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Understanding and mitigating cyber risk: Where do risk managers start?

the_threat_from_cyber_riskIf you attended or read reports from the RIMS annual conference in Denver in April or the AIRMIC conference in Birmingham, England, a few weeks ago, it won’t come as news to you that risk managers are being exhorted to take greater ownership of cyber risk. I seem to be seeing more and more articles with headlines like “Risk managers urged to play greater role in cyber risk management.”

There seems to be a consensus building that managing cyber risk should no longer be the responsibility solely of information security and information technology teams. The cover story in Risk & Insurance’s April issue, “Cyber: The New CAT,” put this new reality bluntly and prominently, right below the headline: “In every industry and at every company size, cyber risk is a foundation-level exposure that every business must confront—one that must be viewed with the same gravity as a company’s property, liability or workers’ comp risks [emphasis added].”

Topics: cloud computing enterprise risk management exposure management

Boosting confidence in renewal data and how the RMIS is here to help

American statistician, professor, author and genius of data and method, W.E. Deming, wrote: “In God we trust; all others must bring data.” What he failed to mention was that you should bring relevant data and organize it correctly for the benefit of others. There is no insightful information without organized data. 

It’s easy to understand the benefits of data when it comes to assessing risk, but being able to collect, consolidate, verify and analyze renewal data, in an efficient and effective way, is an entirely different story. A risk management information system (RMIS), like RiskConsole, can help risk management teams successfully manage the annual process of collecting renewal data.

Topics: exposure management renewal data collection

Tesco benefits from greater control of its claims data using RiskConsole

Our fourth ‘client focus’ blog looks at how the insurable risk team at Tesco has been able to gain full control over their claims data to improve store safety and reduce accidents. The retail giant also uses data in RiskConsole, a risk management information system, to implement risk mitigation programmes that have reduced indemnity spend and deliver a competitive advantage.  

Topics: risk management software best practices risk data risk management data reporting and data visualization exposure management renewal data collection

Client Focus: The taste of success for global property and casualty risk data

In this our third “client focus” blog post, we look at how Heinz has used Aon RiskConsole to help them better manage their global property and casualty risk data for renewals and also to track property recommendations.  

Topics: risk management software best practices risk data risk management data reporting and data visualization exposure management renewal data collection