Archer Introduces Next-Generation Risk Quantification Capabilities for Archer Insight and New Archer Insight Workbench
September 5, 2023 – Archer, the leader in integrated risk management solutions, today introduced the next generation of risk quantification capabilities for Archer Insight and the new Archer Insight Workbench offering to more effectively manage enterprise and operational risk. Using Archer Insight, companies can use quantitative analytics within their enterprise risk management (ERM) programs to calculate financial and non-financial risk exposures, providing critical business insights to better assess, aggregate and report on risk.
Unlike systems that utilize qualitative risk analysis techniques, Archer Insight brings risk quantification to ERM programs by simplifying the calculation and aggregation of risk exposure. It enables risk functions to standardize the calculation of financial exposure, differentiate risks in terms of rate of occurrence and magnitude, measure the value of controls, and manage risk based on the relative impact to the business.
“Archer Insight enables Archer customers to transition smoothly from qualitative approaches into much more perceptive risk analytics and provide decision makers with the business insights they need to make critical decisions,” said Bill Diaz, CEO of Archer. “Risk quantification is a key ingredient in our strategy to help organizations evolve their risk management programs. New capabilities for Archer Insight make risk quantification even more accessible and more valuable in keeping executives informed of potential exposures, enabling better risk-informed business decisions.”
Gartner reports that 64% of boards expect to increase their risk appetite in 2023-2024 and 65% of organizations are putting more effort into risk quantification.[1] Understanding potential risks is extremely difficult when relying on qualitative outputs that are subject to interpretation. By calculating risk exposures for both financial and non-financial impacts, Archer Insight delivers a more tangible depiction of risk.
“The needs of companies are evolving when it comes to risk management, and the complexity of risk has exceeded the capabilities of qualitative risk analysis,” said Graeme Keith, global professional services lead for risk quantification for Archer. “Archer Insight provides companies of all sizes and industries the opportunity to leverage risk quantification and develop the risk management capabilities necessary to meet the increasing demands of boards, executives, and shareholders.”
The new Archer Insight Workbench risk modeling tool is purpose built for risk analysts. It supports a wide range of risk modeling scenarios to help risk analysts create their own models for deeper inspection of risk and solve real-world problems such as insurance purchases and project/investment risk. With the introduction of Archer Insight Workbench, Archer is the first GRC vendor to offer customers a purpose-built risk modeling tool as part of its solution set.
“Archer Insight Workbench puts advanced tools in the hands of risk specialists enabling them to tackle difficult problems and provide actionable decision support,” said David Vose, vice president of risk management for Archer. “The technology allows risk analysts to create models that account for the multiple variables needed to depict risk more faithfully and deliver valuable inputs to business decision makers.”
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[1]Gartner, Executive Leadership: Strategic Risk Management Primer for 2023