Ventiv Resource Library
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Risk management process improvements Once again ranked fifth in the Global Risk Technology Survey, respondents view process improvements in the risk management department as an opportunity for positive change and an important result of an effective RMIS. Risk management departments are often focused on day-to-day work. Reports must be produced and familiarity with the data in the risk management system must be achieved. An effective RMIS can help organizations improve their risk management process when establishing a risk data strategy for improving the way it leverages its data, allowing it to turn data into information and knowledge that produces structured information that may lead to measurable improvements in business performance. The goal of this strategy is economical data management, lower cost of ownership and storage efficiency—significant reduction of costs that can be accomplished through the consolidation and integration of multiple data sources. Additionally, this approach helps match data and information available to the organization into an output that will motivate management to take action. Increasingly, organizations are using technology to capture greater quantities of quality data for insight into and control over how they comply with regulations and manage risks. A comprehensive RMIS is the ideal solution. Ease of access to data from one location This risk technology benefit was ranked eighth for Latin American respondents in 2009, ninth in the EU and tenth in North America, but did not appear on the overall top ten category. A notable change in the 2012 survey, respondents gave it a sixth-place rating. Similar to consolidation of data, ease of access stems from an effective and dynamic RMIS. By ensuring that all stakeholders— employees, management and leadership—as well as all authorized external stakeholders can log on to one central location to view organizational data, businesses can expedite knowledge sharing. At a time of economic volatility and impending crises, making fast, informed decisions can be the difference between success and failure. Enabling all key personnel to access data in one location makes the organization as a whole more informed, nimble and, in turn, more competitive. On the topic of ease of access, this year's survey introduced a new question category: familiarity with cloud computing and confidence in the security of products used in cloud computing. More than 74 percent of the respondents said they were familiar with cloud computing and almost half said they were very or reasonably confident that the products used are secure. 18 Global Risk Technology Survey 2012 Aon Risk Solutions | Aon eSolutions 10 5 10 6