How does the collection, storage, and sharing of data empower organizations in risk management? Reduces data accuracy Increases data redundancy Slows down decision-making Enables real-time risk management

Enables real-time risk management

In what ways can insurers and risk managers improve their business results through data-driven decision making? Focusing on past data, avoiding new sources, maintaining status quo Reducing data collection, minimizing analysis, avoiding new products Organizing data, discovering relationships, exploring sources, developing products Ignoring data, reducing analysis, limiting sources, halting development

Organizing data, discovering relationships, exploring sources, developing products

How does Premier's investment in big data infrastructure advance the evolution of the risk management landscape? Limits product development Reduces data availability Empowers better access and analysis of data Increases manual data processing

Empowers better access and analysis of data

How does data capture work in the context of smart products and the Internet of Things (IoT)? Data is stored in isolated databases Data is manually entered into systems Data is captured through paper forms Smart products sense, process, and communicate data

Smart products sense, process, and communicate data

What emerging risks are suggested by the development of recent insurance coverages? Natural disasters and climate change Cybersecurity and data breaches Economic downturns and inflation Active shooters and sharing economy

Active shooters and sharing economy

What are the two ways a holistic risk management strategy can empower an organization to improve its capital allocation? Reduce cost of risk and improve risk analysis Focus on short-term gains and ignore risks Limit capital allocation and avoid analysis Increase risk exposure and reduce analysis

Reduce cost of risk and improve risk analysis

What is risk appetite in the context of organizational risk management? Minimal risk exposure for safety Amount of risk an organization is willing to take Unlimited risk-taking for maximum return Complete avoidance of all risks

Amount of risk an organization is willing to take

What is required to maintain earnings stability in an organization? Random investment strategies Ignoring market trends Minimal risk management Precise forecasting of asset and liability fluctuations

Precise forecasting of asset and liability fluctuations

Risk Management and Data Analytics: IoT Applications and Risk Strategy Implementation

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Sociology - Management

jake12testoswi Created by 10 mon ago

Cards in this deck(24)

What enables data capture primarily in smart products, allowing them to sense their environment and communicate through the IoT?

What can undermine the decision-making value of data produced by smart products and IoT?

How does the collection, storage, and sharing of data empower organizations in risk management?

In what ways can insurers and risk managers improve their business results through data-driven decision making?

How does Premier's investment in big data infrastructure advance the evolution of the risk management landscape?

How does data capture work in the context of smart products and the Internet of Things (IoT)?

What emerging risks are suggested by the development of recent insurance coverages?

What are the two ways a holistic risk management strategy can empower an organization to improve its capital allocation?

What is risk appetite in the context of organizational risk management?

What is required to maintain earnings stability in an organization?

What are the typical legal obligations that risk management programs aim to satisfy?

What constitutes the cost of risk associated with a particular asset or activity?

What are the six most commonly used basic risk measures, and why are they used?

How should Premier Insurance address a potential risk with high likelihood and minor consequences?

How is the combined risk affected when gains or losses from two risks are correlated?

What two factors highly affect speculative risk?

How can classifying the various types of risk help an organization?

What are the four types of risk in the risk quadrant approach to categorizing risks?

What risk strategy should Jacob employ if the total level of risk exceeds past levels?

What factors should Mia consider when defining an organization's risk criteria?

What method of communication should a manager use during a disagreement to gain the best results?

What three elements should Julius focus on to master active listening?

What action should a risk manager take after deciding on a course of action during the risk treatment stage?

What should a risk manager do after deciding on a course of action during the risk treatment stage?

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