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What I learned moderating a panel at Business Insurance’s Cyber Risk Summit 2015

On Monday, I had the honor of moderating the first breakout session at Business Insurance’s Cyber Risk Summit 2015 in San Francisco. More than 100 people (most of them risk managers) attended the session, which in this moderator’s humble opinion was an eye-opening look at cyber security and what risk managers need to know today about mitigating cyber risk. In this blog post, I’ll share the key points covered in the session and how they apply to risk, claims and safety managers.

Topics: Insights & Opinion Data Security & Cyber Risk

The Flow of Risk Management Data in Corporations

Do you understand how risk management data flows through your organization, arrives at your desk in a useful manner, and hopefully, contributes to good decisions all over your company? Defining the way that information moves in a company or other organization may help provide you with insights about ways the process can be streamlined and made more efficient and effective. This risk management data flow could be independent of any computer systems (or lack of them) to begin with. Of course, the right technology can make this entire process more efficient and productive.

Topics: data intake & incident reporting data management

Analyzing Risk Data for Insurance Renewals



Our own guide, "Optimizing the Insurance Renewal Process Through Technology," is available to download for free in the Ventiv Technology Resource Library.  In this online book, we share our own vast experience with the kinds of risk data needed for commercial insurance renewals and how this data needs to get used to optimize the process.

Topics: renewals and submissions

3 Main Benefits of Increasing Communication with Employees

According to an article in Inc. Magazine, "How to Communicate With Employees," communication between employers and employees (or the lack of it) can be associated with almost every issue that employers might have. These issues include employee morale, job attendance, and levels of performance and productivity. It's interesting because these are many of the same positive benefits that safer companies also enjoy. It's fairly easy to draw the conclusion that safer companies communicate better and companies that communicate better are safer.

How to Avoid Replicating the Auditing Department's Job

Yes, having access to audited and auditable data matters for many different aspects of risk management. On the other hand, risk managers want to avoid audit replication by not attempting to do or redo the auditing department's job for them. When, for example, a risk manager finds herself spending most of her time auditing for insurance renewals and not working with brokers to get the right coverage at the right price, there may be a problem with the company's processes.

Topics: Exposure and Asset Management renewals and submissions

Why Risk Managers Should be Accurate, Not Precise

The difference in definition between accuracy and precision is quite subtle. However, the slight difference in definition might make all the difference in the world. There's a good sports analogy that explains the difference between accuracy and precision. This analogy should help with the rest of this discussion.

Topics: Analytics, Reporting & Data Visualization data management best practices

How to Keep Up With Changing Insurance Regulations

These days, risk managers may find that keeping up with new insurance regulations is a critical part of the job.  Recent changes to state or federal insurance rules have impacted almost all companies. Some recent and notable examples of big regulatory changes that impacted commercial insurance include The Affordable Care Act and new health privacy compliance regulations. There is even talk that the government will further regulate computers and the Internet to attempt to minimize cyber risk. Other changes, like updates to high-risk flood zone maps, could mean that a business suddenly falls under different insurance rules even if the laws have not exactly changed.

Topics: risk management

How Cyber Risk Might Impact Insurance Decisions

There is a sort of ominous saying that has been passed around IT circles. The saying goes that you either have already had your data breached or you are just still unaware that your data has already been breached. This might seem a bit dramatic, but it also might not be far from the truth for many companies who remain blissfully unaware of the threat of cyber risk. 

Topics: Data Security & Cyber Risk

How an RMIS Improves a Risk Manager's Ability to Multitask

A risk manager's job description may vary considerably by the size and type of a company. A risk management department usually gets tasked with several critical duties.  These could include investigating incident reports, preparing commercial insurance submissions, identifying potential hazards, developing safety programs, reporting to the executive suite, and much more.

Topics: risk management data management

Ventiv Experience Conference: Playing to Win

BLOG EDITOR'S NOTE: Ventiv Technology is excited to welcome Pat O'Neill as a new analyst and consultant in the risk-technology industry. We appreciate Pat coming to the annual Ventiv client conference—Experience 2015—in Chicago last week. We're pleased to cross-post Pat's thoughts, which he shared earlier this week as a long-form update on LinkedIn, here on the Ventiv 3SIXTY blog.

Topics: Insights & Opinion