Information Technology Reference
In-Depth Information
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Business/technical drivers
BIA and risk analysis to determine appropriate application of risk trans-
ference and risk sharing, including which business areas and tolerable
percentage of risk acceptance
Roles and responsibilities
Decision makers: central versus local versus business line
Coverage levels
What and to what extent
Cost
Corporate overhead
Business line expense
Security insurance providers
Who
Evaluation
Underwriting ability
Fiscal viability
Claims process
Have policies been used?
If so, how did insurance investigation go? Claim process? Claim
payment?
Affects of risk mitigation investments on insurance premiums
Optimize investment in security measures to achieve desirable amount of
residual risk that may be cost effectively shared or transferred to insur-
ance carrier.
Monitoring and track results
Monitoring results provides:
Insight into the business benefit of E-insurance
Insight into the uses of alternative risk management practices
For example, accepting risk via self-insurance
Insurance makes a prediction of losses
Track projections against actual.
Use data to determine value of E-insurance as an investment in risk
management.
Lessons learned and organizational feedback
E-insurance is integral in the risk management process
Risk governance considerations include insurer input into risk
management.
Empirical evidence from actual experiences; track appropriate cover-
age, appropriate coverage levels, and need for supplemental risk miti-
gation or additional risk sharing.
Organizational benefits from underwriting and other actuarial quan-
tification of risk increases organizational insight into risk.
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