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Top 10 Retail Risk Management Tips [Updated for 2018]

Today’s risk management landscape for any industry is complex and vast. New regulatory measures come into effect each year, new products hit the market, and new distribution channels are developed.

In an industry such as retail, risk managers have the added complexity of risks related to the consumer. This adds yet another dimension to an organization’s risk portfolio, making it difficult to present only ten tips for retailers to mitigate risk. But as any risk manager would prioritize their organization's risks, here is a prioritized list of procedures to try: 

Topics: Retail ERM Claims and Risk Management for Retail Retail Risks risk management retail risk management Retail Risk Retail Claims Management

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: internal data data management risk management 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: internal data data management risk management importance of data

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