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Rebecca Webb

Recent Posts by Rebecca Webb:

4 Types of Data Analysis for Risk Managers

 

Over the past few weeks we've been covering topics such as "6 Reasons Data is Key for Risk Management", "Why All Risk Managers Should Use Data Analytics", and "Data Analysis Steps for Risk Managers". Data has been deemed today's most valuable asset: the "oil of the digital era". Now, let’s delve into some types of analysis that may be particularly helpful for your organization or risk team. 

Topics: risk management data analysis data analysis risk management

Data Analysis Steps for Risk Managers

 

Data analysis can help predict the outcome of a situation or allow you to protect your organization against risk. As discussed in a previous blog post, analysis has many benefits including mitigating repetitive losses, lowering insurance premiums, and more. We recognize that data analysis can be difficult, particularly for organizations with a lot of data and complex processes. In fact, an estimated 75% of organizations lack the technology or strategy to effectively use their data. That’s why we came up with this simple guide on the steps for data analysis.

Topics: risk management data analysis data analysis risk management data analysis steps

Why All Risk Managers Should Use Data Analytics

 

In a previous blog post, we discussed the importance of storing data and the value it can bring to any organization. Now, we’re going to talk about the next step in using data: analytics. Analytics turn your data from useful to extremely effective and allow you to make changes that will benefit your organization as a whole. A survey by Deloitte found that 55% of organizations believe that analysis improves the organization's competitive position and 96% agree that it will continue to become more important over the next three years. Risk managers should utilize data analytics as they allow you to:

Topics: risk management data management internal data data analytics data analytics for risk management

6 Reasons Data is Key for Risk Management

 

An average organization only uses 50% of their available data for decision-making. This is significant when you consider 70% of late adopters base their decisions on gut feeling or experience, while 60% of best-in-class companies use data analytics when making decisions. Data is powerful when used to its full capability; by using all available data, an organization can establish a clear competitive advantage. Storing and regularly accessing relevant information will allow your organization to save time and money while drastically improving decision quality. Below are some of the key benefits that data utilization can have on your organization.

Topics: risk management data management internal data importance of data

Metro Inc. Reduces Reporting Time by 99%

 

Metro Inc. is the third largest food retailer in Canada and has been a ClearRisk customer since 2013. Before ClearRisk, incidents were reported via phone, fax, or mail and manually submitted into their outdated system as well as a physical filing cabinet(s). The risk management team was frustrated with time delays for collecting the data, data integrity, the risks associated with paper filing, and the inability to report on individual stores and hold them accountable. This led them to seek out ClearRisk.

Topics: risk management reporting risk management tips incident reporting decreasing cost of claims risk management claims

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