Data Management for Risk: The Importance of Data for Effective Risk Management

To survive and emerge stronger from the current financial crisis, it is essential that insurance companies implement an enterprise risk management strategy. Fundamental to this initiative is a holistic, unified approach to data management - one that ensures a smooth flow of information throughout the organization. Although Solvency II is not due to be implemented until 2013, from both a business perspective and a change management perspective, it would be advisable to start early with the design of a data management system that is flexible enough to anticipate Solvency II requirements.