With the quantitative results of stochastic simulation, companies can more accurately predict the impact of risks, anticipate stress scenarios early, and make well-informed, data-driven decisions. A crucial factor in the acceptance of risk and opportunity management is the ability to translate risks into the language of company leadership. While businesses are often guided by financial metrics such as EBIT, revenue, or liquidity, risk managers typically communicate risks using probabilities or impact values – creating a gap that simulation results can help bridge. These results not only provide a full picture of possible risk scenarios (including stress scenarios) but also illustrate potential consequences and the effectiveness of mitigation measures. Clear evaluation and visualization tools, such as histograms, gauge charts, sensitivity charts, and box plots, make complex relationships more tangible and provide management with a clear, transparent basis for decision-making.
The main benefit of stochastic simulation is the simplicity of its results. This is why more and more companies are adopting it, especially with recent advances in AI. While a common barrier is still the fear of complexity, here’s the good news: risk managers don’t need to be experts in statistics to benefit from stochastic simulation – with reliable software and a trusted partner, they can easily make the most of its advantages.
In this webinar, you’ll learn:
- How to quickly and easily get started with stochastic simulation
- How stochastic processes are already part of our daily lives –often without us realizing it
- Which distribution functions are particularly suitable for beginners
- What the law requires when it comes to simulation and risk aggregation
- How to steer your company strategically and make it more resilient
- Real use cases you can implement with BIC GRC
Take advantage of our extensive expertise and start your journey toward simulation – the perfect foundation for stable, future-proof business growth, even in tough times.
Join our webinar easily from your office or on the go, and get your questions answered live by our GRC experts. The webinar will be hosted on the "Wistia" video platform. Participation is free of charge.
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