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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

8 Reasons Your Organization Should Enable Paperless Risk Management

 

Are you spending too much time performing repetitive tasks or searching for documents? Tired of limits on your ability to report to your boss, help your customers, and collaborate with your coworkers? Do you think a change could decrease your organization’s losses? A paperless system might be exactly what you need to increase profit, reduce labour, help the environment, and change the way you manage risk from reactive to proactive. Here are just some of the advantages that going paperless with ClearRisk can bring to your organization.

Topics: risk management Risk Management Software paperless paperless office risk management online going paperless

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