CORAŽ Cost-of-Risk Analysis
CORA is a risk management expert system for organizations with many similar facilities. Risk experts define standard facility types that perform one or more of standardized functions, and define how nominal (average) risk parameters interact with local risk factors to determine annualized loss expectancy (ALE) for each facility. Field personnel use CORA-generated forms to collect adjustment data at each facilities. CORA calculates ALE under baseline conditions and with standard security measures implemented. Next CORA calculates the Return On Investment of the security measures, and exports results to Excel-compatible spreadsheets. CORA's financial simulator, FinSim, forecasts the financial impact of the security program. The screenshot shows how CORA calculates availability, and how mitigation measures can increase availability.
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English
Supported Technologies
Windows 95/98/ME,
Windows XP/2000/NT
Software
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Pricing
Other
$7,000 to $85,000
info@ist-usa.com
1-888-IST-CORA
The typical CORA license authorizes use throughout the licensee organization without limit for a fixed term, or a perpetual term
Additional Product Information
An Overview of CORA, CORAŽ is a unique and powerful Cost-of-Risk Analysis software system developed by International Security Technology, Inc. (IST) based on decades of experience with high-technology risk management. CORA helps risk managers to perform sophisticated analyses of risks and to optimize risk management strategies. CORA combines (1)risk expert rules files generated by risk experts and (2)local information files populated by field personnel to estimate the cost of risk and ROI, and to optimize the selection of risk mitigation, transfer (insurance), and recovery. CORA can consolidate its cost-of-risk estimates for individual facilities on projected income statements to show the overall impact of risk in a realistic context. , CORA is ideally suited for large organizations with many similar facilities. Risk managers use CORA's unique features to maximize the quality and minimize the cost of full-scale quantitative risk analysis projects. In brief, CORA enables the risk manager to construct a dynamic risk model of the organization, and then manipulate the model to develop the required information to make informed decisions., The essential function of CORA is to help risk managers to make wise decisions about risk management strategies by making it feasible to generate quantitative estimates of risk losses in large organizations with many facilities. Traditional hands-on quantitative risk assessment techniques require risk experts to evaluate all risks at each of many individual facilities, and then consolidate the results across the organization. This approach is rarely used because the exorbitant labor cost. CORA has been designed specifically for risk managers who want to avoid these unreasonable expenses but who, nonetheless, want to analyze all facilities. Specifically, CORA makes it feasible at a reasonable cost of analysis to analyze risk losses, both ALE (mitigation risks) and SOL (transfer risks), at many individual facilities, evaluate the cost benefit at each facility of potential security measures, and then consolidate the results onto a projected income statement. In this way, the risk manager can show the financial impact of alternative risk management strategies on the organization., These features of CORA make it a uniquely valuable tool for risk managers:, 1. CORA captures the expertise of the risk experts systematically, and then applies it consistently to all the objects. In this way CORA cuts the cost of risk analysis projects sharply by replacing the traditional (and expensive) thinking processes of the experts applied to each of many facilities, one by one, with "expert rules files," field data, and computer programs. The "risk experts" may be in-house personnel, outside consultants, or public sources of information about risks., 2. CORA easily applies its risk loss estimates to individual insurance policies to evaluate their Return-On-Investment, and alternate business resumption plans to identify the optimum recovery time., 3. CORA makes it feasible for field personnel to participate in CORA risk analysis projects by providing easily collected field data, further reducing the cost of risk analysis projects, and developing a sense of joint "ownership" of the results., 4.CORA gives the risk manager and the risk experts complete control over the structure of each analysis, and the ability to define the threats and risk exposures appropriate to each risk analysis project. CORA is easily adapted to a wide range of risk environments., 5. Outside risk experts do not need to have information about specific objects to work effectively, thus, making it possible to protect what in some situations may be sensitive information about the number, location, etc. of individual objects., 6. CORA program modules perform the tedious calculations ensuring computational accuracy and encouraging extra efforts to refine the basic input data., 7. The cost to update a CORA analysis in following years is very low. Only changes need to be entered, and then propagated to the object data and risk files
to rebuild an updated analysis., 8. The Microsoft Excel-compatible results files can be further processed outside CORA for example, added to management reports. Expensive and error-inducing re-keying is avoided., 9. CORA can interface easily with existing Risk Management Information Systems. Here, too, expensive and error-inducing re-keying is avoided., 9. A telephone Help Desk facility and on-site start-up support are included in the CORA software system license to ensure a smooth introduction and successful risk analysis projects., Because of these characteristics, CORA transforms the risk management process for large organizations. CORA makes it feasible to perform a comprehensive, quantitative assessment of all risks at all the discrete elements of an organization easily, consistently, and inexpensively, and to display the results in a familiar financial context: a projected income statement., CORA achieves these important features by applying a well-defined structure to the analysis process. This structure makes it possible decompose the complex risk assessment process into its individual elements, and to perform each of these elements separately. Then, CORA provides the framework to bring the individual elements together and allow them to interact automatically. CORA makes possible a division of labor like this:, 1. The organization's risk manager determines the overall scope and structure of the risk analysis project, and guides the process., 2. The risk experts concentrate on defining appropriate risk rules and nominal risk parameters for the risk analysis project., 3. Field personnel supply local details about individual objects., 4. CORA provides the mechanism to manage the various data files, and to perform the complex risk analysis calculations automatically., To make this division of labor possible, CORA creates a precise structure with well-defined individual elements. Each part of CORA's structure uses a single set of definitions of these elements to ensure proper coordination between them.