Willis Towers Watson has launched a new advisory capability designed to help chief financial officers and risk managers reduce volatility and minimize their total cost of risk.
The new Connected Risk Intelligence service offers a single source for financial executives to establish risk strategies across their organization through a portfolio approach to risk.
Connected Risk Intelligence has been built around IGLOO, a proprietary decision support system for the insurance sector. It uses advanced risk modeling and simulation capability, including dependency and correlation modeling for the corporate sector.
Connected Risk Intelligence identifies how clients can take advantage of market inefficiencies by offering the ability to optimize the balance between retained and transferred risk across a broad range of risks that affect their business. The service offers clients a broad understanding of their risk portfolio so they can evaluate their risk finance strategy in aggregate rather than within traditional line of business silos.
According to John Merkovsky, head of Risk and Analytics at Willis Towers Watson, risk managers and CFOs can currently only view risk financing as individual transactions, compartmentalized by line of business.
The Connected Risk Intelligence services uses a combination of advanced modeling technology and Willis’ optimization expertise to change how organizations view risk management.
“By using Connected Risk Intelligence, we can help clients identify the combination of solutions that move their overall risk finance portfolio to the Efficient Frontier and exploit arbitrage opportunities along the way… companies can have absolute certainty that their risk strategy is exactly right for their business,” Merkovsky said.
Connected Risk Intelligence is being launched at RIMS and is available for large corporate clients with complex risk portfolios.
Willis Towers Watson is a leading global advisory, broking and solutions company.
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