Those tasked with identifying and managing risks within their organization must be cognizant of any changes to data and address them in a timely fashion. In high stakes risk management, such as in the financial industry – where one mistake can have a rippling effect on the economy as a whole – there is very little room for error.
Risk assessors are constantly looking to implement innovative software solutions to present themselves with a better view of pertinent data. This can be done with the help of a custom database software solution, which can collect pertinent information and store it in a way that is easy to access from a multitude of devices.
Risk management benefited by innovation in the insurance industry
An article in the online publication Business Insurance talks about the innovative measures being taken in the risk management field. Insurance companies are benefiting from technological advancements and are using new tools and systems to provide a better service to their clients.
Kathy Burns is a provider of technical solutions for insurance companies. She told the news source that while risk managers are starting to find better ways to collect data, they are becoming increasingly interested in how they can use their collected information.
“Historically, risk mangers have thought more about technology to help them with the efficiency of their processes,” she said. “Now that the process-oriented tools are more firmly in place, they want to spend more time evaluating and understanding data that they can use to drive down their total cost of risk. It’s becoming more about what you can do with data.”
A database developed in FileMaker can give risk assessors an accurate view of their data and custom developed software can provide them with the tools needed to harness that information for their advantage.