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April 1, 2022
CATEGORY NAME
FAQs: Discussing
Risk Management
with Shane Mattix, Irth Solutions’ Technical Sales Leader
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By
Let’s talk about Risk Scoring and Damage Risk Analysis in terms of baseball. The person on a Little League team who keeps track of team stats is usually a team member. When a kid walks up to bat, this “numbers” person knows they bat a 400. That’s like SmartScore.
When you get to Major League Baseball, all the stats are handled by a computer. Damage Risk Analysis is like the statistical analysis done at the Major League. A person doesn’t need to handle the stats unless they want to because the computer has it covered.
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Right. We look at the history based on an actuarial risk model, and we can help you figure out what to expect in the future. It’s like how most auto insurance works. If you had a car accident last year, the insurance company sees you as more susceptible to claims in the future, and they will increase your rates. Historically, suppose you have an excavator that’s damaged your critical network infrastructure 47 times, another one that caused damage 20 times and a final one that damaged just once. In that case, it doesn’t require an artificial intelligence (AI) model to tell you who is the riskiest. Bringing AI into a scoring conversation is akin to bringing a backhoe to drive a nail – it technically can do it but it’s certainly not required and burdens your project with additional costs.
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Irth Solutions' market-leading SaaS platform improves resilience and reduces risk in the sustainable delivery of essential services that millions of people and businesses rely on every day. Energy, utility and telecom companies across the U.S. and Canada trust Irth Solutions for damage prevention, asset protection and risk management solutions, making Irth the top provider for 811 (one call) ticket management and utility locating software since 1995. Powered by business intelligence, analytics and geospatial data, our platform helps deliver the 360-degree situational awareness needed to proactively mitigate and manage risk of critical network infrastructure in a changing environment.