Risk analytics has been highly utilized in the financial services sector for some time but it is becoming increasingly popular among every other corporate sector. SBWire reports, “new developments in the risk analytics are transforming the market and enhancing its capability.” This includes the use of real time risk analytics solutions to examine and calculate risk through risk modeling techniques that can detect, minimize and prevent fraud. By analyzing historical risk patterns future risks can be discovered through predictive risk analytics and necessary action can be taken.
Forecasts have shown the global risk analytics market could grow at a compound annual growth rate of up to 14% in the next few years. Risk Analytics practices and programs are widespread in industries outside of traditional banking like insurance, healthcare, consumer goods and retail, transportation, energy, and many others. With the technology continuously improving and new regulations being rolled out, this is a very hot area for both the job seeker and educational training programs being offered to analytics students.
…expect the market to grow even further and become even more competitive for the strong job searcher. Desired skill sets for up and coming risk analytics careers include SAS and other analytical tools, machine learning, big data, predictive modeling and fraud experience.