The meaning of risk management differs depending on the industry and the application. In simple terms, however, risk management involves the application of management policies, procedures and practices in order to identify, reduce and/or control exposure to various types of risk. In the business world, this typically encompasses a wide variety of actions, such as implementation of specific business procedures (e.g., health and safety rules), use of appropriate insurance policies, and financial hedging.
Effective risk management requires the evaluation of alternative plans and policies for reducing or controlling exposure to risks. Such an evaluation is most likely to be successful if it is quantitative, rather than qualitative. However, due to the uncertainties involved in the analyzing real-world business systems, even the most sophisticated risk managers often conclude that the unknowns are insurmountable and end up making a decision based on intuition. GoldSim offers the opportunity to explicitly quantify your uncertainties in order to elevate your risk management process from intuition to a rational and defensible quantitative methodology.
By combining the flexibility of a general-purpose and highly-graphical probabilistic simulation framework with specialized features to support financial modeling and optimization, GoldSim allows you to create quantitative and transparent business models to support your risk management efforts and make better decisions in the face of uncertainty.
Some of GoldSim’s key features that make this possible include the ability to:
To learn more, you can:
- Take the GoldSim Quick Tour to quickly learn about GoldSim's features and capabilities;
- Learn more about GoldSim's Financial Module, an add-on extension to GoldSim to help you model the financial components of your systems;
- Compare GoldSim to the most commonly used risk management tool, the spreadsheet;
- Request a free web demo, in which one of our technical staff shares his/her desktop while answering your questions and demonstrating the application of GoldSim to risk management; and/or
- Request a free Evaluation and try GoldSim for yourself.