Risk assessment is an essential procedure for launching new projects or undertaking large financial investments. However, it doesn’t mean that the existence of risks should lead to the refusal to implement the projects. In fact, certain risks always exist. For running a business or enterprise, it is important to know risk management tools and be able to apply them.
Stages of risk management
There is a standard workable scheme of assessing and preventing risks. Usually, it should be followed at the stage of strategic planning in any organization. Because it is better to predict possible negative consequences on the stage of developing a new project. Of course, some businessmen start looking for risk management tools only when they encounter certain problems. But it is better to anticipate them in advance. So, the main stages are as follows:
- identification of risks
- assessment of the likelihood of their realization
- assessment of the scale of consequences and the maximum possible damage
- selection of risk management tools
- development and implementation of a risk strategy
- assessment of the results achieved
The key stage of risk management is considered to be the stage of choosing risk management tools. The fact is that fraud tools evolve quite quickly. And counteraction tools that were effective yesterday could show no positive results tomorrow. That is why the best choice when assessing the risks for your business is to contact specialists who do this on a regular basis.
Covery is a recognized all over the world risk management platform. It assists online companies in preventing fraud and mitigating risks. As a result of its services, companies avoid numerous types of fraud and grow their revenues. Its headquarter is situated in Europe, but the online instruments allow it to work with companies from different countries.
Working with different risk management tools, Covery makes an accent on
- enterprise risk management tools
- transaction monitoring tools
Risk management software tools by Covery
To counteract risks faced by enterprises of different sizes, Covery offers a rich range of risk management software tools. They have shown their efficiency in the work of different enterprises and companies from the USA and Europe. These risk management software tools are based on
- device fingerprinting
- machine learning and rule scenarios
- in-depth analysis
- automated decision-making and advanced reporting, etc.
These risk management tools prevented more than 400+ million risky transactions all over the world.
The new era of digitalized interactions demands advanced practices of counteracting different risks including all types of fraud. The huge base of users’ actions allows Covery to improve its risk management software tools continuously. Try them, and see for yourself the value your business can get with Covery!