July 14th, 2016

Using Data To Gain Insights Into Risk

Posted at 1:00 AM ET

Here we review GC Capital Ideas posts on the use of data to help gain insights into risk and develop risk management and mitigation solutions.

“Big Data” and Information Management Challenges: Advances in technology have made data storage economical and convenient. The vastness of available data may make it useable well beyond the purpose of its original collection. However, its vastness may also make harnessing it a challenge. Robust data sets and data sharing across sectors coupled with collaboration in data mining techniques can yield new insights into risk factors and build solutions for risk management and mitigation.

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Risk Analytic Tools: Public sector-related data can be expansive, containing census data, property risk characteristics, historical loss information, risk rating matrices and natural hazard event scientific tracking. In order to facilitate packaging the sometimes unwieldy data in a way that is useful for risk decision making, utilizing outside resources to improve data transparency can be valuable. Public sector resources devoted to building tools that measure risks that are perceived as “uninsurable” can unlock private sector funding.

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