Welcome

Welcome to Risk Insights Explorer, the powerful but simple-to-use risk engine and the only software specifically designed to explore risk connectivity.  Explorer reduces the risk of risk management and makes complexity simple.

Risk Insights Explorer provides simple, transparent assessments of uncertainty in areas such as strategy development, project start-up, Brexit.

Revolutionary.  Explorer isn’t like other risk software.   It is the application of  uncertainty management science, advanced algorithms, powerful analytics, and scenario-based assessments.

Simple and transparent.  Many risk models use simulations that claim high levels of accuracy and confidence, yet a scarcity of information means they are inevitably based on assumptions and extrapolation.  Explorer specifically addresses this limitation by asking the right questions in the right way, producing the crucial ‘first-pass’ assessment, replacing complexity and assumptions with simplicity and transparency.

Simple does not mean simplistic.  The focus is on quantifying risk, not making pointless ‘High, Medium, Low’ statements, or constructing misleading ‘risk scores’.   

Holistic. Explorer visualises risks and the connections between them so everyone can see the bigger picture.  The app is visually engaging and stimulates discussion, while the outputs are robust and articulate the expected impact across scenarios with feasible outcomes.

Put simply, Risk Insights Explorer asks the right questions and presents back in an engaging and insightful way.  It’s about delivering a joined up view of your risk world.

Welcome to a new vision of risk management.

Brexit Impact Assessment – Contact Us Today

Brexit represents the biggest disruption to business in a generation and will affect every business across all industries and sectors. Business is now on countdown to 29 March 2019 when the UK will officially leave the EU.The impact of the UK leaving the EU will depend on the Brexit negotiations but whether the UK faces a period of transition or a ‘hard Brexit’ is yet to be determined. At least for now uncertainty is the only certainty.

The Brexit process has been divisive and the public perception is that negotiations have gone badly, with blame apportioned equally among  politicians, the EU, and the media.  Regardless, businesses must prepare and assess their exposure to Brexit.  It is not too late to develop a strategy and protect your interests however a quantified assessment of risk is the essential prerequisite to options analysis, response development and implementation.

At Risk insights we are focused on understanding and addressing uncertainty and our Brexit Impact Assessment model is specifically built for conducting Brexit impact assessments. Our unique approach delivers a quantified Brexit impact assessment tailored to your business.

You can start the process with Risk Insights Brexit risk model, the simple way to quantify your exposure.  Based on the respected British Chamber of Commerce Brexit Checklist, we have created a unique set of questions against which your business can evaluate against objectives including direct cost, project days required, days lost etc.

Using our unique online survey tool, respondents complete simple scenarios estimates of them impact from pessimistic to optimistic which is then modelled using our own 4D Analytics technology.  The process can be completed by your own risk team with support from our experienced consultants.

Risk Insights is a simple-to-use risk engine.  No technical skills are required as it produces comprehensive evaluations from a simple survey, with answers directly linked to business objectives and risks you define.  Whatever your business the assessment process is straightforward:

  • Identify the key sources of uncertainty for your objective,
  • Estimate credible ranges of impacts and the probability of occurrence,
  • Evaluate,
  • Make risk-based decisions and take action where appropriate.

Explorer outputs are transparent and expressed across the range of possible outcomes.  No more nonsense Heat Maps based on opaque criteria and subjective expressions such as ‘High rated’, Explorer provides a simple but effective first-pass evaluation, presenting a robust range of transparent scenarios ready for decisions to be made.

Leaders must take ownership and act now to assess the impact of Brexit on their business. To learn how our unique application Risk Insights Explorer can help you, contact us today.

What business must do to prepare for Brexit

While both sides of the referendum campaign mooted figures that repeatedly failed fact-checkingwe cast our vote knowing Brexit would have a cost. However, as March 2019 and the UK’s exit from the EU draws closer we are frankly none the wiser on what Brexit will look like, the totality of impact, or its cost.

Brexit negotiations have been described as ‘a staring contest’ where neither side can afford to blink first. Where nothing is decided until everything is decided. A government minister has put the odds of the UK ‘crashing out’ with no-deal at 60:40.  Even if the terms of divorce can be agreed, could all necessary arrangements be implemented within the proposed two-year transition window?

Given the fog of uncertainty that persists what is business supposed to do? The short answers is everything possible.

Businesses have responsibilities to their workers, customers, communities and shareholders.  Business needs to act responsibly and take action on Brexit.  They must plan to ensure business continues.  Not just those businesses responsible for keeping the lights on, food on the shelves and planes in the skies; businesses large and small have responsibilities to their stakeholders.

How much will Brexit impact your business? 

You might wonder how you can answer when a so much ambiguity remains, yet whatever your business the assessment process is straightforward:

  • Identify the key sources of Brexit uncertainty for your business,

  • Estimate credible ranges of impacts and the probability of occurrence,

  • Evaluate,

  • Make risk-based decisions and take action where appropriate.

Given the breadth of Brexit issues – from maintaining your workforce to the legality of contracts – business leaders need credible information with which to make decisions. Quantifying risk is therefore essential; qualifying risk as ‘High, Medium, Low’ or scoring through a flawed risk matrix is unhelpful and potentially dangerous.

Risk Insights Explorer is the only risk tool specifically designed for the first-pass estimation and evaluation of uncertainty, and today we launch our model designed specifically for conducting Brexit impact assessments. Our unique approach delivers a quantified impact assessment tailored to your business.

To learn how Risk Insights can help, contact us today.

How to assess the impact of Brexit on your business

While insisting a ‘no deal’ scenario remains unlikely, the UK government has now published guidance on how to prepare for a no-deal Brexit, reflecting a serious and realistic prospect and one to which firms large and small must respond.

Undertaking an impact assessment is a practical and proportionate first step, and to start firms must identify the sources of uncertainty. Sources of uncertainty arises where there is variability, or ambiguity or a lack of information. Below are some common sources and the Brexit uncertainty factors associated with each:

  • Staff numbers: Businesses need to assess both the number of EU staff members seeking resettlement and the number leaving, plus the costs associated with providing legal support, increased recruitment / on-boarding times, and reflect potential changes in future demand or supply.

  • Project Days: Brexit will require changes to be made to processes and systems to facilitate new custom procedures, HS codes, tariffs. As well as having plans and schedules that reflect realistic timeframes, leaders need to explore the range of potential costs based on rates that reflect the potential for shortages in key areas e.g. software development, international trade knowledge, customs expertise.

  • Costs: In a no-deal scenario there will be administrative and compliance costs in customs declarations, implementing Rules of Origin changes, administering VAT, hedging against currency movements, and regulatory changes. Tariffs may need to be factored into the cost base. The risk of contractual issues needs to be assessed, along with the risk of failing to secure IP rights.

  • Revenues: Business needs to assess the revenue impact of losing existing EU trade agreements and preferential duty rates. Tariffs and Rules of Origin could have an impact on sales as well as costs. Cross-border contract provisions such as territorial scope, agent/principal arrangements, regulatory regime oversight, could all have consequences for sales.

  • Supply chain days lost: Business need to estimate the impact of potential border delays across the range of possible frequencies and duration. Consider too the impact of supply chain delays on Service Level Agreements, commitments, and obligations.

  • Working Capital: Business will need to assess the impact on working capital of holding additional inventory, EU VAT demands, and additional tariffs. Business will need to find ways to optimise working capital and improve cash flows despite the uncertainty.

It is crucial business focus on the sources of uncertainty when quantifying the impact. Unlike qualitative assessment statements such as ‘High, Medium, Low’ , quantifying across a range of possible outcomes provides a robust evaluation, enabling the best decisions possible given the available information.

At Risk Insights we have developed the only risk tool specifically designed for the first-pass estimation and evaluation of uncertainty, and today we launch our Brexit Impact Assessment model specifically for conducting Brexit impact assessments. Our unique approach delivers a quantified Brexit impact assessment tailored to your business.

While the government’s guidance on a no-deal is welcome, business leaders must take ownership and act now to assess the impact of Brexit on their organisation.

To learn how Risk Insights Explorer can help, contact us today.

Schedule a Demo Today

We’re super proud of our development and love to demo the Explorer app.  We think you’ll like it too.  Simply complete the booking form for a demo at a time of your convenience.