GoRisk will offer its proprietary risk management services over the Internet to a select group of corporations beginning this fall. The online methodology, which harnesses the knowledge of industry experts, technological expertise and the speed of the Internet, will be driven through a proprietary Knowledge Representation software application.
The web site’s goal is to reduce the cost of risk management and the amount of time required to create a complete risk management plan from 120 days to just a few days. The KR software application will assess a company’s risks and match them to the best and most cost effective means of managing those risks. The process could lead to the recommendation of insurance or other means to manage the risks identified. GoRisk will provide the details of the implemented risk management plan online as well as providing live expertise if desired.
GoRisk targets Fortune 2000 companies, and will initially focus on Nasdaq’s high technology and telecommunications companies. Revenue is expected to be derived from two sources – fees from creating risk management plans and product referrals. GoRisk clients are expected to save significant sums due to both lower transaction costs and the automation of many traditional processes.
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