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Asia-Pacific privacy framework shows data privacy is not just a European “thing”

The deadline for compliance with the EU’s General Data Protection Regulation (GDPR)—May 25, 2018—is rapidly approaching. With so much focus on GDPR, it’s easy to forget that making data privacy a fundamental legal right is not just a European priority. As companies put together their data governance and compliance strategies, it’s crucial that they do so with a global perspective. Now and in the future, companies need to ensure their strategies are flexible enough to satisfy a growing list of international compliance requirements.

Topics: data security and privacy gdpr

Risk Managers: Harness the Power of Data and Analytics

Data is everywhere, and technology has given risk managers the tools to work with it directly, finding the answers they need to drive their businesses forward.

Data and analytics have always been the language of insurance.

“Go back to the early days of Lloyd’s, when underwriters of the day met in coffee houses to share their experiences around which ships successfully made it to port. That’s how marine insurance beganwith people pooling information and using it to inform business decisions,” said Rob Hoyt, Department Head and Professor of Risk Management and Insurance in the Terry College of Business at the University of Georgia. 

But as the insurance industry became more formalized, actuarial science emerged as a way to institutionalize the process of collecting data and applying it to the practice of evaluating and pricing risk. As data analytics fueled the growth and sophistication of the insurance and risk management industry, it also grew increasingly siloed to a subset of specialists. 

Topics: analytics RiskConsole Advance