their strategies and operating models and implement changes. Following the storm, businesses must establish internal systems to identify potential risks before they become full-fledged exposure. 

In both cases, risk management is a support system to rely on. Companies with effective risk management can foresee and respond to risks ahead of time. And in the digital age, risk management is not only a framework and policy but a tech intelligence solution. The intelligence solution can analyze data in real-time, predict different scenarios, and make recommendations. Companies invest in risk technology to become better positioned for external shocks and risk events.

According to the Global Risk Survey Report, 65% of executives intend to increase their investment in risk management technology. Managers plan to increase spending on data analytics (75%) and process automation (74%). 72% will invest in technology to support risk identification and tracking. Risk Business Intelligence platforms can detect, track and manage risks. Here are some examples of how BI-powered tools can benefit your business.

  • Supplement Traditional Data - Risk Business Intelligence platforms are an excellent source of external data. You can access broader data, perform sector-specific analytics, and create custom risk assessment reports. BI allows you to update risk models, monitor credit portfolios using external rating-based models, and improve loss estimates data.
  • Anticipate Risks and Monitor Exposure - BI risk platforms enable you to create real-time tracking. Using BI platforms, create an early-warning system to identify potential issues faster. Monitor your risk exposure online to help you make better decisions. Track data on your suppliers and partners to see if their business, credit, or legal history has changed.
  • Automate Credit Workflow - Risk Business Intelligence platforms enable you to improve your credit workflow at every stage. You have access to third-party customer checks, customer grading, recommended credit limits, credit portfolio monitoring, and risk alerts.
  • Support Decision-Making - Improve decision-making with real-time data, analytics, and on-demand risk intelligence reports. Consult BI insights to verify and assess new partners and suppliers. Utilize BI to support your risk-based pricing. Risk intelligence can provide you with ready-made credit recommendations as well as estimates of default probabilities, loss-given default probabilities, and recoveries. Risk Business Intelligence platforms can offer an overall panoramic view of risks across all departments. A solid information flow will incorporate risk-related real-time data into all of your decision-making processes. Based on that data, BI will generate projections and recommendations.
  • Ensure Compliance - With BI-powered tools, you can track changes in legislation, laws, and policies, to ensure your company’s compliance. BI reporting and analytics can help your compliance teams identify, measure, monitor, and analyze the company's progress toward established compliance metrics.
  • Improve Reporting Capabilities - Business Intelligence enables you to automate risk reporting, gain faster access to time-sensitive information, and use predictive analytics to uncover new insights. Combine internal and external data in a single database, integrate with other systems, and share reports. 
  • Overall Efficiency - Risk intelligence technology improves your business efficiency. You reduce manual work, make faster and more accurate decisions, and have better risk management and control.

Some risk intelligence platforms provide specific industry services, including:

1. market and competitive intelligence
2. trade flow intelligence
3. financial data coverage
4. global supply chains intelligence
5. tracking intelligence
6. maritime, port and land security intelligence
7. location intelligence
8. cybersecurity intelligence.

Try risk intelligence to maximize your business opportunities and avoid unnecessary risks.To get started, enquire about ICON, Coface Business Intelligence Platform.

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Authors and experts

  • Noriko Ogawa

    Marketing Manager Marketing