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Risk Analytics

Through data, analytics, and technology, executives can take a holistic, anticipatory approach to risk that informs strategic decisions and aligns with corporate objectives.

Organisations worldwide are increasingly impacted by emerging, complex challenges that could materially affect future goals. In this rapidly-changing environment, business leaders need more than historical views to manage risk, allocate capital, and achieve results: They need to see around the next corner.

Marsh Global Analytics is uniquely positioned to help. Using an unmatched combination of data, analytics, and technology in consideration of local information and privacy laws, we empower clients of all sizes and across industries to quantify and manage their risk financing.

By leveraging Marsh’s deep pool of claims, exposure, and placement data across industry, size, geography, and product, you can conduct holistic, forward-looking planning. This helps you dynamically explore risk financing options, and determine your optimal risk financing structures and risk mitigation investments.

We deliver advanced analytics through our ground-breaking, mobile Marsh Analytics Platform (MAP), which combines a forward look at risk with a customised financial view to analyse and measure both insurable and non-insurable risks.

As a result, you can confidently move forward with strategic business decisions and put capital to optimal use, unlocking opportunity and growing your business.

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Managing risk can be a complex task. Having analytic tools to evaluate risk exposure and impact is essential to managing your business and making moves to continually improve your bottom line.

Analytics and technology can help simplify risk management. Data and risk analysis, backed by tools and a solid strategy, can give your business the essentials to monitor, mitigate, and manage risk. Leveraging analytics enables robust:

  • Risk identification: Use specific data points to understand where risk comes from.
  • Risk assessment: Profile each risk and determine its impact.
  • Risk mitigation: Use data to respond to certain risks based on behaviors.
  • Risk monitoring: Measure risk improvements and threats over time.
  • Risk reporting: Reevaluate risks to determine the life cycle and learn from the past.

When risk analytics are rigorously applied, you’re better equipped to address ever-changing processes, evolving regulations, and economic conditions. This means you have more tools to implement strategies that focus on meeting bottom line business goals.

We live in a modern and accelerating risk environment. Having analytic tools is essential to mitigating risk in a way that enables you to stay focused on business agenda items. Some of the potential benefits of risk analytics for your business can include:

  • Improving business insights: Analytics help you dive deeper into the potential problems occurring within your organization and put you in a better position to get them under control.
  • Monitoring overall business performance: This gives you a clear picture of what’s working for the business and what’s not.
  • Forecasting data to make strong decisions: Understanding issues early on may make it easier to avoid them in the future.
  • Preventing losses over time: Identify red flags early to improve safety and efficacy across the business.

Simply put, risk analytics can prepare your business for the immediate future and beyond.

Advancements in artificial intelligence (AI) and predictive technology have significantly expanded the capabilities of risk analytics, accelerating adoption rates across organizations. As processing capabilities and software continue to grow in sophistication, some emerging trends include:

  • Organizational strategy: Rather than being used as a secondary planning tool, risk analytics is increasingly being placed at the center of strategic discussions, guiding data-driven decisions in real time.
  • Data clean-up: As organizations begin to realize the power of risk analytics, leaders are also starting to prioritize data-related initiatives to clean enterprise databases, allowing them to use risk analytics to produce results with an even higher degree of accuracy.
  • Automation and AI: With massive growth in the volume of information available and the emergence of advanced AI-based algorithms, risk analytics is increasingly being used to help decision makers by providing data-driven insights and recommending potential solutions.

With the increasing sophistication and accessibility of risk analytics, organizations should consider investing in and integrating this capability into their risk management initiatives and strategies to achieve greater planning accuracy, take proactive measures, and reduce exposures.

Risk analytics offer business leaders the ability to reduce their total cost of risk through capabilities such as:

  • Managing data: Risk analytics can help organizations integrate siloed data into a singular, holistic platform, creating a more unified perspective and generating valuable insights.
  • Proactive risk planning: Risk analytics can help business leaders by providing actionable insights that proactively address industry-related challenges and minimize potential exposures, reducing response times and losses in the event of an actual crisis.
  • Enterprise-wide collaboration: Given the wide-reaching nature of business interruptions, risk analytics help to unify an organization's approach, providing your teams with an understanding of their vulnerabilities and a clear plan to manage them.

In today’s complex risk landscape, risk analytics offer leaders the opportunity to monitor, assess, and address risk with greater confidence.

Risk analytics is a critical component of creating a comprehensive and effective risk management plan. Risk analytics takes the guesswork and subjectivity out of the planning process, instead of solely relying on opinions and limited historical data to identify future trends.

For decision makers and stakeholders, the use of risk analytics typically results in a stronger, more accurate approach to risk management planning.

Big data is a crucial tool in risk management as it helps organizations to evaluate disparate data from multiple sources. By pulling from a larger pool of data, the insights generated by risk analytics are more accurate due to the size of the population being extrapolated from.

In today’s rapidly changing risk landscape, business leaders need more than historical views to manage risk, allocate capital, and achieve results. Risk analytics should be placed at the center of decision making and planning.