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TCOR vs. TCOIR: For risk managers, it's a distinction with a difference

Total cost of risk, or TCOR, is still not a widely used metric in the risk management field. I wonder why? Maybe because it is hard to derive and fully understand, and maybe it isn’t considered a fair measure of risk to an organization. Maybe a little of both.

Topics: risk management performance management

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: data management performance management analytics

How an RMIS Fits into a Company's Risk Management Process

 

Many companies already have risk management strategies in place. Managers of these companies may wonder how a risk management information system, or RMIS, can help them improve their processes in order to save time, get better results, and of course, reduce the chance of accidents. At the same time, managers may wonder if they will have to change the way that they do business in order to implement new technology.

Topics: data management cost allocation & calculations performance management Exposure and Asset Management

Various Types of Risks an RMIS Can Help Mitigate

Taking risks may be inherent in doing business in any kind of competitive environment. Because of this, a company's ability to manage risks might make the difference between success and failure. A risk management system, usually called an RMIS, helps prepare management for various threats by making sure that the hazards are already known, mitigated, and planned for. With that in mind, consider various types of business risks and how they can be addressed with RMIS risk mitigation.

Topics: risk management enterprise risk management regulatory insights performance management

Top 4 Reasons Risk Managers Use Risk Management Software

One of the most useful tools for risk managers is risk management software. This software can help risk and safety management employees, asset managers, and even corporate executives make better decisions about ways to reduce the chance of hazards, protect workers, buy insurance, and save money. Consider some of these top reasons to use risk management software:

Topics: risk management performance management insurance renewal management Exposure and Asset Management

Experience 2014: Previewing “Risk Mapping in the Real World” (RCFE303)

At the 2014 Experience Conference in New Orleans, I’m looking forward to leading one of the sessions devoted to making the most of our Intelligent Mapping tool in RiskConsole, the eSolutions risk management information system. I plan to discuss ways that two of our customers, Mosaic  and SavaSeniorCare, use the risk mapping application now and how they plan to use it in the future.

Mark LeVeque of the eSolutions Product team will be leading a hands-on session ("Mapping  Test Drive" RCFE304r ) and a lecture session ("Mapping: The New Generation" RCNF103) focused on Intelligent Mapping. I’m developing this session, “Mapping in the Real World” (RCFE303), to be a useful complement to Mark’s sessions in that we’ll be going in depth into how two customers are using the tool.
Topics: risk management performance management

The 2014 Experience: 5 reasons to attend Effective Dashboarding (RCBI201)

At the 2013 Experience Conference in Atlanta, the session on effective dashboarding was very popular. We offered the hands-on class twice, and both were sold out. I’m excited to be leading two dashboarding sessions (RCBI201) again this year for eSolutions customers using our risk management information system, RiskConsole. Joining me this year as a co-presenter is Amanda Jarrell, one of our client delivery managers.

Amanda and I are hard at work developing what we intend to be an enlightening, useful dashboarding session, and we’ve come up with five reasons we think RiskConsole users will want to attend:

Topics: risk management performance management