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RIMScast Podcast: Harnessing the power of data and analytics for effective risk management

Effective risk management in today's complex and dynamic landscape requires organizations to utilize the power of data and analytics.

Effective risk management in today's complex and dynamic landscape requires organizations to utilize the power of data and analytics. By leveraging robust processes and outputs, risk managers can transform their roles from being compliance-focused to strategic advisors empowering informed decision-making and resilience-building investments.

In a special episode of RIMScast, sponsored by Marsh and produced in partnership with RIMS (the Risk and Insurance Management Society), several Marsh McLennan specialists share key insights on how risk professionals can better harness the power of data and analytics.

Hosted by RIMS Business Content Manager Justin Smulison, the episode features John Davies, Commercial Director, Marsh McLennan Sentrisk, Allison Pan, Senior Vice President, Marsh Advisory, and Brad Saunders, Analytics Development Leader and Senior Vice President, Marsh Advisory.

Together, they explore:

  • The importance of data-driven risk management in today's fast-changing environment.
  • How insights can be derived from many different data sources using rapidly advancing technologies and specialist support.
  • How Marsh’s innovative tools and risk expertise are helping risk managers leverage data and analytics for informed decision-making and proactive risk mitigation.

Listen to the episode, see key takeaways, and connect with our specialists below.

Download transcript

Key takeaways

Data and analytics can help risk managers do their jobs better

Better data delivers better outcomes, but data alone is meaningless without the proper analytics to make sense of it. Access to the right data and analytics can help risk managers substantiate strategic risk decisions to stakeholders, particularly for less tangible or emerging risks. Good analytics, when well-presented, can make sense of data, drive evidence-based decision-making, and help build resilience.

Barriers prevent full utilization of data and analytics

Common challenges include obtaining the right datasets from across an organization, using robust technology appropriately to make sense of data, and distilling and presenting complex analysis to stakeholders. Risk managers can start with foundational analytics that they can handle independently, such as historical data analysis and trend identification. For more complex analysis, expert guidance and innovative tools may be required.

Emerging tools and technologies can enhance data and analytics processes

Natural language processing, geospatial analysis, artificial intelligence, and more can enhance organizations’ data and analytics processes. Future opportunities may lie in leveraging technology to perform tasks at scale and address challenges that humans might struggle with. Risk managers should focus on the practical application of these tools rather than getting caught up in the hype. The right technology and expertise can enable better risk management strategies and insurance purchasing decisions.

About our speakers

John Davies

John Davies

Commercial Director, Marsh McLennan Sentrisk

John Davies has global experience leading teams and solving complex client challenges. He has spent 35 years in the insurance industry, starting his career as an insurance underwriter. Since joining Marsh in 1997, he has held leadership roles in client management, industry specialization, risk management consulting, risk analytics, and claims.

Allison Pan

Allison (Allie) Pan

Senior Vice President, Emerging Risks, Marsh Advisory

As a Senior Vice President with Marsh Advisory, Allie Pan is responsible for helping clients understand their strategic risks, especially in nascent and complex peril classes such as cyber, climate, violent threats, and supply and value chains. Allie specializes in the ways in which peril classes converge or are interdependent. This enables her clients to assess their risks in gray areas that are difficult to capture in traditional risk analysis.

Bradley Saunders

Bradley Saunders

Analytics Development Leader, Senior Vice President, Marsh Advisory

Working within Marsh Risk Analytics, Brad Saunders focuses primarily on driving new business opportunities and developing the analytics value proposition; as well as overseeing actuarial loss modelling for tenders. Brad’s other responsibilities include natural catastrophe mapping and modelling projects; compilation of various accompanying reports for client projects; generation and distribution of departmental marketing collateral; and wider colleague training on analytics offerings.

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