Global Risk Technology Survey
Aon's 2012 Global Risk Technology Survey reveals insights into
how leading organisations view and use risk technology.
The survey offers a deeper understanding
of how the use of risk technology has an
impact on an organisation's risk and data
management, along with the total cost
A focus on data
"The survey highlights that the number
one benefit of risk technology is that it
enables organisations to have accurate
and reliable data," says Justin Gale,
Business Development Manager, Aon
eSolutions. "Having quality information
that can easily be integrated and
analysed produces business and risk
intelligence that can lead to significant
The results of the survey come from
more than 400 risk professionals from 57
countries representing a broad range of
industries. Information was gained from
risk managers, CROs, CFOs and others
who provided feedback and insight on
how they utilise risk technology for their
insurance and risk management choices,
interests and concerns.
The outcomes, which were similar to
the last survey conducted in 2009,
indicate that organisations use risk
management information systems,
commonly known as RMIS, to manage
business operations and generate
accurate financial information.
The need for
What are the main benefits to an
Respondents in the survey were asked to
identify and rank the benefits of using
risk management technology. The result
is a list which illustrates the benefits
deemed most important or valuable to
the organisations that participated in
"This list provides a valuable snapshot
of a continuing economic downturn
- as well as the rising demands and
expectations that businesses have on
risk technology," says Gale.
The survey also revealed compliance
as an emerging benefit of using risk
management tools. The results indicate
that regulatory compliance will be
increasingly important as a driver of
risk management, in addition to the
adoption of enterprise risk management
and business continuity management.
The combination of these factors
will be one of the reasons that risk
management will become even more
deeply embedded in the organisation.
A key trend was revealed in the survey
- more organisations are now closely
tracking return on investment for risk
technology tools. More than 25 per cent
of respondents said they expect to save
up to $50,000 per year from using risk/insurance and claims technology.
Notable absentees from the top
ten benefits this year were claims
management along with control
Historically, claims management
has been the primary rationale for
implementing risk technology - however,
today, RMIS are used to manage
much more than claims reporting.
Meanwhile, control and transparency
may have dropped off the 2012 survey
as risk management departments have
become more visible to boards of
directors and CFOs, who look to these
departments to inform and guide the
organisation in all aspects of risk.
Collaboration is critical
Business leaders need tools that
engender collaboration between the
risk manager, broker and the insurance
market. The spirit of collaboration is
well suited to the use of RMIS and fewer
organisations are using a silo approach
to technology issues.
The key is to use an overall plan
to find risk solutions that work
well across the entire organisation.
Regulators demanding transparent
and authenticated systems will require
formal systems such as RMIS rather
The Global Risk Technology Survey
provides valuable insights into what
can be applied and implemented on
a local level.
A corporate risk data strategy is critical -
the sole objective should be to empower
the risk and insurance manager to
drive the cost of risk down while raising
awareness of corporate risk with senior
"It's important that businesses are empowered to
achieve efficient risk management and loss control
measures - to enable risk managers to advise the
board on key risk performance issues," says Gale. "From a local perspective, Aon RiskConsole is
the premier global web based Risk Management
Information System (RMIS) today - allowing
risk managers to address risk issues with greater
efficiency and more control than ever before."
Aon RiskConsole's flexibility, ease of use and
wide array of features enable risk management
programs to be taken to the next level - and as
a modular solution it can be tailored to meet the
individual needs of an organisation.
"It has been developed from the ground up by
combining in-depth risk consulting expertise and
leading edge technology," says Gale.
The 2012 survey indicates there is a drive for
efficiency and a demand to move risk technology
beyond traditional tracking and towards a
broader and more powerful context of risk
Organisations are in the process of evaluating
how to best manage information and anticipate
change - with many placing more confidence
and reliance on RMIS.