Data accuracy, reliability is the most important benefit of risk technology in 2012: Aon study

Data accuracy and reliability is the most important benefit of risk technology, according to Aon’s 2012 Global Risk Technology Survey (GRTS).

“Scrutiny of business operations and financial reporting continues unabated in this recession-era economy,” the report says. “Confidence in data is clearly a key issue for the organizations we surveyed…

“This Number 1 ranking indicates that, in a landscape marked by cutbacks and competition, management has once again recognized that advanced and complete integration of data leads to greater business intelligence, which in turn can engender enhanced insight into areas such as total cost of risk, benchmarking and risk profiles.”

The survey of 300 organizations over 56 countries was conducted in July and August of 2011. The survey was designed to reveal the ways in which global organizations select, implement and manage their risk technologies or risk management information systems (RMIS).

It also outlines key benefits organizations gain from those technologies. “Automation of processes” was the second-most-important benefit named by survey participants, followed by “data consolidation and management.”

“Management reporting improvement” ranked fourth.

One emerging benefit, the Aon report notes, may be compliance.

“While compliance is a relatively new topic in the risk management industry, more companies are beginning to explore cloud offerings to store and report on their organizational data,” the report says. “Given this development, compliance may well make an appearance in the Top 10 in our next survey.”

The full report can be found at:

http://www.aon-esolutions.com/grts