In today’s regulated environment, the interconnection of systems and new technologies has raised the stakes for risk management. Risk managers are facing many risk management challenges, not least in the international programme space where there are increasing regulatory pressures and complex networks to deal with. But ultimately, the biggest challenge is the sheer amount of information available and the complexity of the risk management requirements, from multiple jurisdictions, each with their own unique compliance and regulatory challenges, to servicing issues and carrier setups. It is an extremely complex landscape and in the end, it is the job of the insurance industry to try and simplify that complexity.
The risk management community is currently looking for clarity of information, quality of data and, above all, an overview of that data. In addition, they are looking for analytics and insights from the data to support the decision-making process. And it is here that technology can provide the support and the means to make this happen.
The difficulty for risk managers is that, in common with others, they have less resources and smaller budgets nowadays, but the complexity of the risk landscape that they are dealing with is increasing. They are in desperate need of investment in technology, as this is the only way for them to solve this conundrum. There is a fundamental change in mind-set required as a result of this, and there will be different skillsets needed by risk managers and indeed the insurance industry as a result. It is always important to consider the impact of new technologies on the human element of risk management.
Creating a comfortable risk culture where stakeholders and employees participate in open heart discussion to find and reveal true risks goes a long way in securing an organization against ever-evolving threats. This step can be complemented by conducting informal in-person interviews. Create accountability by ensuring voluntary participation and diligently implement risk findings with a sure knowledge that risk assessment is the mainstay of an effective ERM program. Ineffective risk assessment resulting in inept risk management strategy has accounted for some, if not all!, of the largest economic losses ever experienced in the corporate history. Enterprises that suffer are the ones that fail to create a solid business case for risk assessment due to their defensive strategy.
We present to you, “Top 10 Risk Management Solution Providers2020.”