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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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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:

4 Reasons to Track Claims In-House

Many companies do not keep claims information internally. They simply defer this record-keeping process to their insurance provider. However, there are several benefits to tracking this data in-house.

While it may be a bit of an adjustment at the start, you will quickly see a return on your investment as your risk management department and your organization as a whole benefits.

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.

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