CXOWARE Develops Program to Measure Risk in Dollars and Cents
Imagine having an idea for a product that is so innovative your customers are willing to pay for it before it’s even on the market.
CXOWARE’s reputation for delivery of evolutionary analytical software for information security and risk management has enabled the company to develop new products through customer feedback and partnerships.
The company, co-founded by Dublin resident Jack Jones, currently has two locations: one in Spokane, Washington and one at the Dublin Entrepreneurial Center.
CXOWARE’s latest product, a software application called FAIRiq helps quantify risk in dollars and cents through an approach called Factor Analysis of Information Risk.
The ability to measure information and operational risk in economic terms is a valuable approach, says Chad Weinman, director of integration services.
“Our goal is well-informed decisions,” he says. The software provides companies with the ability to make effective comparisons and determine how to proceed with any tactical or strategic decisions.
“It’s an accurate model of what the risk is and quantifies exposure to risk,” according to Weinman, who says that the model is applicable to just about any situation from bank robberies to lost wedding rings.
“I’m not a math person by profession and neither are the majority of our users,” Weinman says. “Our product does the calculations and our model breaks down risk into elements, which can more easily be estimated.”
So far, CXOWARE hasn’t faced any competition for the product. In fact, Weinman says many potential competitors have contacted the company with requests to license it. The company also is finding that customers are seeking the software on their own based on accreditations it has received from The Open Group, a global consortium that sets IT standards.
Three more products are on the horizon, but details aren’t ready to be released, Weinman says. They, too, will most likely be funded by current customers. As a company, CXOWARE is striving to be recognized as a leader in information risk management.
