Simplifying the Workflow of Risk Analysts
Countless news articles are published daily by thousands of news agencies globally all day - everyday. These articles are written in different languages, discuss events both local as well and can either be insignificant or have wider reaching implications for world at large.
For example, the Indian Farmers protest in 2020 or Typhoon Maysak are two events that have recently captured media’s attention. Reading a single article can sometimes be biased, or there can be nuances that can be easily missed or misinterpreted (Typhoon Maysak is called Typhoon Julian in the Philippines) so it is a good idea to look at a wider range of sources. Using a tool like Event Registry that is a system that is responsible for global media monitoring. The system sources and ingests articles from different international media sources (newspapers, blogs etc). News articles are collected by the system from over 150,000 global news sources (and counting) regardless of the publication language. Collected articles are automatically annotated and categorized by distinguishing mentions of individuals, areas, organizations, and relevant topics in them.
The system then identifies ‘Events’ by identifying groups of news stories all talking about a similar event. This information is then stored in a database which can be accessed through the web interface or pulled via API into proprietary systems.
How can Event Registry help Risk analysts?
Depending on what your needs as an analyst are, Event Registry can perform different tasks. Through monitoring news sources almost in real-time you can be sure not to miss a thing. Event Registry gathers the full ‘fire hose’ of information from around the globe and can help you to identify the events that matter to you and your clients. The system can also track relevant topics and recognize relevant events across languages. Lastly, Event Registry allows you to take your reporting to different dimensions, creating compelling visualizations that can be used for longer form reporting for your clients.
Save Time for Risk Monitoring Analysts
Risk management is all about having the appropriate information. Companies need data to help them understand the different ‘risk landscapes; whether political, economic or geographical reputational etc. This enables them to simply monitor a potential situation or take action to minimize any threats that may adversely affect their assets.
This kind of desk research can be cumbersome and time-consuming (often going source by source to get a clear picture). This is why risk analysts should use an automatic data collection tool to give them accurate information. Event Registry’s suite of tools save analyst time instead of manually digging for information relevant to their interests.
Crisis Event Coverage
As a risk analyst, you are continually on high alert to identify issues before they escalate into bigger problems. However sometimes analysts can fail to identify problems in a timely fashion as they are unable to perform adequate media monitoring; perhaps the incident is reported in an obscure publication or in a language you don’t speak. This can lead to delays in taking action and can jeopardize your client assets.
Ongoing Trend analysis
There are times when you need to revert back and see when there is a historical precedent but this can mean trawling through the archives of articles to see whether you can relevant articles to find prove trend. Event registry has been capturing articles since 2014 so you are able to see what has gone before.
Brand Monitoring
Event Registry can also help with brand monitoring. It allows risk management specialists to identify issues that affect their brand in the press and how it is being received globally. For instance, it monitors how your brand is portrayed by the media, satisfaction demographics, and alerts you about events that pose a danger to your brand. Event Registry can monitor your main competitors and changes in the industry that might pose a risk to your brand.
How does Event Registry save you money?
Event Registry tools can be set up to need limited or little human intervention. So from a risk analyst perspective, you start your work several steps forward. Events are identified and your role is to interpret them in the wider context for you and your clients. This can save hours of manual data digging which multiplied across a team can mean a significant improvement.
From an organisational perspective it’s a ready made solution that you only need limited involvement from yourIT department. With a straightforward monthly plan, Event Registry takes care of everything so you don't need to think about hiring data scientists/analyst. Your organisation benefit by leveraging a data scientist team with several decades of experience.
Conclusion
Event Registry provides both a web interface and API that can provide solutions to businesses that want to monitor their own assets or to businesses that monitor for other companies. Event Registry provide the full firehose in near real time, so that you be safe in the knowledge that nothing is going to pass you by.