Get a read on risk.

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. 

Many insurance adjusters and third party administrators (TPAs) provide claims systems as part of their services. While this is undoubtedly convenient, you may be leaving a lot on the table in terms of flexibility, independence, and data ownership. This post outlines some reasons why your organizations should consider seeking out an external claims system as opposed to relying solely on your adjuster’s or TPA’s built-in system.

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 happen. The higher a risk ranks for these qualities, the more threatening it is to your organization.

Last week we discussed the importance of risk mapsand why every risk-conscious organization should begin using them (check out our post on how risk mapping allows you to gain insight, use valuable resources efficiently, and improve mitigation). Now, we’re giving you four tips on how to build the map itself.

Wholesalers, like their retail counterparts, incur many risks while purchasing inventory from manufacturers and selling it to their customers. However, there are some special considerations that a wholesaler must make.

If you're a wholesaler, here are some issues you must be aware of and ready for:

Last week, we discussed the importance of reputation management and how risky it can be. Controlling public perception is always important, but it is absolutely crucial in a crisis situation. When something goes wrong in your organization, managing public perception will prevent a simple mistake from becoming catastrophic. Key sectors for crisis management include ethics, quality, safety, and security.