A successful risk management strategy requires an array of smart, effective strategies, though some may be more critical than others. Data is one of those critical success factors, and it is arguably the most critical in today’s complex world.
Bottom line, getting a secure grip on company data has moved center stage in the risk management continuum. If a business can manage its data effectively and creatively, it increases the odds of avoiding claims and achieving other successes within risk management.
With that trend in mind, Ventiv Technology is now offering its customers a business intelligence tool (leveraging the IBM Cognos 8 solution) as a critical component of RiskConsole. With the business intelligence tool, RiskConsole users receive added power in building an effective risk management strategy.
Effectively using data is top of mind for David I. Schwartzer, risk manager at Henkel, a Fortune Global 500 leader in brands and technologies that markets a wide range of well-known consumer and industrial brands in North America, including Dial® soaps, Purex® laundry detergents, and Loctite® adhesives.
“At Henkel, we use a RMIS to manage multiple aspects of our risk and insurance program, from policy to property and claims to litigation,” notes Schwartzer. “The RiskConsole business intelligence tool has enhanced and expanded how we use RiskConsole and the business value we gain from it.
“We are typical of risk management departments in that we interface with many other departments both internally and outside of Henkel,” Schwartzer continues. “We provide data and analysis to other departments within our company, to the parent company in Germany and to third parties such as auditors and actuarial firms who perform analyses of our claim portfolio. With the high-quality reporting that the business intelligence tool enables us to produce, we’ve raised the risk management team’s stature both inside and outside of Henkel.”
Schwartzer has been impressed by the ability of the tool to enhance not only the content of his team’s reporting, but also how it is presented: “The RiskConsole business intelligence tool is clearly a very powerful reporting application. On the one hand, our ability to interrogate data and learn from it has improved in that we have ways of looking at data now that help us ask questions we might not have known we needed to answer. We’ve also gained the ability to present our data in what is clearly a more professional manner. We’ve moved from spreadsheet-based reports to presenting information and analysis that is generated straight from our RMIS; as a result, we have made it easier for recipients to review the reports and have confidence in the accuracy of the data presented and take in the information presented.”
In terms of how Schwartzer and Henkel use the business intelligence tool, much of the focus to date has been on preparing submissions for renewals across the board, including property, casualty and financial professional lines. “We’ve found that compiling information for renewal applications has been much easier using the business intelligence tool,” Schwartzer observes. “We create reports in the business intelligence tool and establish them as a single template that we can return to when renewing a program. In addition, the business intelligence tool enables us to bring in additional points of data that we factor into the submission, which helps us secure the best terms and premiums possible.”
Making data work for companies like Henkel is the overriding purpose of the RiskConsole business intelligence tool, which is particularly important to Schwartzer when it comes to storing and sorting data and making it readily available when needed. “The tool gives us the ability not only to organize the data within the reports, but also to organize the reports in the system so they’re easier to find, keep track of and access, which means we can use the information quickly and easily. In short, the data is all there for us to use effectively and efficiently for the many and varied needs that we have.”
Schwartzer and Henkel are exploring additional uses of the business intelligence tool, including enhancing the dimensional view of data by making use of drill-down and linking functionalities. “The dimensional view would give us the ability to insert links directly into reports and then take the person accessing the report directly and quickly to different levels of data,” Schwartzer says. “This could save a tremendous amount of time now spent looking at the report, going into another system to look for the record in question, looking at that record, closing the system and then going back to the report. It’s a whole new level of functionality to be able to simply click on a link to get the details you need.”
As Schwartzer noted, Henkel’s risk management team is typical of the profession in many of its roles and objectives. As is clearly demonstrated in his team’s use of the RiskConsole business intelligence application, however, Schwartzer and Henkel are far from typical in terms of their vision, aspirations and results for enhanced reporting and analytics.
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