Ventiv Technology

1 | | RISK MANAGEMENT Technology Read more online at www.strategic-risk-global.com/asia RISK MANAGEMENT TECHNOLOGY Editor, Asia-Pacific Jessica Reid Executive editor, Asia-Pacific Sean Mooney Editor-in-chief Mike Jones Editor, Europe Kin Ly Commercial director, Asia-Pacific Adam Jordan Head of sales Tomas Imrich Senior production controller Alec Linley Publishing manager Tom Byford Publisher Jack Grocott Executive publisher, Asia-Pacific William Sanders Managing director Tim Whitehouse Email: firstname.surname@nqsm.com ISSN 1470-8167 Published by Newsquest Specialist Media Ltd Asia-Pacific oce: 3/50 Carrington Street, Sydney, NSW 2000, Australia tel: +61 (0)2 8296 7611 Hong Kong oce: Suite 1003, 43-55 Wyndham Street, Central, Hong Kong London oce: 30 Cannon Street, London EC4M 6YJ tel: +44 (0)20 7618 3456 fax: +44 (0)20 7618 3420 (editorial) +44 (0)20 7618 3400 (advertising) email: strategic.risk@nqsm.com For all subscription enquiries please contact: email: william.sanders@nqsm.com Printed by Warners Midlands Plc © Newsquest Specialist Media Ltd 2015 Complaints – Who to contact StrategicRisk adheres to the Editors' Code of Practice (which you can find at www.ipso.co.uk.) 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If we cannot reach a resolution between us then you can contact IPSO by email at complaints@ipso.co.uk or by post at IPSO, c/o Halton House, 20-23 Holborn, London EC1N 2JD. RISK MANAGEMENT TECHNOLOGY www.strategic-risk-global.com ASIA EDITION Is technology keeping pace with risk managers' needs? The pros and cons of implementing a risk management information system TECHNOLOGY OVERVIEW Hampered by legacy and out-of-date systems, the risk and insurance industry is often criticised for lagging behind other sectors when it comes to technology and innovation. Some say there's never been a better time to disrupt the industry. But the tide has started to turn, at least for risk and insurance managers, who now have a plethora of new technology solutions and risk management information systems (RMIS) to choose from. In terms of making a manager's working life easier, the benefits of a RMIS seem clear: data certainty and consistency, potential insurance premium savings, automated reporting and reminders, and a real-time granular picture of a company's biggest risks, insurance programmes and claims history. So, why do many risk managers still rely on desktop solutions? Do they not see a value in the systems available on the market, or is something else at play? One reason is cost. Ventiv Technology Australia managing director Justin Gale says the case for purchasing a new technology system can be a hard sell for risk managers. "Insurance is seen as an expense centre, so the challenge that [risk managers] have is convincing decision-makers to spend money in order to save money," he says. "If you're selling a CRM system that's going to help a sales team generate more revenue, there seems to be more support for a ROI when [a system enables] revenue generation as opposed to cost savings." The soft insurance market has also played its part in the slow up-take, as firms have been able to secure lower premiums year-on-year from their insurer partners. But Gale says this is somewhat of a false economy. "When the market turns and premiums start going up, [firms with a RMIS] will have a risk that's going to be more attractive to insurers because they've got historical data to back themselves up," he says. What risk managers want The price of an RMIS is only the third most important selection criteria for risk managers when choosing a new system, however, according to a recent report out of Europe by risk management association Amrae. More important are ease of use, which topped the list, and the system's reporting capabilities. Not all RMIS functions scored well with the 50 risk managers surveyed, Amrae's information systems commission president, François Beaume, told StrategicRISK. Audit and competitive intelligence functionalities in particular fail to meet the needs of risk managers. But the majority of respondents were "satisfied" with the risk mapping and incident management functionalities of vendors, as well as how systems can support compliance and governance requirements. In Australia, media company Seven West implemented a new risk platform last year. Risk and audit head Mark Wilson says: "There was no system o!-the-shelf that was a

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