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In response to the COVID-19 pandemic, increasing cyber risk and rise in property and casualty (P&C) Insurance rates across all lines of coverage, organizations are putting more emphasis on risk management than ever before. These and other risks — including regulation, supply chain interruption and natural disaster — contribute to escalating financial consequences.

According to Price Waterhouse Cooper’s (PwC) “Broking 2020: Leading from the front in a new era of risk” report, 74% of survey participants look to brokers for data analytics to help inform their decision-making. This follows a previous PwC global survey of approximately 2,000 business executives and risk managers worldwide, which indicated that 75% of respondents were investing resources to create a more risk-aware company culture, with one in four identifying fragmented risk data as the largest capacity gap. Further, 82% percent of respondents said they planned to develop an in-depth process to identify and monitor risk continually, a trend corroborated by the Risk Management Society’s (RIMS) Excellence in Risk Management XI survey. Though 90% of C-suite respondents said risk management impacts business strategy, only 25% feel their companies use risk management to its fullest ability. Key areas in which the use of data and analytics can be improved include risk identification, quantification and mitigation.

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