Before giving artificial intelligence and machine learning free rein, financial firms must ensure that the decisions these programs make do not result in new risks and expensive regulatory breaches. The risk and compliance standards put in place after the financial crisis are not going away. But what if financial institutions could turn the situation into a competitive ... Continue Reading »
technology
Managing Employees Amidst Digital Transformations
While the digital revolution is already underway in most organizations, it is yet to have the kind of impact, positive or negative, that many predicted. As such, most organizations have not yet adopted any design or implementation strategies that would truly leverage the digital revolution by increasing productivity and work outcomes, according to Wolfram Hedrich, Executive ... Continue Reading »
InsurTech is Advancing at an Ever-Increasing Pace – GC@MC Commentary
Fear of disruption was pervasive early in the “InsurTech” era, stemming from indications that major technology companies were entering the sector, such as “Googlezilla”(1) in 2014; Apple’s telematics focused patent activity; (2) and more recently; Amazon’s exploration of insurance aggregator opportunities in the United Kingdom. More current and pressing challenges to incumbency ... Continue Reading »
Directors & Officers Liability: Three Emerging Areas to Watch
As business risk evolves, the pressures on company boards and officers are growing. Gone are the days when the main concerns of directors and officers were related to company mismanagement and misrepresentation claims, according to Sarah Downey, D&O Product Leader, at Guy Carpenter affiliate, Marsh. Chief among potential risks that boards must now deal with are: emerging ... Continue Reading »
A Risk Overview of Wildfire
Today, the frequency and severity of wildfires are garnering greater attention-not only from the media, but also from (re)insurers, catastrophe modelers, mitigation experts and other invested parties. As the industry searches for better understanding of this dynamic risk, Guy Carpenter’s GC Wildfire Diagnostic (SM) helps carriers differentiate and drive profitable growth u ... Continue Reading »
Governing Digital Transformation and Emerging Technologies
This joint report from the National Association of Corporate Directors (NACD) and Marsh & McLennan Insights, offers a new roadmap for successful corporate governance in the digital age. It draws from primary research conducted through interviews with company directors as well as a survey of 200 NACD members. ... Continue Reading »
Managing the New Risks From Emerging Technologies
The same technological developments and tools that are enabling organizations to transform and advance are also introducing their own set of potential threats. ... Continue Reading »
Captives Looking to Capitalize on Technology Innovations
The wave of digitization across industries, including insurance, is creating opportunities for captives to invest in technology innovations that can reduce administrative expenses. As digital experiences reshape consumer expectations, businesses are taking cues to deploy technologies that make it easier for users to find information and complete transactions. ... Continue Reading »
Organizational Enablers for the Future Risk Management Function
The success of the risk function – or any function, for that matter – does not solely depend on the skillsets and roles of individual risk managers. A function’s success also depends on how the company as a whole operates. A recent survey, for instance, found that innovations by one unit often fail to be adopted across the wider company due to issues with how different parts ... Continue Reading »
Complications That Impact Cyber Resilience
In an increasingly complex business and cyber landscape, organizations encounter greater challenges when trying to balance their business resilience and cyber security priorities. Between 2016 and 2018, the rate of growth for internet users was 10 times faster than the global population. Correspondingly, the surface area for attack has expanded exponentially (1). The ... Continue Reading »
