MEGA, a leader in governance, risk, and compliance (GRC) software solutions, has integrated a powerful mathematical tool to measure risk exposure into its MEGA GRC Suite, making it the first time such a capability has become part of a comprehensive GRC solution.
The MEGA GRC Suite will contain an expanded risk quantification and analytics component based on Bayesian scenario calculation, a proven, but advanced means to produce the complex operational risk models that experts agree are the best way to measure risk exposure and aid in decision making.
The Bayesian modeling technique provides a simple, yet robust way of combining existing data and knowledge in the form of probabilities, while keeping uncertainties in the data and knowledge explicit. These principles are used to model complex real-world problems in a unified framework.
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