What We Do
RiskLogik helps leaders manage complex risk in changing environments. Building on current Enterprise Risk Management (ERM) and ISO 31000 practices, RiskLogik uses advanced mathematical modelling techniques to discover and map the vulnerabilities to, and effects of, risk scenarios to the operations of businesses, organizations and communities of any size. Analysis determines the likely effects of those risk events, including their costs, and depicts the potential cascades of consequence that will flow from them. RiskLogik maps physical and cyber risk to the operation, and shows how risks will evolve over time. Together, the RiskLogik tool suite and methodology provides key leaders with evidence-based, auditable decision support to help them best allocate resources for an uncertain future.
How We Do It
RiskLogik builds an initial model (the control framework) to use as a baseline, and performs an analysis to determine the inherent risk in the organization’s operations before hazards are applied. The values used in the model are derived from engineering data and/or elicited from client-supplied experts. Our differentiator is that we go beyond likelihood of failure and impact of failure to examine dependencies – what your operation depends on, what depends on your operation, and what you can and cannot control. Our analysis highlights what is safe-to- fail, and what must be made fail-safe.
Using an All-Hazards process, a series of scenarios are derived and applied against the control framework. The result is a quantitative understanding of both direct and indirect hazard effects with complete operational cost of loss and consequence mapping for each hazard and combination of hazards. Using a similar modelling protocol, mitigation strategies are devised and played against the hazard scenarios. The results indicate the effectiveness of the mitigation measures, the unintended consequences of each mitigation strategy, and the comparative cost of implementation.
RiskLogik uses its proprietary geospatial information platform optimized for critical infrastructure risk for the analysis process and for assisting decision makers in visualizing the effects and consequences of a hazard scenario. Economic and civil society impacts can also be examined through geospatial analysis of the data in the affected areas.
RiskLogik can also examine the cyber weaknesses of an organization; for example, examining firewall performance and identifying any seams that intruders may exploit. It maps those gaps through to the baseline model, identifying potential cyber pathways of exposure to operational risk together with the associated costs of a breach.
The challenge of analysing resilience for a single complex site such as a major hospital or a nuclear power plant demands a more sophisticated data visualization approach. RiskLogik integrates its software into a 3D constructive simulation environment where the analyst can visualize all the assets and their connections in a realistic 3D model. The advantage of the 3D data visualization capability is that it can be used for more effective site security integration planning, and for helping decision-makers rapidly understand where the dangers come from, and the cascade of consequences for a hazard event.
RiskLogik has can use Mental Modelling Technology (MMT). Based in research conducted at Carnegie Mellon University, MMT addresses the Human dimension of risk and can be employed throughout the analysis process, from expert data analysis to stakeholder mapping to public perception analysis. RiskLogik can then use its own software to help you monitor the perceptions of your stakeholders and the public as displayed in social media, allowing you to adjust a chosen risk mitigation strategy.
The resulting detailed reports of these thorough analyses provide a fully auditable cost of the inherent risk being carried by the organization, recommendations for risk mitigation measures that reflect fiscal realities, and the costs of those mitigation packages.