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Excel spreadsheet vulnerability leads to KCC’s Grenfell Tower data protection verdict

We are in the final stages of counting down to the General Data Protection Regulation (GDPR), which officially comes into force on 25th May 2018. This means that these are the final weeks for businesses to assess, implement, and amend processes to sufficiently protect any data that is collected and stored before significant penalties come in for slack information protection practices.

Topics: gdpr

The business case for applying GDPR-level data governance across regions

The European Union’s General Data Protection Regulation (GDPR) is upon us, becoming enforceable on May 25, 2018. It’s no exaggeration to say that achieving compliance (as well as being able to demonstrate compliance) requires that companies make a fundamental shift in how they approach data governance. Companies worldwide are struggling with the magnitude and scope of the GDPR; however, those that get data governance right can reap significant benefits.

Topics: risk management cyber risk Data Security gdpr

What should risk, insurance, claims, and safety leaders be doing to prepare for GDPR?

The European Union’s sweeping new privacy law—the General Data Protection Regulation, or GDPR—is the farthest-reaching data privacy law in the world. It becomes enforceable on May 25, 2018.

Topics: risk management cyber risk Data Security gdpr

It’s no flying car, but robotic process automation (RPA) is exciting in its own right

Earlier this month, we at Ventiv introduced our brand-new robotic process automation (RPA) solution. RPA is an exciting new approach to automating manual processes and integrating disparate applications and systems. Although still emerging, RPA is a proven technology already in wide use across sectors and industries. 

Topics: automation RPA

Now is the time to manage your cyber risk

Over the last several years, the increasing sophistication of cyber attacks has left the risk management industry at something of a loss as to how to keep up. The types of attacks and hacks might continue to change, but businesses are slowly coming to grips with their vulnerabilities and putting cyber risk at the top of the agenda. The challenge now is implementing solutions as part of the risk management plan.

Topics: risk management cyber risk Data Security

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

Driving Claims Efficiency with Automation

In a traditionally labor-intensive operation, technology has enabled claims organizations to achieve a higher level of output with less manual interaction throughout the life of a claim. Claims operations should expect a high level of automation from any claims-administration system they consider.

Topics: claims software Claims Administration automation

Digital insights are the new currency of business; is your risk, insurance, or safety team positioned to capitalize on its data reserves?

I recently came across a Forrester report on “The Insights-Driven Business,” which urges companies to join the leading-edge businesses who “harness and apply data and analytics at every opportunity to differentiate their products and customer experiences.” The report got me thinking about what risk, insurance, and safety teams can do to make their groups insights-driven—even if their company has yet to become fully data-driven, let alone insights-driven.

Topics: analytics Analytics und Reporting RiskConsole Advance

What does the future hold for Risk Managers?

In today’s global economy, where many small and large organizations work across many countries, risk management has become far more complex.

Topics: risk management