GlobalSuite Solutions, a multinational technology company expert in Government, Risk and Compliance (GRC) solutions, announces the incorporation of Risk Quantification to GlobalSuite Quantum, a new module that converts any risk analysis into simulated economic scenarios and answers the key question of every management committee: how much a risk can cost and how much should be invested to mitigate it.
The launch is part of the continuous deployment of innovation that the company announced last February with the presentation of GlobalSuite Quantum, the new generation of its GRC platform, which incorporates new Artificial Intelligence, risk management and automation capabilities every month. The economic quantification of risks was one of the central milestones of that roadmap and reinforces the ability of organizations to make decisions based on the real impact of risks.
The new module reuses the methodologies, risks, and frequency and impact dimensions already defined in the platform, so organizations can configure scenarios in minutes without rebuilding their risk analysis. From there, the Monte Carlo simulation converts these qualitative assessments into economic values, even when there is no quantitative starting data, facilitating a more precise assessment of the risks.
From heat map to income statement
The results are presented in a dashboard showing the loss distribution, expected loss, VaR and simulated percentiles, along with an extreme scenario analysis that highlights the dominant risks. In addition, the module generates executive PDF reports with a single click that facilitate the communication of risks to senior management.
“For years, risk management has spoken in colors: heat maps and scales of high, medium and low. With Risk Quantification in Quantum, risk begins to be expressed in the language of the business: euros, probabilities and return on investment,” says Antonio Quevedo, CEO of GlobalSuite Solutions. “Our goal is for management to be able to decide what risk to take, what to mitigate, and how much to invest as robustly as any other strategic decision based on a clear view of risks.”
Controls prioritized by ROI and simulation
The module incorporates recommendations driven by Artificial Intelligence that propose the controls with the best cost-benefit ratio to reduce the expected loss. Through a “what if” simulator, the user can apply mitigations in real time, without altering the original risk analysis, and compare the current situation with the improved one. The platform can simulate scenarios where a control reduces the expected loss and calculate the estimated ROI of the investment, for example, that a control reduces the expected loss from €1.2 million to €0.5 million, with a projected ROI of 240%; Figures that are estimates based on simulation, and not guaranteed results.
GlobalSuite Solutions advances its vision of making risk speak the language of business
Its use cases include risk prioritization in management committees, cyber risk scenarios, evaluation of critical suppliers and third parties, operational resilience, justification of investments in controls, risk budget planning and analysis of the impact of regulatory changes on business risks.
With this new capability, GlobalSuite Solutions advances its vision: to make risk speak the language of business and for risk management to provide tangible value in strategic decision making.
