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How can you effectively measure and report the efficiency of your risk management and insurance activities?

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If you are involved in import/export operations, you know how important it is to manage the risks and uncertainties that can affect your business. From legal compliance and customs clearance to currency fluctuations and transportation delays, you need to have a strategy to protect your assets, reputation and profitability. But how can you tell if your risk management and insurance activities are effective and efficient? How can you measure and report the results and benefits of your actions? In this article, we will explore some of the key aspects and best practices of risk management and insurance performance measurement and reporting.

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1 Define your objectives and indicators

The first step to measure and report the efficiency of your risk management and insurance activities is to define your objectives and indicators. What are the goals and outcomes that you want to achieve with your risk management and insurance strategy? How will you measure your progress and success? You need to have clear, specific and measurable objectives and indicators that align with your business strategy and stakeholder expectations. For example, you may want to reduce the frequency and severity of claims, increase the coverage and quality of your insurance policies, or improve the compliance and transparency of your risk management and insurance processes.

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Shafeer Badharudeen

Solution-driven leader fostering innovation and seamless execution across Product Engg., Data and Analytics, demonstrating tenure of 25+ years steering enterprise-wide transformations in the DIGITAL landscape.
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Identifying the problem universe across the value chain by identifying the master and child (dependent) problem statements are a critical first step in defining the premise of the risks we need to manage. Once that premise is defined, we need to drive a data centric transformation approach to identify the data elements influencing and deciding the outcomes. Data relationship level linkages have to be established between the parent and child nodes in the parent universe. From a risk management perspective, a hybrid approach of decentralized, federated domain ownership mgmt. and a centralized governance mgmt. should be established. Data should be leveraged as the ingredient to prepare the intermediate and final recipes mitigating risk.

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Lebeko Lephole

Data Analytics & Business Process Management Expert MBA|ITIL3|Cobit5|PowerBI|BPMN2.0
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In my recent experience with my current employer, we have recently added Enterprise Risk Management as one of the core periodic performance reporting metrics. The first step is to develop an Enterprise Risk Management Framework and an accompanying Policy in order to provide a holistic approach of dealing with risk in line with approved risk appetite, ensure ownership of all risk, and provide assurance to all stakeholders. In order to comply with the company core business leverage on its Corporate Business Vision & Strategy, as well as industry Risk Management standards and best practices, including all relevant Legislation.

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2 Collect and analyze data

The second step is to collect and analyze data that relates to your objectives and indicators. You need to have reliable, accurate and timely data sources that can provide you with relevant and useful information about your risk management and insurance activities. You may use internal data, such as financial records, claims reports, risk assessments, audits, surveys, or external data, such as market trends, industry benchmarks, customer feedback, or regulatory updates. You need to analyze the data to identify patterns, trends, gaps, opportunities, or challenges that can affect your risk management and insurance performance.

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Lebeko Lephole

Data Analytics & Business Process Management Expert MBA|ITIL3|Cobit5|PowerBI|BPMN2.0
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PART2 Once the documents are approved, different departments draw up risks associated with their annual plans (review all departmental action plans). Apply all the set of rules defined in the Policy document to: 1. Identify the Risks - describe and categorise (rare, moderate, likely, etc) 2. Analyse the Risk - define root cause, likelihood and impact (negligible, significant, major, critical) given existing controls if any; then determine the residual risk 3. Mitigate the Risk - for residual risk outside our risk appetite, define further actions to reduce to acceptable levels or eliminate altogether; in the process also assign ownership within the department and provide KPIs & due dates. Otherwise, monitor and report continuously.

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3 Report and communicate results

The third step is to report and communicate the results of your data analysis to your stakeholders. You need to have a clear, concise and consistent format and frequency for your risk management and insurance reports. You may use different types of reports, such as dashboards, scorecards, narratives, or presentations, depending on your audience and purpose. You need to highlight the key findings, achievements, challenges, and recommendations of your risk management and insurance activities. You also need to communicate the results in a way that is relevant, engaging, and actionable for your stakeholders.

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Lebeko Lephole

Data Analytics & Business Process Management Expert MBA|ITIL3|Cobit5|PowerBI|BPMN2.0
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PART4 The whole process is repeated annually so that all new Risk introduced by new or evolving business processes/activities is identified and dealt with

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Lebeko Lephole

Data Analytics & Business Process Management Expert MBA|ITIL3|Cobit5|PowerBI|BPMN2.0
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PART3 It is also prudent to identify all critical Risk when assessing the impact (financial, reputational, compliance, stakeholders, etc.) so that one can provide estimated recovery costs which will assist in sourcing insurance for critical operations. As an ICT professional, this entails annual plans which in my case included diverse projects such as implementing M365, new management dashboards and BOYD, as well as IT service catalogue. BOYD on its own introduced several new risks such as company data exposure, wherein we had to introduce encryption on user devices as mitigation. Lastly, provide periodic feedback to stakeholders. This gives them oversight while also giving assurance that the company assets and operations are secured.

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4 Evaluate and improve performance

The fourth step is to evaluate and improve your risk management and insurance performance based on the results of your reports and communications. You need to have a feedback loop that allows you to monitor, review, and adjust your risk management and insurance activities according to the changing needs and expectations of your business and stakeholders. You need to have a continuous improvement process that enables you to learn from your experiences, best practices, and lessons learned. You also need to have a recognition and reward system that acknowledges and incentivizes your risk management and insurance performance.

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5 Align with standards and frameworks

The fifth step is to align your risk management and insurance measurement and reporting with the relevant standards and frameworks that apply to your industry and context. You need to follow the guidelines and principles that are established by the authoritative bodies and organizations that regulate and oversee your import/export operations. For example, you may use the ISO 31000 standard for risk management, the COSO framework for internal control, or the GRI standards for sustainability reporting. By aligning your risk management and insurance measurement and reporting with the standards and frameworks, you can enhance the credibility, consistency, and comparability of your performance.

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6 Benchmark and innovate

The sixth and final step is to benchmark and innovate your risk management and insurance measurement and reporting. You need to compare your performance with your peers, competitors, and best-in-class organizations that operate in your industry and market. You need to identify the gaps and opportunities that can help you improve your risk management and insurance performance. You also need to explore new and innovative ways to measure and report your risk management and insurance activities. You need to leverage the latest technologies, tools, and techniques that can enable you to optimize your risk management and insurance measurement and reporting.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you effectively measure and report the efficiency of your risk management and insurance activities?

1

2

3

4

5

6

7

1 Define your objectives and indicators

2 Collect and analyze data

3 Report and communicate results

4 Evaluate and improve performance

5 Align with standards and frameworks

6 Benchmark and innovate

7 Here’s what else to consider

Import/Export Operations

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How can you effectively measure and report the efficiency of your risk management and insurance activities?

1

2

3

4

5

6

7

1 Define your objectives and indicators

2 Collect and analyze data

3 Report and communicate results

4 Evaluate and improve performance

5 Align with standards and frameworks

6 Benchmark and innovate

7 Here’s what else to consider

Import/Export Operations

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