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What Is Risk Analysis?
Risk analysis is the assessment of potential risks on the business or market and the likelihood of adverse effects from those events. In a supply chain context, for example, companies model various disruptions to determine their impact and apply risk mitigation strategies to avoid them.
According to Investopedia, risk analysis can be divided between two types: qualitative and quantitative.
Qualitative analysis: Qualitative analysis incorporates a definition of uncertainties, evaluation of the potential impacts, and risk mitigation measures. Examples include SWOT analysis and cause and effect diagrams.
Quantitative analysis: Quantitative analysis relies on statistical modeling and assigning numeric values to potential risks. Within a risk model, those values produce graphical outputs to help determine risk mitigation strategies.
Through both risk analysis approaches, companies can glean an holistic view of their risk profile.
What Is Risk Analysis?
Risk analysis is the assessment of potential risks on the business or market and the likelihood of adverse effects from those events. In a supply chain context, for example, companies model various disruptions to determine their impact and apply risk mitigation strategies to avoid them.
According to Investopedia, risk analysis can be divided between two types: qualitative and quantitative.
Qualitative analysis: Qualitative analysis incorporates a definition of uncertainties, evaluation of the potential impacts, and risk mitigation measures. Examples include SWOT analysis and cause and effect diagrams.
Quantitative analysis: Quantitative analysis relies on statistical modeling and assigning numeric values to potential risks. Within a risk model, those values produce graphical outputs to help determine risk mitigation strategies.
Through both risk analysis approaches, companies can glean an holistic view of their risk profile.
SAP and Risk Management
As more companies migrate to SAP S/4HANA, it’s critical that their risk strategies are integrated within the system. SAP provides risk management solutions that put governance, risk, and compliance at the forefront of business activities.
According to SAP, “stakeholders want to see evidence, on demand and in real time, that an organization which they are backing is managing their financial, social, and environmental activities efficiently, profitably, and responsibly … Any risk management measures must focus on the specific value drivers unique to the business, and these can be difficult for you to identify. Managers must look beyond financial line items to the activities and processes that are integral to the organization’s business model.”
Further Resources for SAPinsiders
Building More Effective Access Control Through Business-Centric GRC. In this article, learn how companies are utilizing access control solutions to identify risk within their user base. These solutions and processes are often technical and driven from audit and IT perspectives with very little input from business users who might find the technical GRC language hard to decipher. That’s where the idea of business-centric GRC comes into play for access control — providing the business with easier to understand, less technical language so that they can better interpret the data.
Application Security Imperiled by Attackers. Application security is being threatened by cyberattacks on the application layer, such as SAP S/4HANA systems, which target valuable resources organizations store there. In this article, learn about new security concepts necessary to protect the “crown jewels” stored in SAP systems. Companies need to deploy real-time detection and response to deal with the rise in attacks against the SAP application layer level.
Vendors that can help SAP customers with risk analysis include: Appsian Security, DXC Technology, EcoVadis, and Onapsis.
1170 results
Bristlecone Drives AI-First Supply Chain TransformationsSep 17, 2024 — AI is revolutionizing supply chain management by improving efficiency and forecasting accuracy, with 79% of companies adopting or planning to implement AI tools, while Bristlecone, as an experienced SAP partner, offers a range of AI-driven solutions to enhance procurement, digital supply chain capabilities, and operational resilience.
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Building a Business Data Fabric with Reliable DataSep 17, 2024 — As businesses increasingly depend on data, maintaining its quality is crucial to avoid disruptions, poor decisions, and regulatory penalties; thus, adopting automated, machine learning solutions is essential to ensure data reliability and compliance in a complex digital landscape.
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Implementing a New GRC Environment for Process Control and EfficiencySep 4, 2024 — A global leader in food and beverage and health sectors expanded rapidly through mergers, necessitating a shift to a unified SAP GRC system, which Protiviti implemented to enhance access control and process capabilities, overcoming challenges from outdated systems and achieving significant improvements in governance and control processes.
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Overcoming Audit Obstacles with Pathlock’s Continuous Controls MonitoringAug 16, 2024 — To improve the compliance and risk management process, Pathlock offers Continuous Control Monitoring (CCM). It is a transformative approach that changes the way that organizations can achieve their GRC objectives.
CCM helps overhaul audit preparation through advanced capabilities such as automation. By automating data collections and analysis, organizations can accomplish essential tasks like reconciling spreadsheets or testing controls while freeing up GRC teams to work on other important objectives.
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Streamlined Job Management with BMC’s Control-M’s Job InterceptionAug 12, 2024 — SAP job scheduling and management face challenges like handling high job volumes with complex dependencies, limited visibility, and difficult real-time monitoring. These challenges lead to performance and scalability issues, intricate error handling, and compliance concerns. BMC’s Control-M Job Interception enhances these processes by allowing proactive error handling through job interception and analysis before execution. It supports dynamic rescheduling, prioritization of critical tasks, and resource optimization, preventing bottlenecks. With centralized monitoring, real-time alerts, and detailed audit trails, Control-M improves visibility, compliance, and overall system reliability, aligning job management with organizational goals.
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Master Data Management: An OverviewAug 8, 2024 — Master Data Management (MDM) is a critical process that helps businesses maintain consistent and high-quality data across various domains such as customer, product, and location information. As businesses increasingly rely on multiple applications and systems like ERP and CRM, the risk of data duplication and inconsistency grows, making it challenging to access accurate and timely information. MDM addresses these challenges by providing a unified approach to managing key data, ensuring all departments use the same information. Effective MDM requires not only technology but also changes to business processes and strong governance practices. The benefits of MDM include improved data quality, reduced errors, enhanced security, and optimized business operations. Tools like SimpleMDG offer streamlined solutions for managing master data, allowing businesses to leverage data for strategic decision-making and operational efficiency.
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Unifying Operational Accounting and Compliance Accounting in the Office of the CFOAug 8, 2024 — The role of enterprise level CFOs has changed radically over the past decade with both a widening scope of influence and greater responsibilities for helping guide corporate transformation programs and technology choices. Instead of the historic backward-looking role focused primarily on gathering and reporting data, the Office of the CFO is now much more involved in proactively analyzing trends and formulating forward-looking strategies to drive future company results.
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The Impact of Master Data Management on Modern Supply ChainsAug 7, 2024 — In the digital age, where supply chains are the lifeline of businesses, the maxim "garbage in, garbage out" resonates profoundly. As organizations embrace digital transformation, the significance of data quality in driving supply chain efficiency has never been more evident. Drawing from the latest research and industry insights, this article explores the pivotal role of master data management (MDM) in shaping modern supply chain strategies.
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Master Data Governance: An OverviewAug 7, 2024 — In today’s data-driven world, organizations are increasingly aware of the importance of managing and controlling their data assets to drive growth, efficiency, and competitiveness. This is where Master Data Governance (MDG) comes into play. This comprehensive guide will explore the concept of MDG, its significance for businesses, and how it can be effectively implemented to ensure data quality and transparency.
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