Businesses today are putting more emphasis on improving riskmanagement than ever before. This is due in large part to increasedregulation, emerging exposures such as cyber liability and supplychain interruption, as well as the associated escalation infinancial consequences. According to a 2014 Price WaterhouseCoopers (PwC) global survey of approximately 2,000 businessexecutives and risk managers worldwide, 75 percent are investingresources to create a more risk-aware company culture, with one infour identifying fragmented risk data as the largest capacitygap.

Over the next 18 months, 82 percent of the respondents plan todevelop an in-depth process to continually identify and monitorrisk, a trend corroborated by the Risk Management Society’sExcellence in Risk Management XI survey. Though 90 percentof C-suite respondents said risk management impacts businessstrategy, only 25 percent feel their companies use risk managementto its fullest ability. Key areas in which the use of data andanalytics can be improved, include risk identification,quantification and mitigation.

Implications for workers' compensation