6 Tips for Risk Managers on Using Technology to Manage Risk

By StrategicRISK Asia

Marsh’s director for emerging technologies, Leslie Chacko, gives his top tips for how risk manager can use technology innovations to better connect them to their business

  1. Clarify your risk management strategy and understand how it relates to the business strategy.Know it inside out. Communicate it back into the business so everyone understands it and figure out how technology can play a role in shaping this strategy
  2. Take the time to understand the technolgy landscape. Learn what it means for your business, what the regulations and standards are like currently and what they may look like in future. Prepare so you can stay ahead of this risk.
  3. Build bridges to the business. Look for ways to use technology to help you connect the various teams in your business such asIT, communications, c-suite
  4. Pick one problem and try to solve it using technology. Look at the issues within your business and find a process to automate. Use AI to detect fraud.
  5. Invest in a small pilot of technology and then iterate outwards to the business. Show the business how technology can help solve one particular issue before moving onto bigger things
  6. Know at what point in time it makes sense to partner. There are very few experts who understand something inside and out. Know what your limitations are and know when to ask for help from the outside

Source: http://www.strategicrisk-asiapacific.com/6-tips-for-risk-managers-on-using-technology-to-manage-risk/1427204.article