New survey results from Aon eSolutions offer some valuable insight into how the use of risk technology can impact an organization's risk and data management, as well as the total cost of risk.
For example, according to the survey of more than 400 risk professionals from 57 countries:
The number one benefit and driving force behind the use of risk technology is accurate and reliable data. Companies use risk management information systems (RMIS) to manage business operations and generated accurate financial information.
More organizations are now closely tracking return on investment (ROI) for risk technology tools. The study results revealed that more than 25 percent of those polled expect to save up to $50,000 per year from using risk/insurance and claims technology.
Compliance is an emerging benefit of using risk management tools.
Based on the survey results, Aon eSolutions identified these top ten benefits of risk technology:
Accuracy and reliability of data
Automation of processes
Data consolidation and management
Management reporting improvements
Risk management process improvement
Ease of access to data from one location
Total cost of risk reduction/management
Interestingly, claims management and control and transparency are absent from the top ten list this year. As Aon eSolutions points out, even though claims management has been the primary rationale for implementing risk technology in the past, RMIS is not used to manage much more than workers' compensation claims reporting. Moreover, control and transparency may have dropped off the 2012 survey as risk management departments have become more visible to boards of directors and CFOs, who look to these departments to inform and guide the organization in all aspects of risk.
The full report from the 2012 Aon Global Risk Technology Survey is available here.