This Week in RiskTech: April 24th

RiskTech News is your go-to source for everything you need to know about the latest issues impacting risk managers. From cutting-edge research unveiling new insights on risk management strategies to real-world effects of major cyber security breaches, we’ll cover it all. We pride ourselves on delivering comprehensive coverage of the latest developments in the field, ensuring that readers stay abreast of critical updates anytime, anywhere. With high stakes and technology rapidly changing the game, reading RiskTech News has become increasingly essential for staying ahead on risk tech. So join us today as we navigate through this ever-evolving landscape of risk management!

Risk & Insurance: Predict & Prevent™ Will Shape Our Future, but Its Underlying Principles Have a Distinguished Past

• Using the latest risk data and resilience strategies to better predict and prevent losses, the Predict & Prevent™ approach assists traditional risk transfer.
• To capture the benefit of emerging solutions, all stakeholders need to work together to identify best practices and successful strategies; results should be shared broadly.
• 1894 saw Underwriters Laboratories (now UL Solutions) become established to evaluate the safety of electrical devices and prevent risks of injury and fires.
• The Insurance Institute for Highway Safety was created in 1959 to fund research into vehicle and safety system collisions, as well as human factors behind car accidents; automakers now produce safer vehicles due to this research.
• The Insurance Institute for Business & Home Safety (1977) focuses on making homes and businesses stronger and safer.
• The Institutes’ Predict & Prevent™ podcast discusses the changing risk landscape by examining what a Predict & Prevent strategy means, why it is urgently needed, and a view of future risk management.

JD Supra: Enterprise Risk Management: What Is It? Should You Care? Where to Start?

• Corporate scandals and failures illustrate the importance of corporate governance and risk management.
• Assessing risks can be challenging, but is necessary for informed decision-making in allocating resources.
• Enterprise Risk Management (ERM) programs are different from compliance programs, as ERM assesses additional internal and external risks affecting a company.
• Keys to success in developing an ERM program include securing board/management support, establishing a working group/leader to drive the initiative, leveraging existing risk management processes, conducting an enterprise-wide assessment, developing initial reporting, and creating the next phases of the ERM program.
• Implementing an ERM program can help mitigate risk and enhance a company’s reputation with stakeholders and regulators by demonstrating its commitment to responsible practices.

Supply & Demand Chain Executive: ChatGPT-Driven AI Tool for Supply Chain Management

• Inspectorio introduced the world’s first ChatGPT-driven AI tool, CAPA recommender, to improve supply chain management.
• CAPA recommender focuses on researching, validating, and developing corrective action plans.
• Features include detecting patterns/trends in data, identifying root causes of defects or non-conformities, providing personalized recommendations, and reducing manual investigations.
• Generative AI offers customers a competitive advantage and enables data-driven decisions that help business goals.
• Inspectorio continues to innovate with the aim of building transparent, sustainable & efficient supply chains.

Business Insurance: The BI Interview with: Michael O’Malley of Strategic Risk Solutions

• Michael O’Malley, managing director at Strategic Risk Solutions, discusses how insurtechs are using captives to take on risk and how commercial policyholders are using captives to help navigate the hard market.

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