On Wednesday 11th December, Xactium hosted its first Risk Professionals get together, in London, focussing on Risk Metrics. Risk professionals across Insurance, Financial Services and Construction industries gathered to discuss risk’s topic of the moment.
Andy Evans, MD at Xactium, kicked off the session by sharing his experiences of working with companies implementing Key Risk Indicators and Key Control Indicators.
Andy presented best practices for ensuring a consistent and meaningful use of metrics within any Regulated business, to not only help monitor risk, but also to pre-empt risk occurrence and to use controls as a means to restrict the impact of risk across the organisation.
Andy also spoke about the changing ways that organisations are collecting and distributing data and its effect on how risk management operates within an organisation. As the breadth and number of data sources for Risk Management increases, Risk Managers are being challenged to be more creative, and also selective with how they gather and communicate this information to the business and the Board.
Andrew Lowin of Kinetic Partners shared his experiences of working with Financial organisations and provided valuable insight into the challenges faced within a complex regulatory landscape; from measuring risk appetite to effectively engaging the Board and other risk stakeholders.
Key takeaways were tweeted live throughout the event #riskanalytics
Overall, the Roundtable highlighted that Risk Metrics is very much still an emerging topic, with many organisations looking to further introduce and optimise their processes within Risk Management. While the quantity of risk data and the sophistication of risk analysis increases, many spoke of their challenges to produce meaningful and timely risk reports. Keep an eye out for further announcements from Xactium around the collection of risk data across organisations in 2014.