Ventiv Resource Library
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Data consolidation and management When multi-source data is effectively merged and managed, organizations can go to one place for consistent and reliable reporting. Timeliness and accuracy of data improves reporting and tracking and enhances operational excellence. Data consolidation and management helps the different stakeholders view, update, validate, maintain and report from identical data sets rather than separate spreadsheet files and systems. This leads to the ability to view current, accurate data; track and manage changes; and guard against data compromise and corruption. Many businesses have increased frequency of reporting—for example, from monthly to weekly or weekly to daily—to identify and address trends more quickly. Armed with an automated process for managing and reporting on data, the organization can process information regardless of when and where it is received, with notifications generated if there are issues with the data. Some organizations will exchange real-time data or run data into their system several times per day, others once per month or even annually. An effective risk technology can meet these widely varying needs. Management reporting improvements Organizations often face an overwhelming amount of risk-related data from insurance companies, third-party administrators, captives, actuaries, lawyers and many internal departments. Throughout the risk management life cycle, an organization is collecting data and making decisions based on it. The need to manage and analyze this information is critical. When data resides in silos, such as on various spreadsheets in locations around the world, there is no control, consistency or even knowledge of who is monitoring and reporting on that data. There is also no understanding of whether or not the organization is insured against the risks reflected in the data. Accurate, high- quality and fully integrated data and management reports help to ensure organizational control and facilitate informed decision making at the management level. Thorough management reports that can be adapted according to the latest developments in areas such as law and regulation help shape risk awareness with the board of directors and other important stakeholders who seek to understand how total cost of risk evolves over time in each business unit and throughout the organization. Transparency is crucial at every level. In addition to supporting knowledge sharing, transparency promotes accurate tracking of compliance and eliminates silos by helping to establish a central control. 16 Global Risk Technology Survey 2012 Aon Risk Solutions | Aon eSolutions 10 3 10 4