Risk analysis is used by CRA to quantify the risks involved across a range of industries. There are many existing techniques for performing this analysis, but in some instances it is desirable to extend these methods. CRA’s Advanced Risk Analytics team develops bespoke solutions to address problems which do not fit neatly into predefined boxes of any of the traditional analysis methods. This often necessitates some ingenuity in the approach taken to the analysis to provide additional insight into the problem area. The specifics of the approach are dependent on the application but the process typically involves the iterative development of existing methods.
It is important that risk analysis methods provide as much insight as economically possible, to aid the effective estimation and management of risks. The development of existing methods can have immediate tangible benefits, including streamlining practices, providing enhanced accuracy, or providing additional insight. The continued development of existing risk analysis techniques is one part of providing the necessary tools to achieve these goals.
CRA have in house specialist modellers who have experience in developing analysis techniques across a range of industries and applications. CRA have the ability to tailor mathematical and statistical techniques to their intended application, including, simulation, Bayesian modelling, regression, parameter estimation and optimisation techniques. CRA have both the industrial experience and academic knowledge to perform best practice analyses, comparing our clients’ existing techniques with academic and industry best practice. CRA are experienced at proposing relevant alterations to existing analyses where appropriate, and developing these into practical methods. Our capability statements describe each of our Advanced Risk Analytics services.
CRA prides itself on taking a tailored “common sense” approach to the development of services, in order to supply economically feasible, practical, solutions.
Download the Service Delivery Statement: CRA - Advanced Risk Analytics