Tag Archives: data management

Technology is the key to helping prisons fulfill their duty of care

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Being able to use systems to contribute to and quickly gather information about each prisoner is crucial to providing a duty of care to them as well as staff and the wider community.

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Spend less, do more

layeredapproach

Four years ago The Economist wrote a story about how messy IT systems at financial service organizations were a likely factor in the financial crisis. Sadly, much of what was written then is still true today. Financial institutions still struggle with data management.

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Real-time transparency revolutionizes data management

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Firms stand to gain a lot from the data management revolution. By capturing opportunities and value that would otherwise be lost because the information came too late or didn’t account for late-breaking market conditions, you might be able to see threats ahead of time and capitalize on more agile planning.

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Tips for aligning IT with business for big data success

Left to right: Martha Jane Avstreih-Ross; Ann Woloszynski; James Miller

When IT execs talk about big data, they say they have to start with baby steps; they have to get buy in from many areas of the organization. Here are some of their tips for getting both IT and executives on board with analytics implementations and data governance policies that will help the organization make the most of data.

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Selecting a Solvency II vendor

NicolasMichellodColor

Nicolas Michellod, Senior Analyst in Celent’s Insurance Practice, says that although insurers have been preparing for Solvency II for a couple of years, not all have made their decisions about a technology vendor that addresses the new regulatory framework.

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Six steps for building a culture of strategic data use

Man climbing a ladder

Since 2006, many boards have appointed chief data officers to work closely with their chief risk officers to evolve the organization’s culture to a data-driven, risk management organization. Read these six steps to help your organization evolve to a successful data-driven organization.

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Data: One antidote to risky behavior

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Everyday, companies cede hard evidence to the political agendas of a willful manager or department. Savvy managers understand that weaving data-driven decisions into the fabric of corporate governance can obviate organizational infighting and drive progress.

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Winning the Solvency II gamble

Taking a Gamble

Thorsten Hein asks, “Are you a gambler?” When it comes to Solvency II implementation, Hein argues that insurers that concentrate only on the most immediate aspects of compliance will miss out on many of the business benefits that those who fully comply will gain. Their ‘savings gamble’ will actually be a loss.

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Is there risk in your IT strategy?

Stuart Rose

Most insurance companies have mountains of data, but many only track indicators that are easy to obtain, and not necessarily relevant. Stuart Rose says that means too much noise and not enough understanding about how, why or if those metrics support strategic outcomes.

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The data challenge

big_data

The Solvency II directive is the first insurance regulation to introduce strict requirements for data management; it also represents an opportunity for many organizations. Effective data management results in better risk decisions, reduced likelihood of regulatory-imposed capital add-ons, increased return on capital, higher return on marketing campaigns and better fraud detection.

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