As the year winds down, corporate risk managers across industries find themselves gearing up for one of their most crucial tasks: Q4 planning and budgeting. This task, which requires meticulous planning, analysis, and forecasting to allocate resources efficiently and effectively, is of paramount importance. This guide will help you navigate this complex process with confidence and precision, ensuring your organization is well-prepared for the challenges and opportunities that lie ahead. 

In many organizations, risk professionals are viewed simply as “the insurance buyers,” but that’s a common misconception. If risk professionals wish to change that perception, they need to cultivate their storytelling skills to be able to better communicate about their risk initiatives.

With almost anything that a risk manager does, they need to first get the buy-in from their C-suite. However, C-suite executives may not always understand the value of risk management or fully understand the function, so communicating with them can be a real challenge. Read our blog to learn 3 data-forward strategies risk managers can use to engage with CFOs and other executives.

Sixty-five percent of insurance companies say they plan to invest $10 million or more into AI technologies. These tools are used during every step of the insurance process, from underwriting to claims management. Undoubtedly, AI and machine learning are revolutionizing the industry by streamlining operations, improving accuracy, and fostering the ability to cover new, complex risks. More than ever, risk managers and brokers must grasp how AI is leveraged in data evaluation during underwriting and claims assessment, empowering them to make informed decisions and engage in more effective discussions with carriers.

When a private equity firm contemplates adding an acquisition to its portfolio, the imperative is to swiftly generate value. One way PE firms can enhance and protect value in portfolio acquisitions is through effective risk management. A comprehensive understanding of the acquisition's risk management program and strategies for risk transfer can empower private equity firms to bolster and sustain the target's value-creation efforts.

If we’ve learned anything in the last few years, it’s that disasters can strike at any time. In recent years, we’ve seen an increase in weather-related events, from hurricanes, floodings, wildfires, and more. When a disaster strikes, it can put the entire organization at risk. However, there are many actions risk teams could take — either before or after — to minimize the impact of the disaster. In this blog, we will be focusing on what risk teams can do once the disaster has already happened.

There’s been a lot of talk about AI substantially changing the insurance industry in the next few years. Nobody can be sure what exactly will happen, but we thought we should ask an AI expert: AI itself! You can say we put AI through a little test to see how well-versed it is in terms of risk and insurance concepts. Here’s the result of the masterpiece ChatGPT has crafted.

During hard markets (such as the one we are in now), the prospect of self-insurance becomes more appealing for many organizations since they won’t be as reliant on market conditions. One of the most common ways organizations can self-insure and stabilize their risk transfer costs is to form a captive. In today’s blog, we want to help you determine whether captives are right for your organization. We’ll be delving into the different types of captives, the benefits of forming one, and other important considerations.

In the last few years, the risk management industry has experienced a tremendous shuffle as many professionals retired or moved to different companies. When these professionals leave their companies, they take with them decades of experience and invaluable institutional knowledge with them, leaving their previous employers vulnerable. It is now imperative for companies to enhance their efforts in preserving institutional knowledge as workers come and go.

Last month, Redhand Advisors published their highly anticipated 2023 RMIS Report. The report offers a fascinating look into the risk technology industry. Here are our three biggest takeaways from the report!

In a world where change is constant, staying ahead of the curve is no longer a luxury but a necessity. One way risk professionals can stay ahead of the curve is by keeping up with industry trends and adapting their risk management practices as needed. As we’re approaching the second half of the year, here are some of the biggest trends that will shape the risk management landscape.

It’s indisputable that cyber attacks have become more prevalent and sophisticated. Yet, affordable and comprehensive cyber insurance is difficult to get a hold of. In this blog, we will be sharing the state of cyber risks and insurance, and then share some tips on how risk managers can demonstrate to insurers their commitment to cybersecurity.

The ongoing inflation is something we haven’t seen in decades. It has undeniably impacted risk managers in their work, from increases in insurance policies, rising costs to recover from incidents, coverage gaps, and more. In this blog, we will take a closer look at how inflation is affecting risk management and share tips on what risk managers can do to combat the inflationary environment we’re in.

In the last couple of years, we saw disruptions that severely impacted supply chain globally, from the COVID-19 pandemic to wars and natural catastrophes. In most organizations, risk managers play an essential role in protecting companies and maintaining supply chain visibility in the face of disruption. In this blog, we will look back on supply chain lessons from the past year and provide tips to protect your organization’s supply chain operations.

The risk industry has been struggling with a talent crisis for the last couple of years, and the trend will continue to persist into the future. The crisis stems from a wave of retirements of experienced risk professionals and a lack of young people choosing risk management as their career path. Fortunately, technology is one way to solve the crippling talent crisis in the industry.

Risk professionals have a reputation for being creatures of habit — the people who would rather do things the way it’s always been done. However, risk professionals can no longer afford to be this way. The environment risk professionals operate in is vastly different than in the past. If they don’t evolve and adapt, then there will be detrimental consequences.

The beginning of the year is a wonderful time to evaluate the status of your risk department and create a strong foundation so you can set it up for success in the new year. We compiled a list of best practices that will guide you on how to set your risk department up for success in 2023!

As many risk professionals are working on closing the books for 2022, they are simultaneously planning for the year ahead. We’ve compiled a short list of predictions for 2023 to help guide risk professionals on what they should anticipate and plan for in the coming year.

As the year comes to an end, many risk managers are tasked with assessing how risk management programs performed over the course of the year, communicating successes to senior leadership, and identifying areas to improve in the coming year. Here are six year-end practices on closing the books in 2022.

This year’s RMIS Report by Redhand Advisors offers a fascinating look into the growing RiskTech industry. Here are our three biggest takeaways from their research (and our favorite quote from the report).