The Risk Industry Initiative
Updated: January 29th, 2013
Over the past several months, Make Sence, Inc. has engaged in a comprehensive evaluation of enterprise risk. Our research has unveiled an important caveat: the current understanding of enterprise risk is seriously flawed. Unsound organizational alignment of GRC and ERM within the enterprise has been found to be a primary cause for many spectacular, public, billion-dollar failures resulting from poor risk management. Starting with a brief introduction, Make Sence, Inc. has published a set of in-depth reports covering the current state of enterprise risk management, the functions and consequences of current GRC and ERM implementations, and also, the major players and products including a complete SWOT analysis. In an upcoming report, Correlation Concepts will describe radical innovations possible only through Correlation Technology. Finally, Make Sence, Inc. has proposed a new ontology of risk which will assist all stakeholders in the enterprise risk field to better comprehend the universe of risk in which all enterprises operate.
ERM vs GRC: An Introduction
Enterprise risk management (ERM) and governance-risk-compliance (GRC) are fledgling industry categories, having only been recognized for approximately ten years. As such, there are many conflicting views even within industry circles on the scope of ERM v GRC practices. Further, ERM and GRC processes and software may be incorporated as methodologies or modules into related domains such as business intelligence (BI) and enterprise resource planning (ERP). Make Sence Florida, Inc. recognizes a clear distinction between ERM and GRC.
RISK: State-of-the-Art: Specific Industry Challenges
A wide range of issues are faced by diverse enterprises when implementing and utilizing enterprise risk management (ERM) practices or ERM software solutions. The presence of even one of these issues can defeat the most painstakingly implemented ERM initiative. These problems will obstruct business functions, increase useless make-work, and restrict the flow of legitimate risk intelligence throughout an enterprise. The parade of high profile ERM failures provides ample evidence that serious and costly defects exist in critical ERM processes.
A New Ontology for Risk
Make Sence Florida, Inc. (MSF) anticipates a significant contribution of Correlation Technology to the Risk Management domain. After an extensive and careful review of the risk management industry and its qualifying forums, websites, blogs, webinars, podcasts and conferences, MSFI has prepared a new ontology which provides a complete enterprise risk structure under which all enterprise risk can be identified, discovered and mapped out from beginning to end. Utilizing the ontology, correctly-identified specific risks can be mapped into risk sequences allowing enterprises to more accurately formulate mitigation strategies to transfer, absorb, reduce or eliminate risks.
Enterprise Risk Services and Products - Industry Overview
To appreciate the potential contribution of Correlation Technology in the Risk Management domain, familiarity with the current landscape of particpants, products, and services is necessary. This assessment of risk industry participants in depth looks at the services and software products offered to Enterprise Risk managers as they seek to implement intelligent ERM and GRC for their organizations. Many of the costly and labor-intensive software products and services now available reflect the general business community's conflicting views on ERM versus GRC. Further, where expertise in the actual disciplines of Risk is not made available, achieving the genuine benefits of implementing even the best such products can become very problematic. Finally, true Risk Identification, Risk Assessment, Risk Event Mitigation and Risk Management functions are implemented almost universally without strong qualitative analysis techniques or provide results distorted by coercion of qualitative data into inappropriate quantitative models.
Publication Pending: "Correlation Technology Solutions for the Risk Industry", covers: Risk Identification, Risk Assessment, Risk Mitigation, and Risk Management.
Download the Latest Information
Updated January 2013
For the greatest possible comprehension, we recommend that you read these documents in the following sequence:
A Very Brief Introduction to Correlation Technology
Correlation Technology is not a microwave oven. It is very complicated. It is difficult to understand. This basic overview explains how humans use natural correlation all the time, and how Make Sence, Inc. has harnessed this power to create a new class of dynamic business solutions.
Demonstration Slides
This is an under-the-hood look at the Correlation Technology Platform in action. All of Wikipedia's 3.5 million articles have been converted to "Knowledge Fragments." Frame-by-frame, with in-depth notations, Correlation Technology is used in this actual online demonstration to reveal how connections from "population density" to "terrorism" are discovered and presented.
The Business of Correlation Technology
The NAICS has identified almost 1,200 vertical markets active in the United States and Canada. Make Sence, Inc. estimates that at least 200 of these vertical markets provide opportunities for profitable Correlation Technology solutions. This describes vertical market discovery and validation, and lists the types of business relationships we expect to forge with candidate companies as licensees, partners and spin-offs.
Using Correlation Technology to Gain Competitive Edge
Correlation Technology can offer a powerful, completely new and unique solution to bring your enterprise to the forefront of your industry and deliver a unique value proposition to your customers. Competitive advantage is gained by development of distinctive capabilities such as intellectual property rights, exclusive licenses, partnerships, differentiation, and enhanced business processes.
Business Process Enhancement Through Correlation Technology
Enterprises are constantly in search of new ways to improve effectiveness, efficiency, internal control and compliance by utilizing software systems to manage business processes. This document identifies and de-constructs mission-critical processes of enterprise management, operational and support practices and describes how Correlation Technology can provide a new and unique solution.
Correlation Technology Business Solutions: Market Research [UPDATED December, 2011]
This is a no-nonsense business-to-business document containing an in-depth analysis of the market research industry, its competitive landscape, major players, and complete SWOT analysis. Specific problems currently facing the industry are identified, and the disruptive impact of Correlation Technology when used to provide new dynamic solutions to traditional market research challenges. Update: This document and accompanying SWOT analysis has been updated to reflect changes to the competitive landscape in the industry created by the acquisition of Synovate by IPSOS in 2011.
Correlation Technology Business Solutions: Recruitment [UPDATED December, 2011]
This dossier highlights the role Correlation Technology will play as a game-changer in the recruitment industry. Take an in-depth look, complete with SWOT analysis, into the present state of the recruitment industry in the United States, the issues inhibiting industry growth, and how current industry software attempts to resolve these issues. Update: This update to our Recruitment Dossier covers the recent changes in the vertical market sector, such as the LinkedIn IPO, Monster’s 6Sense technology and Facebook’s BeKnown application, and resulting effects on the competitive landscape and major players. Includes an expansion on the universe.jobs website and a new section on online pre-employment game testing.
Correlation Technology Business Solutions: Automated News Analysis
Two new, never-seen-before automated services powered by Correlation Technology are examined in this dossier. Discover how the automated local impact discovery service enables news media providers to automatically identify where an international, national or regional news event has significant impact in their specific local media markets. In addition, advertisers, law enforcement, political entities and companies will quickly realize the local impact discovery service to be a powerful tool for use in their own domains. The automated news analysis service delivers expert prediction and commentary on news events directly to Teleprompters, allowing any reporter or anchorperson to speak with the authority of a field expert.
Correlation Technology: Current Initiatives
A number of uses for Correlation Technology have already been identified. This document lists those uses already being pursued by Make Sence, Inc. with interested parties around the world. We also identify general areas of expertise which we know represent rich opportunities for Correlation Technology solutions.
For Investors, CEOs, and Entrepreneurs
For information on Correlation Technology commercialization opportunities including Domain Startups, Partnerships, Proof-of-Concept (Pilot) Projects, Direct Licensing, or Value Added Reseller Agreements, please contact:
Carl Wimmer (702) 767-7001
Essays, Technical Presentations & Work Forms
Software Architecture of the Correlation Technology Platform [Image]
This diagram illustrates the software architecture of the Correlation Technology Platform, and how layers of market-sector-specific, customer-specific, and user-specific software are constructed on the CTP.
Essay: Comparison of Semantic Solutions to Correlation Technology Solutions
When enterprise or government face difficult, critical problems - intractable problems that simply must be dealt with - the solutions that are constructed in response to these problems are often non-optimal. Correlation Technology solutions can succeed where Massive Semantic Infrastructure, Subjective Statistical, or Brute Force solutions fail. This first of three essays compares Massive Semantic Infrastructure solutions to Correlation Technology solutions.
The Correlation Technology Platform is able to handle corpora of almost unlimited size.
To accommodate large corpora, the CTP is implemented using a hardware architecture which is
in some ways similar to a "grid" computing configuration.
We use a "Configuration Estimator Form" to determine an initial hardware configuration for each Correlation Technology-based solution.
We've posted a copy of the Form which you can download using the link above. We want people to think about their own information.
Fill out and submit the Form, so we can talk to you about how Correlation Technology can help you solve the most difficult computing problems you can imagine.
What is Correlation Technology?
- Synthesis of Search, Information Extraction, and Knowledge Discovery
- Utilizes a “relaxed” discovery relevance criteria, but works well with all current forms of search
- Exhaustive extraction of information from resources into unique knowledge fragments stored in schema-free InfoBase
- Knowledge Discovery is delivered by means of two powerful, patented
Knowledge CorrelationTM processes:
- Connect the DotsTM finds all relationships within the data from a specified "origin" term, phrase, concept, or entity to a specified "destination" term, phrase, concept, or entity.
- Free AssociationTM takes only an "origin" term, phrase, concept, or entity and constructs every connection from that "origin" to any "destination" term, phrase, concept, or entity that can be reached using the "corpus" data.
- These operations can deliver novel results even without ontologies, taxonomies, lexicons, etc
- Refinement and Presentation components deliver specialized solutions for any Vertical Market Sector-specific product implementation
What are the Uses of Correlation Technology?
- Anti-Money Laundering – model to n-degrees funds transfers among unrelated entities
- Sarbannes Oxley Compliance – trace transactions through n-dimensional corporate artifacts
- Bio-Pharma – reveal associations mined from acquisition of untrusted, non-domain specific resources as well as known, trusted corpora
- Human Resources – ideal fitness for hire and workforce re-engineering implementations
- Any business problem that currently relies upon brute-force matching, subjective statistical methods or massive semantic infrastructure is a target
What is the Correlation Technology Platform Business Model?
- Correlation Concepts is the USA-based research and development subsidiary of Make Sence, Inc., which is leading the world-wide commercialization of Correlation Technology
- Make Sence, Inc. will form partnerships, joint ventures, or license the Correlation Technology Platform to existing players in each vertical market
- Working with experts from Correlation Concepts (located in Melbourne, Florida), Make Sence partners' domain experts will develop their own proprietary vertical market specific software architecture layer that will function on top of the Correlation Technology Enterprise Platform
- With the power of Correlation Technology-based services added to their existing capabilities, our partners will acquire marketshare, a sustainable competitive advantage, and new sources of revenue and profits
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