Risk Analysis Development Of Risk Analytics - 1873 Words

Development of Risk Analytics in the future 14 Thursday, Apr 2016, posted by Danni Guo (Team N) Risk analysis has played an increasingly important role in both academic and business worlds. In the previous three blogs, we have discussed the definition and significance of risk analysis, the organizations and users who benefit from risk analysis, and the cutting edge technologies and limitations of risk management. In this blog, we ll look forward to the future of risk analysis to explore both its advanced application and upcoming challenges. THE DEVELOPMENT PHASES OF RISK ANALYTICS †¢ Risk Identification and Evaluation Phase (1995 – 2000)[1] The field of risk analytics originated from around 1995. And in this first phase, the goal of risk analytics was to identify and evaluate the risk. It focused on three problems. What risks have happened? When did they happen? What was the negative effect of them? Due to lack of advanced and complex techniques, people just can identify the risk after it happens and make risk analysis according to the negative results using simple data visualization and data mining knowledge. The risk analysis in this phase has three main parts: 1. Risk identification: Identify the risk which has happened and definite it 2. Loss Analysis: Analyze the loss of the victims due to this risk 3. Risk Alerts: Alert people to avoid the risk †¢ Risk Causal Analysis and Modeling Phase (2001- 2010) [1] With the development of computer science and data miningShow MoreRelatedThe Three Levels Of Analytics, Descriptive, Predictive, And Prescriptive1707 Words   |  7 Pageslevels of Analytics (Descriptive, Predictive, and Prescriptive). Give a brief example of how they might be used to solve business decisions. 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