University POLITEHNICA of Bucharest [602380]

University POLITEHNICA of Bucharest
Faculty of Entrepreneurship , Business Engineering and Management
Master program:
Management of Digital Enterprise

RISK MANAGEMENT THROUGH BUSINESS INTELLIGENCE

Topic of research coordinator
SL. Dr. Ing. Florin A nton

Masters student: [anonimizat]. Mihai
Gr, 1

2017

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Table of contents

I. Introduction ………………………….. ………………………….. …………………………. 3
II. Specialty literature ………………………….. ………………………….. ………………. 5
1. The concept of risk ………………………….. ………………………….. …………… 5
1.1. The definition of risk ………………………….. ………………………….. … 5
1.2. Risk versus Uncertainty ………………………….. …………………………. 6
1.3. The classification of risks ………………………….. ……………………….. 8
2. Risk management in Business ………………………….. ………………………. 10
2.1. The def inition of Risk Management ………………………….. …………. 10
2.2. The stages of the Risk Management process ………………………….. . 11
2.2.1. Identification an d Generation of Risk Management
Options ………………………………………………………………………11
2.2.2. Assessment of Risk Management Options ………………………..12
2.2.3. Evaluation of Risk Management Options …………………………13
2.2.4. Selection of Risk Management Options …………………………..13
2.2.5. Imple mentation of Risk Management Options ……………………13
2.2.6. Monitoring of Option Performance ……………………………….13
2.3. Risk Management Standards ………………………….. …………………. 14
3. Business Intelligence ………………………….. ………………………….. ………. 14
3.1. The definition of Business Intelligence ………………………….. …….. 14
3.2. Business Intelligence 2.0 ………………………….. ………………………. 15
III. Risk Management Information Systems Analysis ………………………. 18
1. Current trends in Risk Management ………………………….. ………………. 18
2. Top Risk Management Information Systems ………………………….. …… 20
2.1. Analysis ………………………….. ………………………….. ………………. 20

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2.2. Compariso n ………………………….. ………………………….. ………….. 25
IV. Business Intelligence Systems Analysis ………………………….. ………….. 30
1. Business Intelligence Solutions – Analysis ………………………….. ……… 31
2. Business Intelligence Solutions – Comparison ………………………….. …. 36
V. Case Study regarding the relationship between Business Intelligence
and Risk Management ………………………….. ………………………….. ……………. 41
VI. Conclusions ………………………….. ………………………….. ……………………… 54
VII. Bibliography ………………………….. ………………………….. …………………… 54

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I. Introduction
In the globalized world we live in today, risk has a ve ry important impact on our
day to day lives and very importantly, in every business that desires success . The
omnipresence of risk has left its mark in public perception and public debate and has
become a very popular topic in the media. In order to pursue that business success, risk
management has emerged, a complex concept that includes all the techniques that removes
loss exposures. Risk management is essential to any successful project management and
aims to identify and prioritize risks in advance of t heir occurrence, and provide action –
oriented information to managers. Along with the technological progress came Business
Intelligence (BI). BI enhances the integration of the innovation –creation processes,
articulating the initiatives and operations desig ned for accelerating the business practices.
Business Intelligence solutions allow decision makers to query, understand, and analyze
business data in order to make better decisions.
The first part of the dissertation paper contains the specialty literature , its scope is
to make a clear and theoretical presentation of two very impor tant terms in today’s business
development , risk management and business intelligence. This first part has been structured
into three significant chapters in order to pursue that scope. The first chapter contains a
general presentation of the term risk, a short comparison between risk and uncertainty and
a classification of business risks. The second chapter presents the definition of risk
management , the six stages within the risk management process and a few of the available
global risk management standards. The third chapter presents the practice of business
intelligence and an overlook of the idea of business intelligence 2.0.
The second part of the dissertation paper contains a presentation of risk
management systems. The scope of this part is to clarify and understand what is a risk
management information system and how it can help a business, to present the current
trends in risk management and to analyze and compare ten top r isk management products
on the market and the key aspects to follow when choosing this type of product . This part
of the dissertation paper has also been structured in two chapters in order to pursue i ts
scope. The first chapter presents what are the curre nt trends in risk management. The
second chapter contains an analysis of ten top risk ma nagement products on the market and
a comparison between them taking into account the key aspects that should be considered
when choosing the right risk management soft ware.
The third part of the dissertation paper contains the presentation of business
intelligence systems. T he scope of this section is to understand what is a Business
Intelligence System and how it can help business development and to analyze and compare
ten top Business Intelligence products on the market taking into consideration the key
aspects to follow when choosing this type of product. The section is structured in two
important chapters. The first chapter presents an analysis of ten very popular BI software
solutions. The second chapter contains a comparison between those ten top BI products on
the market and the key aspects that should be considered when choosing the right software.

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The forth section of the dissertation pape r represents a demonstra tion of how Risk
Management Information Systems and Business Intelligence solutions can work together
in order to better assist and develop a project or a company. In order to reach the scope, I
used a store database which I procured online, I analyzed the database using a Business
Intelligence product and with the help of a RMIS I identified and analyzed the risks that
are present for that store and/or could occur in the future.
For the following case study, I have defined four specific study objectives wh ich
I proposed to reach during research. First of all, I wanted to find out how the upload or
connection between a database and a BI Tool is done. The second objective was to see how
KPI’s are calculated and displayed inside a BI Tool. The third objective was to discover
how the results of a BI analysis can be exported and presented to a certain person. Finally,
the last objective was to understand how is a Risk Management Information System used
to identify, analyze and control risks.
The main generic rese arch assumption is: “If a Risk Management Information
System and a Business Intelligence Software can work together, then a business can be
better developed ”. The specific assumptions formulated are: “If a company has a database,
then it can easily be con nected to a Business Intelligence Tool. ”, “If a database has
sufficient information , then it is easy to produce data visualizations of the desired KPI ’s.”,
“If a company presents BI data visualizations, then it can be easily exported. ” and “If a
company de sires to start a new project based on Business Intelligence information , then
the identification, analysis and control of the risks can be easily done in a RMIS. ”.

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II. Specialty literature
1. The concept of risk
1.1. The definition of risk
In today’s wo rld of globalized trade, travel and communication, an ever larger
number of risk -related events have a trans -boundary impact, crossing national and regional
frontiers: large -scale electricity blackouts, chemical accidents and risks related to emerging
technologies have all affected various parts of the world in the past years. T hese risks seem
limited, however, when compared to those that can and do go global – and which, as a
result of the rapid movement of people, goods and information, do so almost real -time
(Aven, Renn, 2010) .
The omnipresence of risk has left its mark in public perception and public debate.
Risk has become a popular topic in the media; t he popular press puts out a constant stream
of risk warnings and sensational reports. Risk is t ypical ly represented “ based on probability
vs. impact” (Benta, 2011, p. 7 ).
Risks consequently “have to be understood as permanent companions of everyday
life”. (Aven, Renn, 2010, p. 1) There are many ways to use the word risk, especially, in
light of the rapid development and increase in complexity of social organizations, which
gives an impression that risk management is strongly dependent on application domains
(French, Morton, Renn, 2013 ). As long as people value certain things or conditions and as
long as th ey take decisions in the presence of uncertainty, they will face risks. Risks are
hence a basic constituent of life.
There is no agreed definition of risk. If we study the risk literature, we find that
the concept of risk is used as an expected value, a p robability distribution, as uncertainty
and as an event.
Solomon, o ne of the 7 philosophers of Ancient Greece w rote that: “ Any action,
any enterprise has its risk and no one knows where he will get only when something
starts…”.
The classic theory define s risk as a mathematical probability of losses that may
occur due to an incorrect decision. It occurs as a harm, l oss caused by a wrong decision or
is seen as the threat that an event or an action could negatively affect the company’s
capacity to reach its set goals.
The neo -classic theory defines risk through the entrepreneurs vision, which, in
conditions of uncertainty, receives a profit that represents an uneven variable and closing
up the contract has to take into consideration two criteria’s : the expec ted size of the revenue
and the number and size of the possible deviations to the expected revenue.
Risk is a social, economic , political and natural category which is characterized
through the following specific two features : is an uncertain but possible event and the

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effects of risks are damaging for the company from both the material and moral point of
view (Baicu, 2010 ).
Risk is a complex concept, is difficult to evaluate and has a series of manifestation
forms. Careless of the methods used it will not be totally eliminated from the firm’s
activity, important is to determine the risk level that the company is willing to accept. The
level of risk the firm is willing to accept refers to the maximum risk a economic agent is
willing to assume, the level is different depending on the conditions of each economic
activity and on the attitude the decision maker has towards risk.
Baicu considers risk as „a possible , inevitable, predictable or unpredictable event
in the company’s activity, that has the probabil ity to obtain wins or losses as a result of a
decision ”. (Baicu, 2010, p. 12)
1.2. Risk versus Uncertainty
In the following subchapter we will present the main differences between two very
similar terms in management , risk and uncertainty.
Risk is a probability or threat of damage, injury, liability, loss, or any other
negative occurrence that is caused by external or internal vulnerabilities, and that may be
avoided through preemptive action. Some authors (Aven, Renn, 2010, p. 3) specify that
“risk refer s to uncertainty about and severity of the events and consequences (or outcomes)
of an activity with respect to something that humans value ”.
Uncertainty is a situation where the current state of knowledge is such that the
consequences, extent, or magnitu de of circumstances, conditions, or events is
unpredictable. Bogdan refers to uncertainty, or doubt, as „ a state of mind which, if it lasts,
can induce ambiguity in the environment is manifested, altering the entire construction and
the people’s state of s pirit, being very dangerous on long term ” (Bogdan, 2009, p. 37) .
Uncertainty appears where there are as many results as possible, but their apparition`s
probability cannot be calculated because of their unpredictable character. The level of
uncertainty is given by the number of factors that could affe ct the course of an action and
the frequency and amplitude of their changes (Daft, 2010) .
A distinction must be made between risk and uncertainty. Risk is considered to
have quantifiable attributes , while unce rtainty does not, because it is associated to those
situations or events about there are no sufficient information to understand and anticipate
the changes that will take place. Uncertainty and risk can be distinguished according to
their possible outcome:
• Uncertainty as the lack of certainty. In this case, uncertainty is perceived as the
state of having limited knowledge where it is impossible to describe future
outcome in an exact manner and
• Risk as the state of uncertainty. In this case, some possible o utcomes have an
undesired and unexpected effect or worst, can generate significant loss.

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The problem of the report between uncertainty and risk does not have just a
theoretical approach, but also a very important practical one. The practical approach is
highlighted especially in the process of making decisions, because the phenomena’s and
processes that influence the activity of a firm can be found in different situations of
uncertainty or risk, which can affect the obtained results (Baicu, 2010) . Because o f this
reason, it is imposed to learn the differences that exist between uncertainty and risk, so that
economic agents can define their behavior towards them.
In conditions of certainty, the enterprise is not subjected to any risk, because all
of the possible events and their effects over the future activity are known. Uncertainty and
risk, affect the quality and accuracy of estimations regarding future evolutions and results
of the firm.
Although the terms, risk and uncertainty, are mostly used to express the one and
the same thing, there is a clear difference between them. So, uncertainty represents the fact
that we do not know what will happen in the future and risk is the way in which we
characterize how much uncertainty exist. The more uncertainty exists, the greater the risk
will be and vice versa. Therefore, risk represents a characterization of the uncertainty
degree (Baicu, 2010) .
Risk appears in situations where the decision maker can identify possible events,
their evolutions and even their proba bility to arise, but without specifying with accuracy
which of these events will really appear. We can say that risk comes from the impossibility
to specify with accuracy which event will be materialized from the great number of events
identified by the de cision maker. Even if the estimated probability for materializing an
event is high, the decision maker cannot know for sure if that is the event that will be
produced, another event with a lower predicted probability or even un unpredicted event
can happen .
The link between risk and uncertainty can be presented systematically as follows:
– ignorance -> uncertainty;
– information -> risk.
The essence of risk is given by the company’s incapacity to predict with precision
the future evolution of the business. Risk represents that factor of probability that can be
associated with a possible result when the decision maker knows all the possible future
effects of the decision taken. It is a social, economic, political or natural category which
finds itself in the uncertainty that can or cannot generate a prejudice because of the
indecisions and inconsistencies in taking the decision.
Uncertainty is the situation where the decision maker is unable to identify all or
even any of the possible events that can appear an d cannot estimate the probability of their
occurrence . In comparison, regarding risk, estimations of the events that may occur can be
made and we can determine the probability of their occurrence (Baicu, 2010) .
The level of uncertainty for a business is gi ven by those risks that cannot be
identified by the firm at a given time in space, while the level of risk is given by the number

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of identified risks. The greater the number of unidentified risks in a given situation is, the
more uncertain the evolution of the activity is. Even if the decision maker knows most of
the risks involved in his actions it is possible that uncertainty will not totally disappear .
Shortly, we can say that when a decision is made in risk conditions, it means that
the risk taken is we ll known. When a decision is made in uncertain conditions the risks are
not known although they are taken.
1.3. The classification of risks
In present days, risks exceed the traditional sphere of classical (natural) risks, like
earthquakes, floods, fires etc., now we have added risks that derive exclusively from human
activities:
– much more frequent and diversified;
– influenced by the market;
– technological changes;
– political -economic and social environment
For a systematic analysis of risks it is helpful to introduce a risk classification
system which reflects the knowledge base and its interpretations. To distinguish between
different types of risks problems, every risk should be analyzed according to the degree of
complexity (Simple – Complex), uncertainty and ambiguity (Aven, Renn, 2010) .
Simplicity is characterized by situations and problems with low complexity,
uncer tainties and ambiguities. T hat simplicity does not mean that the risks are low. The
possible negative consequences could be very large. The p oint is that the values that are
exposed are non -controversial and the uncertainties low. It is possible to rather accurately
predict the occurrence of events and/or their consequences (Aven, Renn, 2010) .
Complexity refers to the difficulty of identifying and quantifying causal links
between a multitude of potential causal agents and specific effects. The nature of this
difficulty may be traced back to interactive effects among these candidates (synergisms
and antagonisms), positive and negative feedback lo ops, long delay periods between cause
and effect, inter -individual variation, intervening variables, and others. It is precisely these
complexities that make sophisticated scientific investigations necessary since the dose –
effect relationship is neither ob vious nor directly observable. Nonlinear response functions
may also result from feedback loops that constitute a complex web of intervening variables
(Aven, Renn, 2010) .
Uncertainty refers to the difficulty of predicting the occurrence of events and/or
their consequences based on incomplete or invalid data bases, possible changes of the
causal chains and their context conditions, extrapolation methods when making inferences
from experimental results, modeling inaccuracies or variations in expert judgments.
Uncertainty may result from an incomplete or inadequate reduction of complexity, and it
often leads to expert dissent about the risk characterization. (Aven, Renn, 2010)

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Ambiguity refers to different views related to the relevance, meaning and
implication s of the basis for the decision making or the values to be protected and the
priorities to be made.
Between specialists there is no unity of points of view regarding the typology of
risk in business, therefore the pallet of opinions for this subject is ve ry large (Bogdan,
2009) . Risk are classified differently, in categories, typologies , using a diverse range of
criteria’s , which, in specialty literature, are approached according to the area that is
analyzed (Baicu, 2010).
First of all, in business, risks can be grouped into two significant classes: external
risks for the firm and internal risks for the firm. The external risks come from the external
environment and cannot be fully controlled by the company, but certain measures to
identify and treat the p roblems can be established. As external risks we mention: political
risks, economic risks, demographic risks, market risks, juridical risks, etc. The internal
risks depend, mostly, on the companies activity (the nature of activity, available resources,
commercial relationships ). The most important internal risks are the strategic risks,
investment risks, marketing risks, financial risks, bankruptcy risk, operational risks, etc.
Bogdan (2009, p. 67) mentions that b usinesses “should be aware of eight risk
categories ”: economic risks, financial risks, commercial risks, production risks, political
risks, social risks, juridical risks, natural risks.
Economic risks include a large variety of complex components like, exploitation
risk, cost risk, inflation risk an d investment risk ;
Financial risks have less components than the economic risks, but much more
complex. We remind here the liquidity, the solvability, the indebtedness, the capacity to
refund debts, etc.
Commercial risks, in a narrow sense, refers to the r isks that come from the change
of volume and sales structure and advantageousness, but in a wider sense, these risks
manif ests under the impact of competitive position change of the products and services.
These risks come from price, transport, distributio n channels, from contractual clauses for
delivery and receiving, client creditworthiness, from the damages or loss of goods.
Production risks refers to a risk category with a wide specter of components,
generated by the work conditions where the supply, pr oduction and sales are done, which
have an impact on production quality.
Political Risks are hard to predict and usually a ppear because of the politicians’,
governments’ or country’s’ actions. In general, these risks can bring an import limitation,
loss o f licenses, damaged political relationship between countries, etc.
Social Risks derive from staff de motivation, anti -economic organization culture,
staff losses (due to sickness, strikes) and are hard to manage because of the unpredictability
human behavio r.
Juridical risks can result in the loss or damage of the goods, business jam, loss of
property, etc., all due to not respecting the law.

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Natural risks are the effect of natural calamities, are unpredictable and hard to
estimate.
Some authors (Chatterjee, 2014) consider that t o make a firm -wide risk
management tractable, the following general categories of risk must be considered: market
risks (this is the risk of losses coming from the market change of asset prices that negatively
affect the mark -to-marke t positions of the business), operational risks (deals with such
events as computer failures, model failures, internal fraud, large legal settlements;
catastrophes such as fires, earthquakes, and terrorist attacks; and inadequate internal
processes, such a s poor compliance and risk management procedures), liquidity risk (arises
when a financial asset cannot be traded or must be traded at very wide bid –offer spreads),
systemic risks.
2. Risk management in Business
2.1. The definition of Risk Management
Risk management is a process that identifies loss exposures that could affect a
legal entity or an individual and through which the most suitable techniques to remove
exposures are chosen . In the past, risk managers considered that organizations are battling
only with pure risks (pure risk assumes only one of the following situations: loss or lack of
loss), nowadays the new forms of risk management take into consideration more forms of
risks, like speculative risks ( Motocu, 2009) .
Risk management comprises me thods and means through which uncertainty is
managed, as a base for risk factors, with the scope of fulfilling the objectives described in
a project. Risk management is an activity that can be done by a project team or by a
specialized department for such activities. The concept must not be analyzed from the
perspective of a singular component chapter of the global management of a project. Due to
its complexity, risk management is situated in the border sciences category that usually
needs information corro boration from more domains: economic, juridical, technological,
statistic and psychological . Risk management follows the whole life cycle of a project,
being more efficient the earlier it starts (Melnic, 2009) .
Risk management is a complex concept that inc ludes all the techniques that
removes loss exposures and also the classical method of loss insurance. Risk management
is a process that has two types of objectives. One type of objectives refers to the pre -loss
objectives, where the organization has to pre pare for potential losses in the future and the
other type refers to the post -loss objectives, where the organization has to take actions after
a loss had occur (Motocu, 2009) .
Risk management is essential to successful project management and aims to
ident ify and prioritize risks in advance of their occurrence, and provide action -oriented
information to managers (Bența, 2013) . Straßer described it as “ a forward -looking task ”.
(Straßer, 2014, p. 7) Risk management is an integrated function of the normal, ope rational

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line management and cannot be based on centralized formulation of rules of safe conduct
(Rasmussen, 1994) .

2.2. The stages of the Risk Management process
2.2.1. Identification and Generation of Risk Management Options
Generic risk management options include risk avoidance, risk reduction, risk
transfer and – also an option to take into consideration – self-retention. While avoiding risk
means either selecting a path that does not touch on the risk (e.g. by abandoning the
development of a speci fic technology) or taking action in order to fully eliminate the risk,
risk transfer deals with ways of passing the risk on to a third party. Self -retention as a
management option essentially means taking an informed decision to do nothing about the
risk a nd to take full responsibility both for the decision and any consequences occurring
thereafter . Risk management by means of risk reduction can be accomplished by many
different means:
• Technical standards and limits that prescribe the permissible threshold of
concentrations, emissions, take -up or other measures of exposure
• Performance standards for technological and chemical processes, such as
minimum temperatures in waste incinerators
• Technical prescriptions referring to the blockage of exposure (e.g. via p rotective
clothing) or the improvement of resilience (e.g. via immunization or earthquake
tolerant constructions)
• Governmental economic incentives, including taxation, duties, subsidies and
certification schemes
• Third -party incentives (i.e. private monetar y or in -kind incentives)
• Compensation schemes (monetary or in kind)
• Insurance and liability
• Co-operative and informative options, ranging from voluntary agreements to
labeling and education programs
All of these options can be used individually or in combi nation in order to
accomplish even more effective risk reduction. Options for risk reduction can be initiated
by private and public actors or both together. One way of implementing the risk reduction
is to apply the ALARP -principle (As Low As Reasonably Pr acticable) , expressing that risk
should be reduced to a level that is as low as reasonably practicable. The ALARP principle
is based on “reversed burden of proof”, which means that an identified measure, should be
implemented unless it cannot be documented that there is an unreasonable disparity (“gross
disproportion”) between costs/disadvantages and benefits. Cost –benefit analyses are often
used to support the decision on gross disproportion.

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ALARP assessments require that appropriate measures be generated . As a rule, in
a risk assessment context, suggestions for measures always arise, but often a systematic
approach for the generation of these is lacking, and in many cases, the measures often lack
ambitions. They bring about only small changes in the risk picture. A possible way to
approach this problem is to apply the following principles:
• On the basis of existing solutions (base case), identify measures that can reduce
the risk by, for example, 10, 50, and 90%.
• Specify solutions and measures that can cont ribute to reaching these levels.
The solutions and measures must then be assessed prior to making a decision on
possible implementation. Although expressed by numbers, the assessments need not
express risk on a precise scale. The important point here is to generate measures with a
certain magnitude of risk reducing effect.
2.2.2. Assessment of Risk Management Options
Each of the options will have desired and unintended consequences which relate
to the risks that they are supposed to reduce. In most instanc es, an assessment should be
conducted according to the following criteria:
• Effectiveness: does the option achieve the desired effect?
• Efficiency: does the option achieve the desired effect with the least resource
consumption?
• Minimization of external side effects: does the option infringe upon other valuable
goods, benefits or services, such as competitiveness, public health, environmental
quality, social cohesion, etc.? Does it impair the efficiency and acceptance of the
governance system itself?
• Sustainab ility: does the option contribute to the overall goal of sustainability?
• Does it assist in sustaining vital ecological functions, economic prosperity and
social cohesion?
• Fairness: does the option burden the subjects of regulation in a fair and equitable
manner?
• Political and legal implementation: is the option compatible with legal
requirements and political program s?
• Ethical acceptability: is the option morally acceptable?
• Public acceptance: will the option be accepted by those individuals who are
affecte d by it? Are there cultural preferences or symbolic connotations that have
a strong influence on how the risks are perceived?
Measuring management options against these criteria may create conflicting
messages and results. Many measures that prove to be ef fective may turn out to be
inefficient or unfair to those who will be burdened. Other measures may be sustainable, but
not accepted, by the public or important stakeholders. These problems are aggravated when

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dealing with global risks. What appears to be e fficient in one country may not work at all
in another country. To support the risk trade -offs and the decision process, a number of
tools are available for the risk managers.
2.2.3. Evaluation of Risk Management Options
Similar to risk evaluation, this s tep integrates the available evidence on how the
options perform in terms of the evaluation criteria with a value judgment about the relative
weight that each criterion should be assigned. Ideally, the evidence should come from
experts and the relative wei ghts from politically legitimate decision makers . In practical
risk management, the evaluation of options is conducted in close cooperation between
experts and decision -makers. As pointed out later, this is the step where direct stakeholder
involvement and public participation are particularly important, and it is therefore best
ensured by making use of a variety of methods.
2.2.4. Selection of Risk Management Options
Once the different options are evaluated, a decision has to be made as to which
options a re selected and which rejected. This decision is obvious if one or more options
turn out to be dominant (relatively better on all criteria). Otherwise, tradeoffs have to be
made that require legitim ization . A legitimate decision can be made on the basis of formal
balancing tools (such as cost –benefit or multi -criteria decision analysis), by the respective
decision -makers (given that their decisions are informed by a holistic view of the problem)
or in conjunction with participatory procedures.
2.2.5. Imple mentation of Risk Management Options
It is the task of risk management to oversee and control the implementation
process. In many instances, implementation is delegated (e.g. when governments take
decisions but leave their implementation to other public or private bodies or to the general
public). However, the risk management team has, at any rate, the implicit mandate to
supervise the implementation process or at least to monitor its outcome.
2.2.6. Monitoring of Option Performance
The last step refers to the systematic observation of the effects of the options once
they are implemented. The monitoring system should be designed to assess intended, as
well as unintended, consequences. Often, a formal policy assessment study is issued in
order to explore the consequences of a given set of risk management measures on different
elements of what people value. In addition to generating feedback on the effectiveness of
the options, the monitoring phase should also provide new information on early warning
signals f or both new risks and old risks viewed from a fresh perspective. It is advisable to
have the institutions performing the risk and concern assessments participate in the

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monitoring and supervision so that their analytic skills and experience can evaluate th e
performance of the selected management options.
These steps follow a logical sequence but can be arranged in different orders
depending upon both situation and circumstance. It might be helpful to visualize the steps
not as a linear progression, but as a circle forming an iterative process in which
reassessment phases are intertwined with emerging options, arising crises or new demands
placed on risk managers. Similarly, occasionally the assessment of different options
requires new options to be created i n order to achieve desired results. In other cases, the
monitoring of existing rules affects the decision to add new criteria to the portfolio. Rarely
do issues for risk appraisal and management follow the sequence used for the process
described in this ch apter. Option generation, information processing and options selection
should, indeed, be seen as a dynamic process with many iterative loops.
2.3. Risk Management Standards
A number of companies and institutes have defined standards and methodologies
for Project Risk Management. The most important are: PMBOK Guide, PRAM (Project
Risk Analysis and Management) Guide, IRM Standard, the Australian and New Zealand
Standard on risk management, PRINCE2 (PRojects IN Controlled Environments)
methodology.
All the mentioned approaches propose a phased structure. As similarities, are
mentioned: risk identification, analysis, assessment and risk response with a flexible form
of steps and with constant returns from one stage to another. As major differences are
mention ed that some approaches (IRM, PRAM) treat risk management as a key factor in
project management while others (PMBOK) try to integrate risk management in project
management. In some guides as PRAM, some stages may take place simultaneously, IRM
Standard foc uses on both risk management at project and organization level, while others
(PRAM, PMBOK, PRINCE2) focus on Project Risk Management (Bența, 2013) .
3. Business Intelligence
3.1. The definition of Business Intelligence
Business Intelligence enhances the integration of the innovation –creation
processes, articulating the initiatives and operations designed for acce lerating the business
practices (Moldovan, 2011) . Business Intelligence (BI) solutions allow decision makers to
query, understand, and analyze bu siness data in order to make better decisions. However,
as the technology and society evolve, faster and better informed decisions are required.
Nowadays, it is not enough to use only the information from the own organization and
making isolated decisions, but r ather requiring also to include information present in the
web like opinions or information about competitors, while using collective intelligence,

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collaborating through social networks, and supporting the BI system with cloud computing
(Aufaure , Zimányi, 2011 ).
Business Intelligence Solutions are the applications used by companies to manage
process and analyze data in order to provide a substantiated decision (Airinei, Berța, 2012) .
Over the last years, the use of Business Intelligence (BI) solutions had steadily increased.
Even in the recent recession period, a study made in 2010 from the Gartner Group showed
that the BI market not only did not decrease, but instead it grew 4% . BI solutions allow
decision makers to query, understand, and analyze business data, in order to make better
decisions and gain a competitive edge. Traditionally, BI applications allow managers and
decision makers to acquire useful knowle dge about the current performance and problems
of the business from the data stored in their organization, by means of a variety of
technologies (Castellanos, Daniel, Garrigós, Mazón, 2013 ). These technologies range from
data warehousing, data mining, and OLAP, to business performance management and
periodical business reports. Research in these areas has produced consolidated solutions,
techniques, and methodologies, and there is a variety of commercial products available that
are based on these results.
3.2. Business Intelligence 2.0
A new trend in BI applications has emerged: BI applications no longer limit their
analysis to the data of their own organization. Increasingly, they also source their data from
the outside, thus complementing internal company data with value -adding information
from the Web (e.g. retail prices of products sold by competitors or opinions posted by
customers), in order to provide richer insights into the new dynamics of business and to
better support decision -making processes. As a result, BI applications aim to assist modern
management practices, where decision -making requires a comprehensive view of the
market and the business environment as a whole, thus BI solutions using just internal
company data no longer suffices. On the o ther hand, at the same time as data from the Web
is being included into BI applications, BI applications are also evolving towards the web.
Recently, internal company information systems are being transformed into BI as a service
(e.g. hosted BI platforms for small and medium -sized companies) and software support to
manage business outsourcing or crowd sourcing is the target of huge investments and the
focus of enormous research efforts by both industry and academia.
Nevertheless, this trend is not limited to just relocate the BI processes onto the
web, but rather to transform how BI is performed. This transformation is being influenced
by the apparition of different, new technologies in the web 2.0, as well as the growth of
social networks (Zorrilla, Mazón, Garrigós, Daniel, Trujillo, 2011) . Together, these factors
provide a general vision of which are the features the next generation of BI tools should
include. However, when analyzing the influence of the different factors on BI processes,
there is no clear consensus. While some authors (Bhowmick, Madria, Lim, 1999 , Essaidi,
Osmani, 2012, Thiele, Lehner, 2012 ) focus on the technical aspects and propose to adapt

16
the most recent techniques to the current BI tools, others describe a complete
transformation of t he BI processes (Greg, 2010) .
3.2.1. Concepts of Business Intelligence 2.0
In the following subchapter some of the basic concepts of BI 2.0 will be presented.
Each concept included in this subchapter is either a technology or an aspect related to the
new vision of BI.
Real -time. It usually refers to the fact that the maximum time required for a task
to be completed is known and defined. However, in BI, real -time often refers instead to the
concept of up -to-date data (Thiele, Lehner, 2012) , and data streami ng. Therefore, when
talking about real -time data in BI, we must deal with data flows whose structure is unknown
until they are being interpreted. The lack of completeness of the information at a certain
point forces to manage exceptional situations which w ould otherwise not occur. For
example, we may have only partial information about a certain transaction, such as the
amount, date and client related to a transaction, but not the products.
SaaS (Software as a Service). SaaS refers to software being develo ped for its use
through Service Oriented Architectures (SOA). The Service Oriented Architecture
Protocol (SOAP) allows invoking pieces of software through the HTTP protocol, by
passing the parameters specified by the service interface. In this way, SOAP pr ovides a
way to invoke software services while abstracting from the implementation technology.
Recently, this vision is also being applied to BI solutions. This allows us to obtain results
from algorithms, reports and other interesting information from a r emote server and
combine these services into new value -added ones. The most interesting feature about SaaS
is that it allows us to deploy solutions based on cloud computing, which are highly scalable,
as opposed to traditional solutions. Additionally, this approach allows companies to “rent”
their software and BI services through internet.
Cloud computing . Cloud computing was originated as the integration of several,
heterogeneous elements into a “cloud” or network. A middleware layer provides a
homogeneous interface for the user or software accessing it, while hiding the details of the
underlying technology. The cloud also supports the addition of new elements, allowing us
to increase the network capabilities to meet the demand as necessary depending on the
work load.
Collective intelligence : Collective intelligence was first used to refer to emerging
behaviors in colonies. Often, these colonies would be formed by insects, and presented
more complex behaviors than those of the individuals forming them. An ex ample collective
intelligence can be seen especially in social networks, where decentralized groups of
people with no leader are able to take decisions and promote initiatives which would not
be possible by a single individual.
Crowd sourcing : Crowd sourci ng refers to delegating a certain task to the crowd.
The effectiveness of this approach comes from the fact that, typically, each individual must
only perform little effort in order for the group to achieve its goal. Moreover, the collective

17
intelligence p resent in the crowd can obtain solutions which could be very difficult to
discover by an individual, even if he was dedicated exclusively to that tas k.
Social networks : Social networks consist of a collection of data provided by its
own participants, as we ll as the relationships between them. These networks allow their
participants to interact and contribute with further information, thus enriching the existing
data. The collaboration between participants provides faster and better results than what a
singl e individual can achieve, thus, researchers are developing proposals which apply this
concept to BI .
Linked data : Linked data refers to the idea of relating each piece of information
to the rest of information which affects or is affected by that piece. Id eally, linked data
means knowing and being able to exploit the existing relationships between every piece of
information recorded, which, in turn, means that the relationships are semantically tagged
and can be used by a computer to reason. This aspect is especially relevant in order to
automatically obtain knowledge from existing information in the web and th e information
stored in DWs .
Opinion mining : Opinion mining refers to the process of describing the general
feelings or opinions of a group of people towards a certain element. In this way, opinion
mining implies being able to understand a given set of opinions and obtaining a conclusion
from them. This information is typically found in the web as unstructured data.
Nevertheless, this information can be highly relevant for an organization, enabling to
identify which products are perceived better by the customers and why.
Process oriented BI: Process oriented BI is a point of view that focuses on the
processes and their logic, relating the stored data to business process performance, instead
of focusing on simply presenting aggregated data in different formats. This point of view
allows us to identify and restructure processes which are not contributing towards the
business goals.

18
III. Risk Management Information Systems Analysis
A Risk Management Information System, or RMIS , is a flexible computerized
management information system that assist decision makers in evaluating risks and keep ing
track of all relevant inform ation, like risk exposure, risk protect ion measures, and risk
management. A RMIS is a very effective way of storing data information and is able to
provide relevant reports.
Current systems are flexible for change, and are accessible from a number of
diffe rent locations and device types. Tradit ionally, risk management systems focused on
casualty information, like information about buildings, vehicles, and liability, but today's
systems are also focus ing on other areas of risks, like online exposure.
A RMIS is important to a company because it consolidate s informa tion and store s
it in one place. While some parts of this information might also be stored elsewhere, such
as having the hard copy of an insurance policy stored in a physical f ile, an integrated RMIS
can provide a great benefit to risk ma nagers who need to make critical decisions. One
function of an RMIS might be to keep track of where physical or online documents are
stored. Searching around for documents can be a great waste of time and money.
Angus Rhodes states that there are three mai n advantages of using an integrated
risk management solution: improved reliability and accuracy data (RMIS helps reduce
redundant data and prevent data errors), cost savings and compliance (RMIS software
makes compliance with legal regulations easier and m ore efficient). Besides the benefits of
having more accurate data, saving money, and staying in compliance with regulations, an
RMIS can help companies improve communication, make data access easier from a variety
of different locations, and help improve a wareness of a variety of risks that the company
can face (http://blog.ventivtech.com/blog/what -is-an-rmis-risk-management -information –
system , accessed on 17th of January 2017) .
1. Current trends in Risk Management
In order to obtain success on the market, organizations have to constantly
innovate and out -execute. This means they must move faster, they must enter new markets,
be more accessible to clients, la unch new products and price more effectively. But as these
processes take place, businesses must take on more risk. Organizations that succeed in that
high-innovation environment must have better risk management capabilities.
As a result, across industrie s there is a movement of risk management activities
and focus from the back office to the front office, from compliance and cost control to
differentiation. This movement of risk management into the mainstream helps the
organization play offense more frequ ently. In other words, businesses are beginning to do
things with risk that add value rather than protect the business from risk.
Since the financial crisis, companies have become better prepared when managing
their risks. However, the risk palette change s continually. In 2015, geopolitical risks, social

19
risks, vendor risks, regulatory compliance risks, and cyber security risks – were among the
top issues affecting a company.
Business interruption, market developments such as volatility or stagnation, cyb er
incidents, natural catastrophes and changes in legislation and regulation rank among the
top five corporate risks for 2016, according to the Allianz Risk Barometer 2016
(http://www.agcs.allianz.com/insights/white -papers -and-case-studies/allianz -risk-
barometer -2016/ , accessed on 17th of January 2017 ). Meanwhile, another report
(http://www.pwc.com/gx/en/ceo -agenda/ceosurvey/2016.html , accessed on 17th of January
2017 ) found that the top three threats that CEO’s are most concerne d about are over –
regulation (79%), geopolitical uncertainty (74% ), and exchange rate volatility (73 %).
Dealing with all these risks will require organizations to build more mature risk
management programs with stronger controls, better risk warning mechanisms, and swifter
processes for risk analysis and mitigation.
Market price risk and volatility risk driven by the continuing decline of emerging
market growth rates, rising geopolitical risk, rising interest rate risk, and the slower than
expected recovery curve of commodity prices will force investors to re -evaluate their
investment portfolio risk profi les, and lower their annual pe rformance return expectations.
The new generation of CRO’s will play a multi -dimensional role, championing
the cause of risk management, coordinating risk efforts, and partnering with the
management team and board to drive st rategy. They will increasingly need innovative
technology solutions that can enable them and their organizations to better manage risks
end-to-end, and achieve their long -term business objectives.
Dawn Ward, Solutions Manager at MetricStream predicts that “The continued
focus on taking an enterprise view of risk management will challenge organizations to
break down barriers to promote greater information transparency and collaboration.
Functions and processes that do not consider the broader risk environme nt of the
organization will be subject to increased scrutiny by regulators, external auditors, and key
stakeholders alike ” (http://www.metricstream.com/RiskPredictions2016/ , accessed on 17th
of January 2017) . True compliance will require a broader demonstration of sound ERM
practices throughout the organization.
Dawn Ward predicts that “as organizations develop their infrastructure related to
assessing and reporting on their enterprise -wide r isks, the focus will turn towards
understanding and preparing for the management of future risks ”
(http://www.metricstream.com/RiskPredictions2016/ , accessed on 17th of January 2017) .
Using r isk indicators and other metrics, organizations will need to demonstrate an
understanding of the environment they are working in, and how the risk landscape is being
managed in accordance with the organizational strategy and risk appetite. This means that
organizations will need a mechanism to frequently monitor the business environment, and
assess the risks related to the changes that are occurring.

20
As organizations become larger and more globalized, it will no longer be enough
to implement a few controls , or conduct a few risk assessments to keep risks in check. The
hallmark of a good risk management program will be a pervasive risk culture that starts at
the top, and is built on a sound risk philosophy and appetite, risk policies and training
programs, a nd incentives that are structured around ethical and risk -intelligent behaviors.
We live in an uncertain and volatile world where stress, risks, and threats are only
increasing. We a re creating business environments that are more globalized, more
networke d, more interdependent – which means that a small disruption anywhere can have
a ripple effect, and impact the entire business ecosystem. Shellye Archambeau, CEO at
MetricStream states that “For organizations to not only survive, but thrive in this new
landscape, they will need to build better resilience. That means gathering, analyzing, and
learning from the past, so that decision -makers can take measured steps to deal with the
next major volatility or stress. It also means having the right risk data at th e right time to
understand how to diversify or disperse risks, so that no single risk has a major impact, ”
(http://www.metricstream.com/RiskPredictions2016/ , accessed on 17th of January 2017) .
Haunted by memories and the lingering impact of the financial crisis, many
companies continue to be risk -averse. While their fears are certainly not unfounded, the
fact remains that without risk -taking, there can be no growth. On the flipside, too much
risk-taking, as we know, can be catastrophic. Shellye Archambeau states that “The key in
2016 will be to find that sweet spot, that balance somewhere in the middle which will allow
companies to understand which risks to avoid or mitigate, and which ri sks to exploit as
opportunities ” (http://www.metricstream.com/RiskPredictions2016/ , accessed on 17th of
January 2017) . The increase of risk awareness will depend largely on the effectiveness of
one’s risk management program, as well as the quality and timeliness of risk intelligence
that management receives. Organizations that are able to understand their risks efficiently,
and transform this data into actionable business intelligence will be able to make faster,
risk-informed decisions that translate into stronger business performance.
2. Top Risk Management Information Systems
In the following chapter I have realized an analysis and comparison of ten top
Risk Management Information Systems presen t on the market . The selection of the RMIS
was made taking into account the number of positive reviews left by the users of the
Capterra website. Capterra is a free web service that offers relevant information in order to
help people and companies buy the business software that best suits their objectives. The
systems selected for comparison are: ProcessGene GRC Software Suite, A1 Tracker,
OneSoft Connect, Conrep, RiskGap, Riskturn, Checkit, Compliance 360, JCAD Core and
Analytica. The comparison was realiz ed on the base of the following main characteristics:
price, deployment options, training solutions offered, support and features.

21
2.1. Analysis
1. ProcessGene GRC Software Suite
ProcessGene is a software corporation founded in 2004 and based in Haifa Isra el.
The two lines of software solutions offered by the company are ProcessGene BPM
Software Suite, software for multi -subsidiary Business Process Management and
ProcessGene GRC Software Suite, software for multi -subsidiary Governance, Risk and
Compliance ( http://processgene.com/company/background/ , accessed on 11th of April
2017).
ProcessGene GRC software solutions establish an automated workflow that
reduces the time and cost of GRC efforts and eli minate manual labor, maintenance of
multiple E xcel spreadsheets, etc. (http://processgene.com/solutions/grc -software/ ,
accessed on 11th of April 2017).
The ProcessGene Risk Management software is a powerful cloud solution that
enables enterprises to identify, assess, analyze, mitigate and monitor risks, in order to
reduce extreme events and leverage opportunities. The Risk Management software covers
a wide range of risk types, including: financi al, operational, IT, brand, and reputation
related risks. The ProcessGene Risk Management software includes tools for risk analysis
and monitoring such as configurable risk reports and risk heat maps
(http://processgene.com/solutions/grc -software/risk -management/ , accessed on 11th of
April 2017).
The price of the suite starts from 30.00 $/month/per user and the model of pricing
is subscription based. The software is also availabl e in a free version that does not require
a credit card. ProcessGene Risk Management is available for deployment in the following
variants: Cloud, SaaS and Web. The company offers as methods of training:
documentation, live online trainings and in person t rainings. The clients can receive support
online and during business hours.
The software ’s feature checklist covers the following : Auditing, Business Process
Control, Compliance Management, Corrective Actions (CAPA), Dashboard, Incident
Management, Intern al Controls Management, Risk Assessment.
2. A1 Tracker
A1 Enterprise was founded in Santa Cruz in 2001. After having designed and
implemented numerous custom contract management software systems for local businesses
through 2008, the company released A1 Tr acker (its flagship product) in 2010 with contract
agreement software as its core module
(http://www.zoominfo.com/s/#!search/profile/company?company Id=343509643&targetid
=profile , accessed on April 20th 2017).
A1 Tracker is a web based software solution and is available for deployment in
Cloud, SaaS and Web variants, its price is no t publicly available, the customers must

22
connect with vendors in order to know the price. As training solutions, A1 Tracker offers
documentation, webinars, live online training and in person training. For support the
customers can request online help or consultations during business hours.
The software ’s feature checklist co vers the following : Business Process Control,
Compliance Management, Corrective Actions (CAPA), Dashboard, Incident Management,
Risk Assessment.
3. OneSoft Connect
OneSoft Connect is a business management solution released in 2014 that helps
companies orga nize customers, relationships, people, and projects. The software is
available as a cloud -based service, with access purchased on a per -user per -month basis.
All functions and features are available through a standard web browser, with no other
software or downloads necessary.
The software solution has 3 basic editions: free, team and company. Firstly, the
Free Edition is available for up to 3 users and offers 8 applications and 100 MB of storage,
no extra data storage, no integration. Secondly, the Team Ed ition cost 6$/user, is available
for up to 49 users and offers 15 applications and 2 GB of storage, no extra data storage, no
integration. Thirdly, the Company Edition costs 11$/user, is available for up to 1000 users,
offers 30 applications, 10 GB of stor age, extra data storage and integration. Both the Team
Edition and the Company Edition have a free 30 days ’ trial ( https://www.onesft.com/en ,
accessed on April 17th 2017).
OneSoft Connect is a web based software so lution and is available for deployment
in Cloud, SaaS and Web variants. The company offers training through written
documentation and support via online request.
The software ’s feature checklist covers the following : Auditing, Business Process
Control, Com pliance Management, Corrective Actions (CAPA), Dashboard, Incident
Management, Risk Assessment.
4. Conrep
Conrep is a software solution founded in United States in 2005 with an adaptable
business architecture and far -reaching functionality meeting demandin g needs of today's
organizations ( http://www.conrep.com/company/overview/ , accessed on 20th of April
2017).
Conrep does not publicly display the prices of its products online , the potential
client re ceives, at request, an offer based the size of its company. For deployment, the
software is available for Windows and in Cloud, SaaS and Web variants. The company
offers training through documentation, tutorials and support only during business hours by
phone or email.

23
The software ’s feature checklist covers the following : Auditing, Business Process
Control, Compliance Management, Corrective Actions (CAPA), Dashboard, Risk
Assessment.
5. RiskGap
RiskGap is a web -based service for project risks identificatio n, research and
prevention, founded in 2004 in Texas.
In terms of pricing, RiskGap categorizes its product in 4 distinct versions, a
Fremium version, a Professional version, which costs 19$ if billed annually, or 25$ if billed
monthly and is available for teams of 20+ users. Furthermore, an Enterprise version is also
available and costs the same as the Professional version but is recommended for teams of
100+ users. The forth version offered by RiskGap is dedicated for students and is labelled
Academic, th is version is free at request for the duration of the person ’s studies
(http://riskgap.com/pricing/ , accessed on 21st of April 2017). The software can be used on
Cloud, SaaS, Web and Windows.
The company offers 3 types of training: webinars, live online training and in
person training. As for support RiskGap help the user via online or during business hours.
The software ’s feature checklist covers the following : Auditing, Business Process
Control, Corrective Actio ns (CAPA), Dashboard, Risk Assessment.
6. Riskturn
Riskturn is an innovative cloud solution software for risk -based cash flow
planning. The company has its headquarters in Chicago, United States , and the software
presents a simple and intuitive interfa ce to build probabilistic business forecast.
The price for this risk management software is 95$ per month, for a single user,
or 950$ if paid annually. The software also has two Enterprise versions, one cloud
customizable and one on -premises customizable, both with multi -user premium support.
The prices for these versions are not published and are available only on request. Riskturn
offers a free 30 days trial for users that prefer to test the product before buying it
(http://www.riskturn.com/Pricing , accessed on 21st of April 2017).
Riskturn is available on Cloud, SaaS, Web, Mac and Windows. The training
offered is based on documentation, webinars and live online training. As support people
can contact the co mpany online or during business hours.
The software ’s feature checklist covers the following : Dashboard and Risk
Assessment.
7. Checkit
Checkit Software is a cloud based solution for designing, printing and digitizing
data from paper based or digital chec klists. Checkit Software allows users to manage

24
checklist data from Behavioural Based Safety Observations, Workplace Health & Safety
Assessments, Building & Facility Inspections, Food Safety & HACCP Inspections and
Employee & Customer Feedback Surveys. The software gives the users the possibility to
create checklists for completion on digital devices such as smartphones or tablets and to
easily and automatically create printable checklists and digitize paper -based results
(https://play.google.com/store/apps/details?id=com.digitidoo.checklist&hl=en , accessed
on 24th April 2017).
Checkit Software is a product of R2x Inc. R2x is an internation al software
company speciali zed in the design, development and ongoing support of cloud based
software solutions.
The price of the software is 249$ per month, but the company offers a free version
as well. The product is available for deployment in Cloud, Saas, Web, Windows, Mac, iOS
and Android versions. For training the company offers documentation, webinars, live
online training and in person training. For support the users can try online, business hours
and 24/7 live rep.
The software ’s feature checklist is not available, the ven dor has not completed this
information.
8. EMEX EHS Solution
EMEX EHS is a software company founded in Switzerland in 1997 that
specializes in environmental management systems, incident reports and management and
process auditing. Their products apply in f ields like Environment, Health and Safety,
Operations, Quality, Risks, Training, Document Control, Business Intelligence and
Corporate Social Responsibility. The industries in which their products can be used are Oil
and Gas, Mining, Constructions and Mate rials, Chemicals and Industrial, Aviation and
Logistics, Retail, Food and Beverage Manufacturing, Government, Education and Utilities,
Technology and Telecom ( http://emex.com/ , accessed on April 24, 2017).
The price of EMEX EHS Solution starts at 4000$ a month, but the company also
offers a free demo in order to try the product before purchase. The deployment versions
are Cloud, SaaS and Web. Training can be done via documentation, webinars, live online
and in persons traini ng. The support offered is 24/7 live rep.
The software ’s feature checklist covers the following : Auditing, Business Process
Control, Corrective Actions (CAPA), Dashboard, Incident Management and Risk
Assessment.
9. JCAD Core
JCAD CORE is a web -based enterp rise risk management system designed for use
in both the commercial and public sectors, appeared in 1991 in the United Kingdom.
The starting price of the software is 5000$ per year, but the company offers a free
demo version to inspect before purchase. The product can be used in the following

25
versions: Cloud, SaaS, Web, MAC version, Windows version, Android version, iOS
version. Training can be done with the use of documentation, webinars and in person
trainings. Support is available only during business ho urs, via phone or email.
The software ’s feature checklist covers the following : Auditing, Compliance
Management, Corrective Actions (CAPA), Dashboard, Incident Management, Internal
Controls Management and Risk Assessment.
10. Analytica
Analytica, by Lumina Decision Systems, is a software package launched in 1992
for creating, analyzing and communicating quantitative decision models.
Depending on the needs and objectives of the client, the company commercializes
different editions for model builders or end users. For model builders Lumina Decision
Systems offers three editions of Analytica, Analytica Professional (costs 995$ and is the
standard version of Analytica with full model creation functions.), Analytica Enterprise
(2795$) and Analytica Optimizer (49 95$). For end users, the company offers the following
editions: Analytica Power Player (costs 995$ and is for distributing applications created in
Analytica Enterprise to end users), Analytica Power Player with Optimizer (costs 1995$
and is for distributin g applications created in Analytica Optimizer to end users), Analytica
Decision Engine (12000$), Analytica Decision Engine with Optimizer (16000$) Analytica
Cloud Player Group Account (250$) and Analytica Cloud Player Session Credit (1$)
(http://www.lumina.com/shoppingcart/productorder , accessed on April 24, 2017). A free
edition is also available called Analytica Free 101.
The software is available on Cloud, Saas, Web, Windows and Mac. For tra ining
the company offers documentation, webinars, live online and in person training (2 days of
training for 1595$). Support is available online and during business hours.
The software ’s feature checklist covers the following : Dashboar d, Internal
Controls Management and Risk Assessment.
2.2. Comparison
Price
To many, when having to choose from a great number of software options, the
price may be the most important aspect. In the list of selected RMIS products , prices vary
significantly, from 6$ per month/p er user (Onesoft Connect) to 4000$ per month. The
second cheapest risk management information software solution in the list is RiskGap,
which costs 25$ per month, followed by ProcessGene GRC Software, 30$ per month,
Riskturn, 95$ per month, Checkit, 249$ p er month and EMEX EHS Solution with its high
price of 4000$ per month. All of the products mentioned before are based on monthly
subscription.

26
RMIS Price
ProcessGene GRC Software
Suite 30$/month/user
A1 Tracker N/A
OneSoft Connect 6$/month/user
Conrep N/A
RiskGap 25$/month
Riskturn 95$/month/user
Checkit 249$/month
EMEX EHS Solution 4000$/month
JCAD Core 416$/month
Analytica 995$
Table 3. 2.1. The monthly fee of each RMIS
For JCAD Core the users pay annually a fee of 5000$. Analytica is differen t from
the rest by the fact that it is not based on a monthly subscription but it is a onetime buy and
costs 995$. A1 Tracker and Conrep do not publicly give their prices, the potential
customers must connect with vendors in order to receive an estimation of the price.

Figure 3. 2.1. Comparison between the monthly fees of each RMIS

27
Deployment
Deployment refers to the type of operating system the system can be used on. The
deployment options available for comparison are Cloud, Saas and Web (taken together as
web based deployment), Windows Operating System, MAC Operating System, iOS and
Android. Firstly, a ll ten software products are mainly web based and can be used via Cloud,
Saas and Web. Six of the risk management systems are available as a Windows execu table ,
Conrep, Riskgap. Riskturn, Checkit, JCAD Core and Analytica. Riskturn, Checkit, JCAD
Core and Analytica are also available as a MAC compatible executable . Only two risk
management information systems can be used on mobile devices, both Checkit and J CAD
Core have available applications on Play Store (Android) and App Store (iOS). Therefore,
in terms of deployment Checkit and JCAD Core are the most complete software solutions.
Risk Management
Software Cloud,
SaaS, Web Windows
OS MAC
OS iOS Android
ProcessGene GRC
Software Suite ●
A1 Tracker ●
OneSoft Connect ●
Conrep ● ●
RiskGap ● ●
Riskturn ● ● ●
Checkit ● ● ● ● ●
EMEX EHS
Solution ●
JCAD Core ● ● ● ● ●
Analytica ● ● ●
Table 3.2. 2 Deployment availability of each RMIS
Training
When choosing a r isk management information system , access to training is an
important aspect that should be taken into consideration. The richer the training is, the
better the users will use the software and obtain more satisfying results. For this
comparison, the types of training that were selected are documentation, webinars, live
online training and in person tra ining. With 4 of the selected RMIS the users will receive
all four types of training (A1 Tracker, Checkit, EMEX EHS Solution and Analytica).
ProcessGene GRC S oftware Solution offers almost all types of training, except webinars.
With Riskgap the users do not receive documentation. Riskturn does not give in person
training and JCAD Core does not present live online trainings. Two of the systems offer
only docume ntation as method of training (OneSoft Connect and Conrep).

28
Risk Management
Software Documentation Webinars Live
Online In
person
ProcessGene GRC
Software Suite ●
● ●
A1 Tracker ● ● ● ●
OneSoft Connect ●
Conrep ●
RiskGap
● ● ●
Riskturn ● ● ●
Checkit ● ● ● ●
EMEX EHS Solution ● ● ● ●
JCAD Core ● ●
●
Analytica ● ● ● ●
Table 3. 2.3. Training options offered by each RMIS
Support
Support should be a very important part of any business that desires to succeed.
Offering support increases sales, gives a much richer experience to the users and helps
them obtain better results. The types of support selected for comparison are online, business
hours and 24/ 7 (live rep). From the companies that commercialize the risk management
information systems selected, 7 out of 10 offer online support, the systems that do not have
online support are Conrep, EMEX EHS Solution and JCAD Core. 8 out 10 companies offer
suppor t during business hours, the ones that do not present this type of support are OneSoft
Connect and EMEX EHS Solution. And only 2 systems give assistance via live rep 24/7,
Checkit and EMEX EHS Solution.
Risk Management
Software Online Business
Hours 24/7 (Live
Rep)
ProcessGene GRC
Software Suite ● ●
A1 Tracker ● ●
OneSoft Connect ●
Conrep
●
RiskGap ● ●
Riskturn ● ●
Checkit ● ● ●
EMEX EHS Solution
●
JCAD Core
●
Analytica ● ●
Table 3. 2.4. Support options offered by each RMIS

29
Features
Further, a comparison will be made among th e selected Risk Management
Information Systems taking into consideration the following feature checklist: Auditing,
Business Process Control, Compliance Management, Corrective actions, Dashboard,
Incident Management, Internal Controls Management and Risk A ssessment.

Table 3. 2.5. Feature checklist
Among the chosen risk management information systems, ProcessGene GRC
Software is the most complete one, containing all 8 features. OneSoft Connect and JCAD
CORE are near the same performance, with 7 features ou t of 8, OneSoft Connect does not
have internal controls management and JCAD does not have business process control. A1
Tracker does not have the possibility of auditing and internal control management. Conrep
lacks internal controls management and incident management. RiskGap is close to Conrep,
lacking the same features plus compliance management. Riskturn presents dashboard and
risk assessment. EMEX EHS Solution does not offer compliance management and internal
controls management. Analytica offers dashbo ard, internal controls management and risk
assessment. Checkit is the only software from the ones selected that does not publicly give
information about their features on the Capterra website.

RMIS AuditingBusiness
Process
ControlCompliance
ManagementCorrective
ActionsDashboardIncident
ManagementInternal
Controls
ManagementRisk
Assessment
ProcessGene GRC
Software Suite• • • • • • • •
A1 Tracker • • • • • •
OneSoft Connect • • • • • • •
Conrep • • • • • •
RiskGap • • • • •
JCAD CORE • • • • • • •
Checkit N/A N/A N/A N/A N/A N/A N/A N/A
EMEX EHS
Solution• • • • • •
Analytica • • •
Riskturn • •

30
IV. Business Intelligence Systems Analysis
Business Intelligenc e (BI), like most business solutions, came along with the
technological progress. BI enhances the integration of the innovation –creation processes,
articulating the initiatives and operations designed for accelerating the business practices.
Business Intel ligence Solutions are the applications used by companies and decision
makers to manage process and query, understand, analyze data in order to provide a well-
documented decision.
Business Intelligence software is designed to help companies make strategic and
well informed decisions. With data analysis and reporting, the software helps businesses
interpret their raw numbers and draw out meaningful insights. Below is a top made by
Capterra of the 20 most popular Business Intelligence options in the first qua rter of the year
2017 (http://www.capterra.com/business -intelligence -software/#infographic , accessed on
27th of March 2017 ). Capterra is a free web service that offers relevant information in order
to help people and companies buy the business software tha t best suits their objectives.
The top took into account the number of customers, the number o f users, Facebook
likes, LinkedI n followers and Twitter followers a Business Intelligence Software had in the
moment the top was made, February 2017 . The ranking uses the Capterra Market Score,
which is a 100 points scale composed of three parts: 40% total number of customers, 40%
total number of users and 20% a social score including Capterra reviews and social media
followers.

Table 4.1. Most Popular BI Soluti ons in the first quarter of 2017
Rank NameMarket
ScoreCustomers UsersCapterra
ReviewsFacebook
LikesLinkedIn
FollowersTwitter
Followers
1 Tableau 95 50 000 6 700 000 81 146 915 182 371 99 500
2 SAP 86 34 000 4 556 000 39 755 618 909 236 205 000
3 Qlik 86 40 000 5 360 000 11 33 392 74 328 67 300
4 Oracle 81 24 769 3 327 223 16 725 953 2 028 588 443 000
5 IBM Cognos 75 23 000 3 089 593 13 8 430 3 254 861 32 800
6 SAS 72 21 230 2 851 829 2 83 711 359 858 33 100
7 Microsoft 70 15 923 2 138 939 46 325 558 138 081 207 000
8 Information Builders 66 13 000 2 396 292 1 74 911 16 222 37 000
9 Yellowfin 60 10 000 2 000 000 6 3 2 102 4 318
10 TIBCO Spotfire 59 10 000 1 340 000 11 12 229 7 542 18 400
11 MicroStrategy 59 4 000 2 000 000 7 24 546 58 550 36 400
12 Targit 54 5 600 432 000 19 1 202 3 431 5 123
13 InetSoft 54 5 000 670 000 25 382 1 088 287
14 Board 51 3 500 360 000 39 772 9 778 5 809
15 Panorama 49 2 313 310 000 41 2 211 2 626 13 800
16 Longview 48 3 200 429 856 0 113 1 666 110
17 Sisense 46 1 000 200 000 87 11 906 9 182 3 583
18 Logi Analytics 46 1 750 234 500 0 808 11 581 5 121
19 Pentaho 45 1 500 200 000 10 8 356 18 249 17 400
20 Domo 45 1 000 134 000 23 50 775 107 737 77 600

31
1. Business Intelligence Solutions – Analysis
In the following chapter I will make a comparison between the first 10 Business
Intelligence Software of Capterra’s top: Tableau Software , SAP Crystal Reports ,
QlikView , Oracle Hyperion , IBM Cognos, SAS Business Intelligence , Microsoft SQL
Server , WebFOCUS , Yellowfin and TIBCO Spotfire . The comparison will focus on key
elements like price, free trial option, deployment, what training options they offer, what
type of support they offer and their features.
1. Tableau Software
Tableau is a software company founded in 2003 in Seattle, Washington, which
has the main activity of producing interactive data visualization products focused on
business intelligence (https://en.wikipedia.org /wiki/Tableau_Software, accesed on 7th of
January).
Tableau offers 3 main BI solutions: Tableau Desktop (analytics any person can
use), Tableau Online (cloud analytics for organizations) and Tableau Server (analytics for
organizations).
Tableau Desktop app lies to any individual user. There are two options depending
on the type of user. Personal is for an individual developer, and professional is for an
enterprise business user. All support and services are included in the price. The personal
package has a p rice of 999$/user/year and connects with up to 6 data sources. The
professional package costs 1999$/user/year and connects with up to 44 data sources
(https://buy.tableau.com/, accesed on 7th of January).
Tableau Online is an entirely cloud -based platform that is hosted by the vendor so
the user does not need to buy a server to host it. This means the user does not need on –
premise IT staff to maintain the server, support and updates are included in the price.
Tableau also provides a free alternative through Tableau Public, which is a community
server where all published information is made public. Tableau Public is free of charge and
the Tableau Online costs 500$/user/year (https://buy.tableau.com/, accessed on 7th of
January).
Tableau Server is recommended for businesses that have existing servers and a
dedicated IT team. This product gives the company full control over the business
intelligence solution. Server has advantages for enterprise companies that must share and
collaborate with governed data. This solution costs 10000$ for 10 users and then an
additional 25% of the total cost per year for support (https://buy.tableau.com/, accessed on
7th of January).
A very important consideration is that a Desktop version is required to author any
reports or dash boards. If Online or Server is purchased, each user who will be manipulating
data must have Desktop Professional installed.

32
Tableau Desktop Tableau Online Tableau Server
Personal : 999$/user/year
Professional : 1999$/user/year 500$/user/year 10000$ for 10 u sers/year
Plus additional 25% for
support
Table 4.1.1 . Tableau Software Price Tags
2. SAP Crystal Reports
SAP Crystal Reports is a BI solution offered by SAP, the world leader in
enterprise applications in terms of software and software -related service re venue. Based on
market capitalization, the company is the world’s third largest independent software
manufacturer (https://www.sap.com/corporate/en/company.html, accessed on 7th of
January 2017 ). SAP Crystal Reports is a Business Intelligence tool which is used to
generate reports from both SAP and non -SAP data sources. It enables end users to generate
reports that includes clear visualizations and implement new business requirements into
reports to reduce dependency on IT and Report developers
(https://www .tutorialspoint.com/crystal_reports/crystal_reports_overview.htm, accessed
on 7th of January 2017).
The SAP Crystal Reports 2016 full product can be bought for 495$/user. If a
person possesses an older version he can upgrade it to the latest version for 29 5$. Older
versions can still be both, SAP Crystal Reports 2013 has a price tag of 495$ , the same as
the 2016 version. If the buyer is not sure of the decision to purchase the software the
company offers a free trial to help.
SAP Crystal Reports
495$
Table 4.1.2 . SAP Crystal Reports Price Tag
3. QlikView
The company was founded in Sweden in 1993. Its original name derived from
Quik, a marketing acronym standing for “Quality, Understanding, Interaction,
Knowledge”. Now based in Radnor, Pennsylvania, Qlik h as more than 1700 partners
covering more than 100 countries (https://www.betterbuys.com/bi/reviews/qlikview –
business -intelligence/, accessed on 4th of January 2017).
QlikView has been one of the top business intelligence solutions over the past
decade and has paved the way toward self -service BI. The solution is written for the data
developer, offering more granular views and increased control over data management and
building apps (https://www.betterbuys.com/bi/qlikview -pricing/, accessed on 4th of
January 2017).
QlikView has two editions to choose from, an Enterprise edition and a Personal
edition. The Enterprise edition package includes unlimited capabilities for data access and

33
app development. Qlik does not publicly release the price per user for the En terprise edition
of QlikView, the company encourages interested businesses to contact its sales team. The
Personal edition package is intended for individual use on a personal computer and has no
expiration periods or limitations, and it contains all the s ame features for app development
and data manipulation as the enterprise version and it is also free of charge
(https://www.betterbuys.com/bi/qlikview -pricing/, accessed on 4th of January 2017). Qlik
offers a free trial version in order to assist the custo mers before deciding to buy the
software.
QlikView Personal QlikView Enterprise
Free Price N/A
Table 4.1.3. Qlik View Price Tags
4. Oracle Hyperion
Oracle Hyperion is planning software designs to support planning, forecasting and
budgeting needs of larg e companies, and facilitate them in evaluating the business and
making relevant decisions. Hyperion is an enterprise level suite manufactured by Oracle
Corporation, with rich functionality and integration with several essential Microsoft Office
application s (https://www.itqlick.com/oracle -hyperion, accessed on 10th of January 2017).
Depending on each company’s objectives, Oracle offers a great list of price tags
for its core suites and options. A company can buy a suite core with many associated
options, or it can buy a standalone product and eventually buy extra options. For example,
the Hyperion Financial Close Suit is priced at 14 995$, with an additional 3,298.90$ for
software update license and support (http://www.oracle.com/us/corporate/pricing/price –
lists/business -intelligence -price -list-071347.pdf, accessed on 10th of January 2017). Oracle
offers a free trial version in order to assist the customers before deciding to buy the
software.
5. IBM Cognos
Cognos is IBM's business intelligence (BI) and pe rformance management
software suite. The software is designed to enable business users without technical
knowledge to extract corporate data, analyze it and assemble reports. Cognos is composed
of nearly three dozen software products. Because Cognos is bui lt on open standards, the
software products can be used with relational and multidimensional data sources from
multiple vendors, including Microsoft, NCR Teradata, SAP and Oracle
(http://searchcio.techtarget.com/definition/Cognos, accessed on 10th of Janua ry 2017).
The price of IBM Cognos Express Business Intelligence User is 676.00$, one year
license for one user. The price includes 12 months of no cost 24×7 support and access to
new software features and licensing options available for perpetual term
(https://www.ibm.com/us -en/marketplace/cognos -business –

34
intelligence/purchase#product -header -top, accessed on 10th of January 2017). IBM offers
a free trial version in order to assist the customers before deciding to buy the software .
IBM Cognos
676$
Table 4.1.4. IBM Cognos Price Tag
6. SAS Business Intelligence
SAS BI is a part of SAS Enterprise Solutions, combining business intelligence
and analytics to discover and gather enterprise -level data
(https://reviews.financesonline.com/p/sas -business -intelligence /, accessed on 5th of
January 2017). The system is an in -memory data visualization tool that works well with
both big and small data, providing robust query and reporting features, alerts, and
predictive analytics (https://www.betterbuys.com/bi/reviews/sas -business -intelligence/,
accessed on 5th of January 2017).
The price of SAS Business Intelligence is not available, in order for a company to
purchase the business solution it must get in touch with SAS vendors. But the company
provides a free trial versio n for the possible buyer to analyze the software.
7. Microsoft SQL Server
Microsoft SQL Server is a relational database management system with the
primary function of storing and retrieving data as requested by other software applications.
The price of SQ L Server Business Intelligence license is 8592$ plus an additional 199$ per
Client Access License (https://msdn.microsoft.com/en -us/library/dn305848.aspx, accessed
on 11th of January 2017). Microsoft offers a free trial version in order to assist the custo mers
before deciding to buy the software.
Microsoft SQL Server
8529$
Table 4.1.5. Microsoft SQL Price Tag
8. WebFOCUS
WebFOCUS is a business intelligence and analytics platform by Information
Builders focusing on both business and technical users. The s olution consists of multiple
self-service applications based on each user's job and skill -level (e.g. technical users,
business users, data scientists and so on), from advanced data integration and analytical
tools to point -and-click applications (http://w ww.softwareadvice.com/bi/webfocus -bi-
profile/, accessed on 11th of January 2017). Information Builders does not publicly release
the price of the WebFOCUS solution, the company encourages interested businesses to

35
contact a representative. But persons that are skeptical can try the free trial version, before
purchasing the full version.
9. Yellowfin
Yellowfin is a worldwide business intelligence, dashboard, reporting and data
analysis software company founded in 2003. The company’s software permits reportin g
from data stored in relational databases, multi -dimensional cubes or in -memory analytical
databases.
The pricing for Yellowfin’s software vary, the first version is called Community,
is free, and consists of single server deployment, community support an d Yellowfin
University. The second version is the Professional version, its price starts at 1,750$/per
year for 5 users and can go up to 195,000$/per year for 2500 users. This version consists
in single server deployment, Yellowfin support and Yellowfin Un iversity. The third
version is named Enterprise and its price starts at 67,500$/per year for 50 users. This
version can go up to 340,000$/per year for 2500 users. The package consists of unlimited
broadcast to non -named users, unlimited server cores, unlim ited backup and development
environments, clustering for high availability, Yellowfin support and Yellowfin
University. Yellowfin offers a free trial version in order to assist the customers before
deciding to buy the software.
Community Professional Enter prise
Free 1,750$ /year 67,500$ /year
3 users 5 users 50 users
Table 4.1.6. Yellowfin Price Tags
10. TIBCO Spotfire
TIBCO Spotfire is a BI solution that offers executive dashboards, data analytics,
data visualization and KPI push to mobile devices
(http: //www.softwareadvice.com/bi/spotfire -profile/, accessed on 11th of January 2017).
TIBCO Spotfire has two options to choose from, TIBCO Spotfire Cloud and TIBCO
Spotfire Platform. The Cloud version has a price of 200$ per month or 2000$ per year for
one aut horing user (includes online and offline authoring) and 250 GB of cloud storage.
The Platform version is an on -premise solution with a custom -made subscription plan from
the sales team; the pricing depends on the customer’s needs and can be: subscription,
perpetual and term licenses (http://spotfire.tibco.com/buynow, accessed on 11th of January
2017). The company does offer a free trial version.

36
TIBCO Spotfire
Cloud TIBCO Spotfire
Platform
200$/month or
2000$/year Price N/A
Table 4.1.7 . TIBCO Spotfire Pri ce Tags
2. Business Intelligence Solutions – Comparison
Free Trial
In order to make the right decision in choosing which Business Intelligence system
is more suitable for personal or company usage it is very important that the company that
sells the BI so lution offer a free trial in order for the potential buyer to see if the product is
fitting for achieving his goals. In the case of our 10 BI solutions all of them offer a free
trial.
Name Free Trial
Availability
Tableau Software YES
SAP Crystal Reports YES
QlikView YES
Oracle Hyperion YES
IBM Cognos YES
SAS Business
Intelligence YES
Microsoft SQL Server YES
WebFOCUS YES
Yellowfin YES
TIBCO Spotfire YES
Table 4 .2.1. Free Trial Availability
Deployment
In this section we will see in which version each software is available. The
versions are: Online (Cloud, SaaS, or Web), PC version (installed -Mac and/or installed –
Windows) and Mobile version (Android native and/or iOS native). From the lis t of BI
solutions we have only 2 products that are available on all versions, Oracle Hyperion and
Tableau Software . SAP Cristal Reports and Microsoft SQL Server are available only for
Windows users; QlikView, SAS Business Intelligence and WebFOCUS are available both
on Cloud, SaaS, Web and Windows. IBM Cognos is ava ilable only on Online. Yellowfin
is available for Cloud, SaaS, Web and mobile, both for Android and iOS. Furthermore,
TIBCO Spotfire is available for Online use, for Microsoft users and also on mobile , but for
iOS Native only. To summarize, most of the BI solutions are ava ilable on Windows (8 out
of 10) and on Cloud, SaaS or Web (8 out of 10), for Mac users only 2 systems are available

37
(Oracle Hyperion and Tableau Software ). Oracle Hyperion, Tableau Software and
Yellowfin are the only ones that offer an app lication for Android, as for iOS devices the
systems that offer a compatible app are: Oracle Hyperion, Tableau Software , QlikView ,
Yellowfin and TIBCO Spotfire.
Name Cloud,
SaaS,
Web Installed
– Mac Installed –
Windows Mobile –
Android
Native Mobile –
iOS Native
Tableau
Software YES YES YES YES YES
SAP Crystal
Reports NO NO YES NO NO
QlikView YES NO YES NO YES
Oracle
Hyperion YES YES YES YES YES
IBM Cognos YES NO NO NO NO
SAS Business
Intelligence YES NO YES NO NO
Microsoft
SQL Server NO NO YES NO NO
WebFOCUS YES NO YES NO NO
Yellowfin YES NO NO YES YES
TIBCO
Spotfire YES NO YES NO YES
Table 4.2.2 . Deployment options
Training
It is very important for a company that commercializes a business intelligence
solution to offer its buyers some sort of training, to help them get more familiarized with
that system and to make the best out of it. The training options must be well constructed
and divers. The most common and appreciated training options nowadays are:
documentation (PDF, PowerPoint etc.), we binars (presentations, lectures or workshops that
are conducted the Internet), live online (live, interactive virtual classroom solution
delivered via the Internet) and in person (training sessions held by a dedicated person at a
place of choosing). More t han half of the BI solutions in this comparison offer all four
types of training ( Tableau Software, SAP Cr ystal Reports, QlikView, IBM Cognos ,
Microsoft SQL Server , Yellowfin and TIBCO Spotfire). Oracle Hyperion offer s
documentation and webinars, but do no t offer live online and in person trainings. SAS
Business Intelligence does not present live online training, while WebFO CUS offers only
documentation.

38
Name Documentation Webinars Live
Online In
Person
Tableau Software YES YES YES YES
SAP Crystal Report s YES YES YES YES
QlikView YES YES YES YES
Oracle Hyperion YES YES NO NO
IBM Cognos YES YES YES YES
SAS Business
Intelligence YES YES NO YES
Microsoft SQL Server YES YES YES YES
WebFOCUS YES NO NO NO
Yellowfin YES YES YES YES
TIBCO Spotfire YES YES YES YES
Table 4.2.3 . Training options
Support
A key aspect of a business is to offer support for any problems, questions or needs
a customer may have. Customer support services must include online support, business
hours and 24/7 live representative. Eig ht out of the ten selected Business Intelligence
solutions offer all three types of services mentioned, Tableau Software does not offer a
24/7 live representative support option and TIBCO Spotfire does not provide face to face
support during business hours .
Name Online Business
Hours 24/7 (Live Rep)
Tableau Software YES YES NO
SAP Crystal Reports YES YES YES
QlikView YES YES YES
Oracle Hyperion YES YES YES
IBM Cognos YES YES YES
SAS Business
Intelligence YES YES YES
Microsoft SQL Server YES YES YES
WebFOCUS YES YES YES
Yellowfin YES YES YES
TIBCO Spotfire YES NO YES
Table 4.2.4 . Support opti ons
Features
In this subchapter I will identify if the analyzed softwares have the following
features available on their platform: ad hoc analysis, ad hoc quer y, ad hoc reports,
benchmarking, budgeting and forecasting, dashboard, data analysis, data visualization, key

39
performance indicators, OLAP, performance metrics, predictive analytics, profitability
analysis, strategic planning and trend/problem indicators. The features are very important
to have, because a more complete BI package will serve the user in better achieving his
objectives.

Table 4.2.5 . Features
To start with, Tableau Software is the only BI software that offers all 15 features .
SAP Crystal Re ports offers 14 features in its solution, the only feature not available is
profitability analysis. QlikView offers less features then SAP, the solution focuses only on
ad hoc reports, dashboard, data analysis and data visualization. Hyperion by Oracle doe s
not offer benchmarking, OLAP, predictive analytics, profitability analysis, strategic
planning and trend/problem indicators. Cognos by IBM focuses on ad hoc reports,
dashboard, data analysis and data visualization. SAS Business Intelligence does not cont ain
Tableau
SoftwareSAP
Crystal
ReportsQlikViewOracle
HyperionIBM
CognosSAS
Business
IntelligenceMicrosoft
SQL
ServerWebFOCUS YellowfinTIBCO
Spotfire
Ad Hoc
AnalysisYES YES NO YES NO YES YES YES YES YES
Ad Hoc Query YES YES NO YES NO YES YES YES YES YES
Ad Hoc
ReportsYES YES YES YES YES YES YES YES YES YES
Benchmarking YES YES NO NO NO NO YES YES NO YES
Budgeting &
ForecastingYES YES NO YES NO NO YES YES NO YES
Dashboard YES YES YES YES YES YES NO YES YES YES
Data Analysis YES YES YES YES YES YES YES YES YES YES
Data
VisualizationYES YES YES YES YES YES NO YES YES YES
Key
Performance
IndicatorsYES YES NO YES NO YES NO YES YES YES
OLAP YES YES NO NO NO NO NO NO YES NO
Performance
MetricsYES YES NO YES NO YES YES YES YES YES
Predictive
AnalyticsYES YES NO NO NO YES NO YES NO YES
Profitability
AnalysisYES NO NO NO NO NO NO YES YES YES
Strategic
PlanningYES YES NO NO NO YES NO YES NO YES
Trend/Problem
IndicatorsYES YES NO NO NO NO NO NO YES YES

40
benchmarking, budgeting and forecasting, OLAP, profitability analysis and trend/problem
indicators.
Microsoft SQL Server Bu siness Intelligence does not offer the possibility of
dashboard, data visualization, key performance indicators, OLAP, predictiv e analysis,
profitability analysis, strategic planning and trend/problem indicators. WebFOCUS offers
most of the features, except OLAP and trend/problem indicators. Furthermore, Yellowfin
gives the possibility of Ad Hoc Analysis, Ad Hoc Query, Ad Hoc Repor ts, Dashboard,
Data Analysis, Data Visualization, Key Performance Indicators, OLAP, Performance
Metrics, Profitability Analysis, Trend/Problem Indicators . Finally, TIBCO Spotfire present
great diversity, the BI system has 14 out of 15 features, the only fu nction it does not have
is OLAP.

41
V. Case Study regarding the relationship between Business Intelligence
and Risk Management
In the following chapter , I will demonstrate how Risk Management Information
Systems and Business Intelligence solutions can work t ogether in order to better assist and
develop a project or a company. In order to reach the scope, I will use a store database
which I procured online, I will analyze the database using a Business Intelligence product
and with the help of a RMIS I will ide ntify and analyze the risks that are present and/or
could occur in the future.
For the following case study, I have defined four specific study objectives which
I proposed to reach during research. First of all, I wanted to find out how the upload or
conne ction between a database and a BI Tool is done. The second objective was to see how
KPI’s are calculated and displayed inside a BI Tool. The third objective was to discover
how the results of a BI analysis can be exported and presented to a certain person. Finally,
the last objective was to understand how is a Risk Management Information System used
to identify, analyze and control risks.
The main generic research assumption is: “If a Risk Management Information
System and a Business Intelligence Software can work together, then a business can be
better developed ”. The specific assumptions formulated are: “If a company has a database,
then it can easily be connected to a Business Intelligence Tool. ”, “If a database has
sufficient information , then it is eas y to produce data visualizations of the desired KPI ’s.”,
“If a company presents BI data visualizations, then it can be easily exported. ” and “If a
company desires to start a new project based on Business Intelligence information , then
the identification, a nalysis and control of the risks can be easily done in a RMIS. ”.
Firstly, the database that was used in the following case study is that of an online
Superstore, that is present globally. I have obtained the database from Tableau Corporation
after register ing to their website and acquiring Tableau Desktop. The database contains
information about the orders placed by the Superstore customers in the previous years,
2012, 2013, 2014 and 2015. The given Excel document includes data regarding Order ID,
Order Dat e, Ship Date, Customer ID, Customer Name, Segment, City, State, Country,
Region, Market, Product, Category, Quantity, Sales, Profit and many more.

42

Image 5.1. Close look of Superstore database
In order to process the information from the database I have used the latest
Professional Edition of Tableau software, 10.2.1
(https://www.tableau.com/products/trial , accessed on 9th of May 2017). Tableau
Software is a software company which produces interactiv e data visualization products
focused on business intelligence . The company was founded in 2003 in Seattle,
Washington, and today is one of the most popular BI solutions for companies worldwide.
The esthetics of the desktop version of Tableau is similar in many ways to the
Microsoft Office Suite, the software is modern, simplistic and very easy to use. To start
with the analysis the user must firstly connect the software to a database. The database can
be either local, under the form of an Excel document, te xt file, JSON file, Spatial file,
Statistical file etc., or online, in which case the software will connect to a server. The server
can be a Tableau Server, Microsoft SQL Server, MySQL, Oracle, Amazon Redshift,
Google Analytics, IBM DB2 or one of the many other choices.
Order ID Order Date Ship Date Customer ID Customer Name Segment City State
CA-2014-AB10015140-41954 11.11.2014 13.11.2014 AB-100151402 Aaron Bergman Consumer Oklahoma City Oklahoma
IN-2014-JR162107-41675 05.02.2014 07.02.2014 JR-162107 Justin Ritter Corporate Wollongong New South Wales
IN-2014-CR127307-41929 17.10.2014 18.10.2014 CR-127307 Craig Reiter Consumer Brisbane Queensland
ES-2014-KM1637548-41667 28.01.2014 30.01.2014 KM-1637548 Katherine Murray Home Office Berlin Berlin
SG-2014-RH9495111-41948 05.11.2014 06.11.2014 RH-9495111 Rick Hansen Consumer Dakar Dakar
IN-2014-JM156557-41818 28.06.2014 01.07.2014 JM-156557 Jim Mitchum Corporate Sydney New South Wales
IN-2012-TS2134092-41219 06.11.2012 08.11.2012 TS-2134092 Toby Swindell Consumer Porirua Wellington
IN-2013-MB1808592-41378 14.04.2013 18.04.2013 MB-1808592 Mick Brown Consumer Hamilton Waikato
CA-2014-AB10015140-41954 11.11.2014 13.11.2014 AB-100151402 Aaron Bergman Consumer Oklahoma City Oklahoma
CA-2012-AB10015140-40974 06.03.2012 07.03.2012 AB-100151404 Aaron Bergman Consumer Seattle Washington
CA-2012-AB10015140-40974 06.03.2012 07.03.2012 AB-100151404 Aaron Bergman Consumer Seattle Washington
ID-2013-AJ107801-41383 19.04.2013 22.04.2013 AJ-107801 Anthony Jacobs Corporate Kabul Kabul
SA-2012-MM7260110-41269 26.12.2012 28.12.2012 MM-7260110 Magdelene Morse Consumer Jizan Jizan
MX-2013-VF2171518-41591 13.11.2013 13.11.2013 VF-2171518 Vicky Freymann Home Office Toledo Parana
IN-2014-PF1912027-41796 06.06.2014 08.06.2014 PF-1912027 Peter Fuller Consumer Mudanjiang Heilongjiang
ES-2015-BP1118545-42216 31.07.2015 03.08.2015 BP-1118545 Ben Peterman Corporate Paris Ile-de-France
CA-2012-AB10015140-40958 19.02.2012 25.02.2012 AB-100151402 Aaron Bergman Consumer Arlington Texas
ES-2015-PJ1883564-42255 08.09.2015 14.09.2015 PJ-1883564 Patrick Jones Corporate Prato Tuscany
IN-2015-JS156857-42035 31.01.2015 01.02.2015 JS-156857 Jim Sink Corporate Townsville Queensland
TZ-2015-RH9555129-42343 05.12.2015 07.12.2015 RH-9555129 Ritsa Hightower Consumer Uvinza Kigoma

43

Image 5.2. Tableau U ser Interface
Once connected to the Global Superstore Orders database I had to link it to the
Global Superstore Returns database (a csv file that is downloaded along with the orders
file) and I could start to analyze the data, process the data, create data visualizations etc.
Tableau software is very easy to use, all the queries needed are already implemented, the
user must only select the data he needs by drag and drop into the working pane and he can
begin the analys is.
The first thing I wanted to analyze were the sales. To obtain a visualization of how
the sales are looking per category, customer segment and market in terms of items sold. I
dragged and dropped the Market and the SUM (Quantity) in the Columns Section and the
Category and Segment in the Rows Section.

Image 5 .3. Sales per category, customer segment and market
Analyzing the picture above we can quickly draw the following conclusions: Africa
is an emergent market; the most sales are of Office Supplies , consumer preponderantly,

44
followed by corporate and home office; biggest sales are reported in Asia Pacific, followed
by Europe and USCA (United States and Canada). The sales number can be discovered by
hovering the mouse pointer over any specific column. The sales of Furniture in 4 years was
4.110.452 units, the Office Supplies sales were below those of Furniture, 3.787.493 units
and Technology recorded the biggest sales, 4.744.557.
Furthermore, I wanted to see the evolution of the total sales number du ring the 4
years. To see the evolution more clearly, I chose to display it by years and quarters.

Image 5.4. Evolution of total sales by trimester and year
The total number of items sold in 4 years is 12,642.502. The fluctuation in
quantities can be seen in the picture above. Sales have constantly grown from the beginning
of 2012 to the end of 2015, reaching its peak in Q4 of 2015, when the store sold over 1.4
million products.
Afterwards to get a deeper understanding of the store ’s sales I wanted to insp ect
the sales and difference in sales for each category of products (Furniture, Office Supplies
and Technology), for each year and month by month. To see the fluctuations more easily I
used a 6 color differentiation meter, the gold color being a small grow th and the dark green
color being a big growth.

45

Image 5.5. Sales and difference in sales by category of product
In the picture above we can see a more detailed look in the fluctuations of sales
for each category of products. In 4 years the store very rar ely reported a decrease in the
number of goods sold. We can see that numbers grow steadily month by month and year
by year.
Furthermore, I wanted to inspect how sales and profits were doing in different
countries. To make it happen I selected Symbol Map as method of display and SUM(Sales),
SUM(Profit), Country and as variables, with Longitude on the Columns section and
Latitude on the Rows section. I also included Category as filter method in order to see the
sales and profits by category of product.

Image 5.6. Sales and profit by country

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In the picture above we can see the level of sales and profits for each country
where the store operated in the 4 years analyzed. The bigger the circle is, the greater the
volume of sales is. The profit is given by the color of the circle, if a circle is orange it means
the store in that country recorded loses, if the color of a circle is blue than the profits in that
country are positive. The volume of profits is also given by the deepness of color with
which the circl e is filed, a lighter color means the profits/losses are small, a deeper color
means the profits/losses are high.
To see the sales and the profit in a country you only have to hover over a circle
and all the information will be displayed (in the picture a bove the pointer of the mouse was
hovering South Africa).
Analyzing the map and data I concluded that the first five countries by number of
sales are United States, Australia, France, China and Germany.
Country Sales
United States 2.297.201
Australia 925.236
France 858.931
China 700.562
Germany 628.136
Table 5.1. Top countries by sales
United States is the global leader in terms of sales, with over 2 million items sold
the country has well over double the amount sold in the second classed country (Aus tralia)
and more than 3 times the amount sold in China (3rd place).
The countries that registered the less amount of goods sold are The Gambia (20),
Suriname (23), Belize (75), Oman (76) and Equatorial Guinea (150).

Image 2.7. Countries that registered the lowest sales
In terms of profit, the hierarchy is not very different. United States remains leader
with 286.397$ profit, followed by China, with 150.683$, India (129.051$), United
Kingdom (111.900$) and France (109.029$).

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Country Profit
United Sta tes 286.397
China 150.683
India 129.051
United Kingdom 111.900
France 109.029
Table 5.2. Top countries by profit
Switching to losses, the top 5 countries where the costs exceeded the revenues are
Turkey, where the company lost 99.447 $, Nigeria, with a loss of 80.741 $, Netherlands,
with 41.070 $, Honduras, with 29.482 $ and Pakistan, with 22.447 $.

Image 5.8. Top 5 countries where costs exceeded revenues
The total value of profit worldwide is 1,467,457.29$.
Furthermore, I wanted to see how the sal es look for each sub -category of product.
More specifically, which type of goods sale the most and bring profit and which sale less
and represent losses for the company.
The company has 3 major categories of products: Technology, Furniture and
Office Suppl ies. The Technology category contains Phones , Copiers , Machines ,
Accessories as sub -categories, Furniture contains Chairs , Bookcases , Tables , Furnishing
and Office Supplies contains Art, Supplies , Paper , Envelopes , Fasteners , Labels , Storage ,
Appliances and Binders .
In Tableau I put SUM(Sales) measure in the Rows section and Category and Sub –
Category dimensions in the Columns section. I modified the Sub -Category dimension in
order to unite and display Art, Supplies, Paper, Envelopes, Fasteners and Labels in one
group to see the chart more easily. I also marked SUM(Sales) with the Color mark in order
to see the profit or losses each sub -category brought to the company.
As we can see in the chart below, Phones was the sub -category that registered the
most item s sold in the featured four years, over 1.7 million goods, which brought a profit
of 216.717$. The second bestselling sub -category are the Copiers which registered 1.509
million items sold and brought the biggest profit to the company, 258.568$. Very close to
the Copiers are the Chairs , which registered 1.501 million sold items and the profit was
140.396$.

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Image 5.9. Sales by sub -category
The company sold 1.466 million Bookcases , on which they made a profit of
161.924$. Further on, in the Art, Supplies, P aper, Envelopes, Fasteners and Labels Sub-
Category there were sold 1.188 million items and the profit was 196.183$. Storage goods
recorded 1.126 million in sales and a profit of 108.417$. The company sold slightly over 1
million Appliances and made a profi t of 141.563$. 779.060 Machines were sold and
brought a profit of 58.868$. Accessories were sold in a volume of 749.237 units which
made a profit of 129.626$. Furthermore, Binders reached 461.869 units sold and were also
on profit with 72.433$. Furnishings registered the lowest sales, 385.156 units, and brought
a profit of 46.845$.
The only sub -category that registered losses was Tables . This sub -category sold
757.042 units and the financial losses reached 64.083$.
After seeing Tableau ’s capabilities in ter ms of analyzing data and generating data
visualizations (tables, charts, maps, etc.), the next step was to discover how to distribute
these visualizations.
There are several ways to distribute the work done in Tableau Desktop, they vary
in security, inter activity and data freshness. Images and PDF ’s do not contain the underline
data and are static, both for any interactivity and for data updates, because they are simply
snapshots taken at a particular time. Workbooks, either packaged to contain the data or not,
can be shared with others who have Tableau Reader or Tableau Desktop. Tableau Reader
can view and interact with workbooks, Tableau Desktop can view and edit workbooks.
Packaged workbooks do contain the underline data and are not encrypted. Non -packag ed
workbooks require the recipient to have access to the same data source, as they do not
contain the data themselves. Workbooks can also be published to Tableau Online or
Tableau Server, these workbooks are secure, fully interactive and can be scheduled t o have

49
data refreshes or to maintain a live connection to the data source. Published workbooks can
be accessed by any major web browser as well as on mobile devices with the native Tableau
app, or a mobile web browser. Views can be exported by going to “Worksheet”, then
“Export” and selecting “Image…”, “Data…” or “Crosstab to Excel”. Selecting “Image…”
brings up options for what should be included, such as Legend and Titles, as well as the
Layout. And the file can be saved as a JPEG, Bitmap. Enhanced meta f ile of PNG.

Image 5.10. How to export worksheets
Dashboards and stories can be exported by going to the “Dashboard ” or “Story”
menu and selecting “Export Image …”. The Dashboard image will be the current state of the
dashboard, the Story image will conta in the current story point in its current state. The
entire workbook, or a certain sheet can be printed to PDF by going to “File”, then “Print
to PDF…” and choosing the appropriate settings. Printing the entire workbook includes
each story point. Workbooks in Tableau Desktop can be saved as “.twb” files or “.twbx”
files. TWB workbooks are not packaged with the data itself, they contain just the
information needed for the data connection and the construction of the view.

50

Image 5.11. How to export workbook s
Opening a TWB file requires access to the same data source used to create it, twbx
workbooks are packaged, they contain the same information as a twb, as well as any data
and local files, such as background images and custom geocoding. As noted previousl y,
twbx files are not encrypted and have no data security. Opening a twbx shows all the
underline data. Packaged workbooks can be opened with Tableau Desktop or Tableau
Reader. Opening a file in Tableau Desktop is the same experience as authoring a workboo k,
there is full functionality, including the ability to edit or create new worksheets from the
data. Tableau Reader can open packaged files to be viewed and preserves full interactivity
of the workbook, including dashboards, stories and any filtering or o ther actions, but the
workbook cannot be edited. Finally, workbooks can be published to Tableau Online or
Tableau Server. These workbooks are secure, fully interactive via web browser and can be
set up for automatic data refreshes or be connected live to s ome data sources.
So far, I have taken the database of an online store, analyzed it using Tableau, one
of the most popular Business Intelligence Software on the market, made data visualization
for a number of very important KPI ’s (total sales; sales per ca tegory, customer segment and
market; total sales evolution; sales and evolution for each category of product
commercialized by the store; total sales and total profits by country; total profit worldwide;
sales per sub -category). Furthermore, I have analyze d the methods through which the BI
data resulted can be exported and presented to another person and/or department, in our
case study that being the person/department in charge of Risk Management.
In order to demonstrate how Risk Management can be done th rough, or with the
help of BI data, I have chosen to use RiskGap, a web -based service for project risks
identification, research and prevention, founded in 2004 in Texas

51
(https://app.riskgap.com/ , accessed on 9th of May 2017) . Practically, the BI data received
can be used as base for the creation of business projects. Either if it ’s the launch of a
physical store, the launch of a marketing campaign in a certain country or region, the
decision to enter a new market et c., the decision will come after the analysis of the BI data
and the RMIS will be used to identify, research and formulate the risks related to that
project.
Each project has its specific risks that vary pretty much. To see how the RMIS
works I choose to i ntroduce some general risks related to the whole business and not
specific ones related to a certain project. The interface of RiskGap is quite simple and
intuitive. When starting to use the software the user must give a prefix, a title and a
description o f the project and choose the industry related to the business.

Image 5.12. How to create a project in RiskGap
After the project was created the user can start and manage its risks. In the
Identification section the risks can be inserted manually, can be chosen from a list of
industry and business specific risks, or can be imported from a CSV file. Each risk is given
a title, a description, a probability and an impact. The probability of the risk is a number
from 1 to 10 given by the user. The impact is a number from 1 to 10, followed by an impact
in money and in impact in days. During the life of the project the risk is given a state ( new,
estimated, happened, prevented or closed), is assigned to a responsible and for it the
company chooses a risk strateg y (avoid, transfer, mitigate or accept). In the Assessment
section the risks can be modified, assigned or closed.

52

5.13. Assessment panel in RiskGap
The RMIS has a Register section that displays an overview of all the risks in the
project, classified by score. The score is the probability of the risk (grade from 1 to 10)
multiplied by the impact on the project (grade from 1 to 10). Other things that are present
in the overview are the impact in money and days, the health of the risk and the risk strategy
selected.
The software has a Tasks section that displays all the tasks of each member in the
team, along with the due date, state, risk and health. A Team section is also present where
the team members are shown, a Settings section and a Summary section, that presents a
summary of the project, risks by states, categories and project health.
One of the most important sections in RiskGap is the Charts . Here the RMIS
elaborates charts and graphs taking into consideration the risks inserted. The risks I inser ted
are: legality, fraud, security, losing SEO organic traffic, bad reputation, increase in cost of
delivery, products damaged during transportation, warehouse could record losses,
customer reject the product, products break down business KPI ’s.

53

Image 5.14. Register panel in RiskGap
As mentioned earlier, RiskGap automatically elaborates charts and risk matrixes
based on the inserted risks. The charts are for: Impact on critical path, Impact on budget
and Team responsibility. The risk matrixes are for: Im pact in points, Impact in money and
Impact in time.

Image 5.15. Risk Matrix in RiskGap
The Matrix above displays all the risks present on the project by impact in points.
The matrix is very easy to read, the further on the right the risk is situated, th e higher impact
it has on the business, the higher is situated, the higher the probability to occur is.
In the following chapter , I demonstrated a way through which Risk Management
Information Systems and Business Intelligence solutions can work together in order to
better assist and develop a project or a company. In order to reach the scope I used an online
superstore database which I procured online, I analyzed the database using Tableau, a
Business Intelligence Tool and with the help of RiskGap, a Ris k Management Information
System, I identified and inserted some risks that are present for the company.
The four objectives defined at the beginning of the chapter were achieved
successfully. The research assumptions mentioned at the beginning of the chapt er were

54
confirmed. First of all, I found out that the connection between a database and a BI Tool is
done very easily. In my case I had to connect the database to the tool and then link it to
another database that represented the returned orders. Secondly, I found out that data
modeling is also done very easily if the database has sufficient information. I made data
visualization for a number of very important KPI ’s (total sales; sales per category, customer
segment and market; total sales evolution; sales and evolution for each category of product
commercialized by the store; total sales and total profits by country; total profit worldwide;
sales per sub -category). Thirdly, I have analyzed the methods through which the BI data
resulted can be exported and p resented to another person and/or department. Finally, I
presented how a Risk Management Information System is used to identify, analyze and
control risks.
In conclusion, I consider that risk management is better done with the help of
Business Intelligence because every risk is more easily identified and controlled having
well-made business reports as a base.
VI. Conclusions
VII. Bibliography
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