Managing Micro Risks

Among trending topìcs from the current Predictive Analytics World conference is that risk managers must master micro risks, not just "headline risks".

James Taylor on the Predictive Analytics World conference: "Eric Siegel opened with a view of using predictive analytics in enterprise risk management. Eric began by giving some examples of 'macro' risk – single, catastrophic risk events. But his focus, and the focus of predictive analytics, is on 'micro' risk. These are risk decisions focused on a single customer, a single claim, a single loan. Examples include the risk of a customer becoming a loss by making a claim, leaving your customer base, failing to make payments on a loan. Only if these risks can be exposed, seen, can they be managed. ...Risk management (must) focus on aggregated micro risks not just headline risks."

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