(This article was first published in the November 2013 issue of the CPCU Society International Insurance Interest Group Newsletter and is reprinted with their permission. For more information about the CPCU visit www.cpcusociety.org ).

Risk management technology is reaching a tipping point that will simplify how companies evaluate, mitigate and monitor risk. The proliferation in cloud computing, collaborative workspace, big data, and predictive modeling are accelerating the development of a new generation of Risk Management Information Systems (RMIS). RMIS systems have existed for years in the risk and insurance industry as a means to consolidate data such as claims and assets. The consolidated risk management data is then used to create management reports and dashboards that enable companies to manage a portfolio of risk and measure the total cost of risk.

Read more in the November edition of the CPCU Society International Insurance Interest Group Newsletter.