This presentation provides the introduction slides for the December 13, 2019 Free Friday Tech Huddle highlighting capabilities for enhanced support of Monte Carlo simulations within the RSA Archer Enterprise & Operational Risk Management use cases. The presentation was provided by Antoine Damelincourt.
Questions and Answers:
Q: If we are already utilizing Palisade @Risk outside of Archer - would an additional subscription be necessary to import the simulation results back into Archer?
A: We do not believe so. The integration requires a license of Palisade @Risk so if you already have the software, you should be able to leverage the integration guide and package on the RSA Exchange, available here: https://community.rsa.com/docs/DOC-99896.
Q: Do we need a license to use Palisade Integration?
A: Yes, a license for Palisades @Risk is required.
Q: Is Risk Scenario available in 6.5?
A: Yes, Risk Scenarios were introduced in release 6.5 within the RSA Archer Top-Down Risk Assessment use case.
Q: Is it part of ERM Use Case?
A: Yes it is, Risk Scenarios were introduced in release 6.5 within the RSA Archer Top-Down Risk Assessment use case.
Q: It is not clear a difference between Risk Register and Risk Scenario. Can you elaborate more how to use them differently?
A: The Risk Register helps you document and asses your risks. The Risk Scenarios are a tool that you can leverage to break down a single risk register records into different scenarios that you can then assess separately. It give you more granular risk assessments
Q: Do you integrate Archer Loss Events application as part of the financial elements for Monte Carlo simulations or Qualitative Assessments?
A: Yes. If using the historical losses approach in MC, it will use loss data.
Q: What is the difference between risk hierarchy and scenario?
A: Risk Hierarchy is the roll up from Enterprise risk all the way to risk register levels. Their values aggregate from one level to the net. Risk Scenarios are outside this hierarchy, they do not roll up since they can be used to asses extreme cases which would skew assessments results.
Q: Is Risk Register to Risk Scenario meager to be a one to many relationship? So scenario are representing many instances of the same risk?
A: One Scenario can only be tied to one risk but a risk can have several scenarios
Q: Can I assess at the scenario level?
A: Yes, that is the purpose of the risk scenarios, to provide an additional level to asses risk.
Q: The scenario will help the risk analyze at different levels. Is that correct and do you have heat map at scenario level for various risks?
A: The risk register record has an embedded heatmap of the risk scenarios tied to the risk so that you can visualize that data.
Q: Like same risk across many many different business units definitely would vary in terms of risk level. So then there is a rollup?
A: There is no roll-up from risk scenarios since they can be used to assess extreme cases that would completely throw off calculations
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