As organizations navigate unpredictable economic headwinds, a rapidly-evolving technology landscape and shifting socio-political and regulatory trends, risk management is becoming an increasingly crucial function. In order for the risk function to properly manage the uncertainty ahead, it is crucial that it recognize the large technology dividend to be gained by leveraging three key capabilities: data, analytics and process automation.
Despite budgetary constraints and lack of support from senior management, the long-term benefits of these technologies both for the risk function and the organization will greatly outweigh their initial costs. “Targeting a Technology Dividend in Risk Management,” a new report from the Marsh & McLennan Companies Asia-Pacific Risk Center and the Pan-Asia Risk and Insurance Management Association (PARIMA), explains the why and how of digitizing the risk function.
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