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MitigatePro

In many companies, completing a risk register is little more than a compliance exercise. It’s boring. It has to be done. And does it actually help run the business? You tell me. We think very little.

With MitigatePro, we’ve changed all of that.

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We’ve introduced a new way to measure severity. We call it an Urgency to Mitigate (UTM) score, which directly correlates risk with the cost of an adverse outcome. Improve your mitigation effectiveness by 35 percent, and you’ve just added £2 million to the bottom line. That’s what a useful business tool looks like.

To complete the picture, we’ve sliced and analyzed the data in every way imaginable. No matter who you are or where you sit in the organization, our dashboards, what we call analytics panels, give you the insight to make high-level decisions without wrestling with hundreds of spreadsheets

Risk management has never been this useful. Risk management has never been this good.

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FAQs

What is Mitigate Pro?

Mitigate Pro is a strategic risk management software solution sold as a stand-alone application in a SaaS environment and is therefore a subscription-based purchase. It is designed to become an indispensable business tool rather than an irksome compliance tool. It aggregates and analyses risk data by risk registers, risk personnel, geography, department and many other categorisations to provide a real-time view of an organisation’s vulnerabilities and the financial exposure which the company risks in the event of adverse outcomes. The array of analytics boards helps the board make high-level decisions without relying on messy, voluminous spreadsheets.

Money. Mitigate Pro doesn’t stop at qualitative levels of criticality, grouping risks by colour band. It calculates the costs of all adverse outcomes, whether direct or indirect, and aggregates them into a single concept called the Urgency to Mitigate (UTM) score. As the urgency to mitigate falls so does the financial exposure of the company – and that precise correlation is what we think is unique. It addresses basic risks, generational risks (Parent-Child dependencies), and, for an international company, geographic risks, which can populate each office around the world with a single click, culminating in a “Weighted Average Global View”. Additionally, by generating target UTM scores from risk appetite statements, the system will indicate whether further mitigation is required for each risk. All these top-level decisions can be seen on the Analytics panels, each designed for a specific type of person from a Risk Mitigator to a Board member

Classic risk registers calculate severity using the product of likelihood and business impact. The result is often clumps of risks sitting in a “colour” band, with no ranking of severity within the band. The UTM is a more sophisticated algorithm based on two variables that, by assigning an index from 1 to 99, produces league tables of risk indicating which risks are more severe than their counterparts. Using sophisticated algorithms, every UTM movement resulting from mitigation corresponds to a monetary amount.

The software, built with a major law firm, is designed for enterprise companies that currently understand risk and want to move it from a compliance tool to an invaluable business tool. They will understand Risks, Controls (mitigations), and Tasks that need to be done to put the mitigations in place, but will likely be using spreadsheets or a tool that doesn’t provide data enough to make informed business decisions.

This is a fundamental and integral part of Mitigate Pro – you may call them dashboards, but we call them Analytics Panels. The Panels are split into various sets. There are System Overview Panels that give you a snapshot of your company’s risk status before and after mitigation. There are Work in Progress panels that monitor ongoing work – what is the status of the controls and tasks? It will tell you who is overdue and has a Virtual Risk Manager – an automated email alerting system that encourages risk owners, control owners and task owners to finish their assigned work on time. Next, we have Risk Committee and Board Level panels, which have restricted access to sensitive data. In conclusion, we have Approval panels, which allow an overseer to ensure that the information entered into the system is correct.

Can I calculate the ROI of my risk management efforts?

Yes and no, ROI is the wrong measure here. This is a Risk Management system. The risk may or may not happen. If you spend money to mitigate a risk and it doesn’t occur, is that good value for money? If the risk doesn’t occur, would it have happened if you hadn’t spent the money-who knows? All we can do is to measure “bang for your bucks” for each control you put in place. If, however, you can persuade your insurance company to decrease your PII premium because you are using a sophisticated Risk Management Tool – demonstrating a change in risk culture, then the reduction in premium could cover or partially cover the expenditure on mitigations. So, in that case, there is an ROI.

Ghost Digital and Data (the developer) used a third-party hosting provider that complies with all applicable security and data protection laws. If you want to know more, send us a message, and we will provide all the documentation you need.

Ghost Digital & Data uses a reputable third-party hosting company that stores its data in the EU, ensuring high levels of privacy protection in line with international standards. For US companies, we may adjust this to comply with US law, and this will also apply to other jurisdictions; you can learn more by talking to us.

You can contact us via our website’s contact page or email Tim Walton, tim.walton@ghost-digital.com, or Marshall Sherman, marshall.sherman@ghost-digital.com, who can arrange a demo.

Ghost Digital & Data work mostly through intermediaries (Resellers) who are trained to provide 1st- and 2nd-line support. We have offices in the UK and in Asia, and so we are awake all day and most of the night. Our response time depends on problem severity and your local intermediary’s ability to assist.  If you want a list of SLAs, please let us know, and we can provide more accurate details.

“Uncertainty in risk management reflects incomplete knowledge of the past, present, or future. Mitigate Pro operates within the ambiguity spectrum, leveraging your experience alongside expert judgment. Its cutting-edge algorithms transform sound judgment into tangible financial gains, showcasing to insurers a revolutionary shift in your risk management approach.”

Marshall Sherman

Mathematican, Ghost Digital & Data