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RISK MANAGEMENT BLOG

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

6 Signs it's Time To Change the Way You Manage Risk

 

Effective Risk Management is crucial to the success (and survival) of any organization. Traditionally, incidents and claims within an organization have been stored in file folders or excel spreadsheets. With this process there is little to no automation, a lot of duplication and limited ability to predict and mitigate future losses based on past trends. With the number of reported claims and near miss incidents on the rise, should your organization evaluate its current process? 

Answer these six questions to see if it's time for your organization to consider an upgrade:  

Topics: Risk Management Software incident report Claims Management risk manager high deductibles claims software risk trending report automated incident report incident reporting software software for risk management data management lower claims cost

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