Get a read on risk.

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.

Municipal risk managers have significant responsibilities. Resident complaints, employee incidents, and a continuous stream of claims are just some of the challenges that are compounded by an inefficient system and the need to juggle priorities. Claims and risk automation allows the public sector to streamline their processes and achieve numerous benefits.

There are three primary reasons all risk professionals should actively manage cyber risk: to comply with regulations, its frequency, and its severity. But what can be done about this problem?

In a study by Accenture Insurance, only 43% of executives believed that their organization’s cyber defence was fully functional. Cyber risk is a difficult threat to manage as technology is constantly changing and there isn’t one clear-cut solution. This list of strategies can be used individually or in tandem to reduce an organization’s cyber risk.

Does your organization have a process and program enabled to report on near misses easily? Are corrective actions being implemented to lower the frequency and severity of future occurrences? Are employees risk sensitive?

A near miss is an unplanned event that did not result in injury or damage - but had the potential to do so. When only reporting claims and omitting near misses, your organization is not getting the full picture of potential hazards.