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Risk Management Blog

Get a read on risk.

There are many blogs out there, so what makes ours so special? Quite simply, if you want to deepen your understanding of risk management, every article herein will be worth your attention.

Designed by our experts to offer practical tips and techniques to elevate risk management and its influence on an organization’s performance; this is good stuff. And because we all know that data is the new gold, you’ll find plenty of insight into capturing and leveraging risk data to your organization’s advantage.

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12 Challenges of Data Analytics and How to Fix Them

Data analytics are extremely important for risk managers. They improve decision-making, increase accountability, benefit financial health, and help employees predict losses and monitor performance. Not convinced? Check out two of our blog posts on the topic: Why All Risk Managers Should Use Data Analytics and 6 Reasons Data is Key for Risk Management.

However, achieving these benefits is easier said than done. There are several challenges that can impede risk managers’ ability to collect and use analytics. Fortunately, there’s a solution:

Legality, Frequency, Severity... Why You Should Manage Cyber Risk Now

Last week, we presented 8 best practices for managing cyber risk. Now we're going to explain why it's so crucial to implement these strategies today. As technologies advance, risk teams are in a constant battle to protect their organizations against new threats. The most recent trend to gain attention is cyber risk. In a 2018 survey conducted by Risk.net, areas of cyber risk ranked #1 and #2 on a list of top ten operational risks.

The Importance of Risk Mapping

Why should your organization be using risk maps? 

Building a risk map brings valuable benefits. You will have a thorough understanding of your risk environment and how individual risks compare to one another. You can use this to strategically prioritize your risks and determine where to use your limited resources.

A risk map is built by plotting the frequency of a risk on the y-axis of the chart and the severity on the x-axis. Frequency is how likely the risk is or how often you think it will occur; severity is how much of an impact it would have if it did occur.

How to Hold Business Units Accountable for Claim Costs

If you think the cost of claims and incidents within your organization is too high, it’s time to address that problem.

But how can you know what steps to take when all you have is an overall number?

By breaking down occurrences by location, department, division, and so on, it will be easier to figure out the root of the problem and work towards solving it. That’s why it’s important to make these individual units accountable for their costs.

6 Legal Risks Companies Shouldn't Forget

While conducting business, there are countless legal issues that a company may run into. Some, such as negligence in product liability and occupier’s liability, are obvious and most companies already have mitigation measures in place. Others are not considered as frequently and can even happen accidentally.

While unintentional, these mistakes can have consequences that are just as severe. Here are several legal risks that all companies should incorporate into their risk management plan.

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