A Framework for Automated Risk Assessment Tools

Abstract

The increasing demand that organizations explicitly identify and manage risk also increases the demand for efficient, credible, and cost-effective tools. These tools must enable the user to perform risk analysis and assessment in a timely manner. They must provide the flexibility to execute what-if analyses with varying qualitative and quantitative factors and generate representative results quickly and efficiently. In today's world of high-performance, high-productivity demands, it is not reasonable or cost-effective for organizations to invest the time to develop spreadsheet-based models that represent the individual analyst's ideas and experience or to conduct risk analyses/assessments manually. Rather, they should use available, generally accepted, and proven risk modeling technology.