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Ease of access to risk data: ‘Try to do that with a spreadsheet’

Ease of access to risk data: No spreadsheets image"Try to do that with a spreadsheet." If risk managers need a mantra in the age of analytics and big data, they could repeat that, over and over, to themselves and to anyone else in their organization who will listen.

The tools available in a robust risk management information system provide users with the ability to create meaningful reports that can query and analyze every single data point in a client'’s database. And when we say analyze, we mean slice and dice in any way that a risk manager could want – quickly, accurately and repetitively.

Try to do that with a spreadsheet.

Any RMIS worth its 21st century salt will be Internet based, so users can log in from any computer, in any location across the world, using any Internet hookup – whether it’s though Wi-Fi in an airport lounge in San Francisco or though Ethernet in a hotel room in Tokyo. Also, the information available online is by no means a watered-down version of the RMIS system. Risk managers can tap into personal dashboards on any type of computing device and rest assured knowing the trends they are seeing are based on near-real-time data.

That means changes made to risk data in San Francisco will be visible to a user in Tokyo, and vice versa. The consolidated database is accessible from multiple locations and computers by multiple users.

Try to do that with a spreadsheet.

This kind of data access and powerful, near-instantaneous reporting is only possible if a risk management system has a flexible data structure and an all-encompassing business intelligence tool – and not all do! What’'s more, any type of data can be included in a robust RMIS database. From structured to unstructured sources – official incident reports, property values, adjusters’ notes, pictures – all potential data is consolidated in one location and is available for analysis.

Not only are all kinds of record formats acceptable by best-in-class databases, but users can also configure the data into fields to describe any sort of object, as needed, and then describe relationships among multiple objects. Just as importantly, risk managers can do all of this on their own without a need to put in a ticket for database administrator assistance.

Users can easily access all of their types of data across space and time. Powerful risk management systems are designed to store data transactionally, meaning every piece of data is inserted into the system with an audit trail. When new data is entered, the older data is never overwritten or deleted. The auditability capabilities of such a RMIS allow reports to show change, and hopefully improvement, over time. And they can be trusted to reproduce the same accurate and reliable data time and time again. 

Try to do that with spreadsheet.

 


 

eric schappEric Schaap is regional practice leader for Aon eSolutions Asia, based in Singapore. Contact Eric by email at eric.schaap@aon.com.

RMIS Guide

Sep 5, 2013

 | Originally posted on 

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