Enterprise risk management and data-backed strategic decisions
Enterprise risk management (ERM) typically includes identifying particular events or circumstances relevant to the companies’ objectives. Assessing risks and opportunities for an organization is of great importance as it impacts the likelihood and magnitude of impact, determining a response strategy, and monitoring progress. By identifying risks (issues) and opportunities at an early stage, enterprises help to protect and create value for their stakeholders. We will showcase how monitoring the news can help risk management teams and provide data-based information that results in better strategic decisions.
Identifying risks and opportunities by extracting information from news
Identifying external threats for your company as well as predicting opportunities is also possible from news extraction.
Identifying risks includes the documentation of the material threats to the organization’s achievement of its objectives and the representation of areas that the organization may exploit for competitive advantage.
Monitoring the news helps you identify operational risks to your company, such as:
- customer satisfaction
- product failure and
- reputational risk
You can identify strategic risk by monitoring your competitors in news articles and stay on top of news relevant to your industry.
Media monitoring is useful for detecting changes in the industry, discovering political and economic instabilities in relevant foreign markets, finding customer complaints and extracting information for competitive analysis. Who doesn’t want to be one step ahead of the competition? Having all the available information on a plate prepares you better for changes that your company will face in the future. News analysis can be a good source for making informed decisions that would enable you to proactively grab new opportunities.
Monitoring the news in crisis management
Monitoring the mentions of your company in news allows you to discover serious issues and take action before they spiral out of control by identifying reputational risk at an early stage. Knowing what different media around the world write about your company helps you frame crisis communications messages for the media, your investors or employees, therefore helping to preserve the reputation of your company. This includes monitoring and reviewing negative mentions in the news even after the crisis has ended and carrying out risk management strategies to maintain a better public image.
Event Registry vs clipping
Event Registry is a real-time media monitoring tool, meaning that it extracts information from news as soon as they are published. In comparison with the majority of clipping services or agencies that extract information from news articles online, it enables an extremely advanced option for narrowing down your search criteria. Boolean keyword queries in the web interface enable you to find content that mentions any of two or more specified words by use of a capital OR between the words, specifying multiple keywords which should appear in the results and those which should not (by putting the minus sign before the keyword). Event Registry also provides a phrase search – you can perform it by putting the phrase into double quotations marks, as you would on Google.
To get even more relevant results to your search you can specify the category of articles (Business, Health, Natural Disasters, etc). Read further how to narrow down the feed of articles and events of interest in Gregor’s blog post.
How to monitor mentions of your company in news articles?
Event Registry can help identify risk factors in enterprise risk management by identifying, analyzing and monitoring risks and opportunities in the external environment facing the enterprise. It enables you to find any media item in online news articles that mentioned your company, your clients and suppliers, competitors or related interest groups or other specified subjects of interest, such as food/health regulations. This can help you identify a possible event or circumstance that can have a negative impact on the enterprise in question or enable an opportunity for your company’s growth.
Let’s see some examples how to use Event Registry to monitor your company appearance in news or a specific industry.
We hope that you can make good use of Event Registry to monitor, control and minimize the probability and/or impact of unfortunate events or to maximize the realization of opportunities for your company.