APICs takes a look at risk management

The Association for Operations Management is throwing a new wrinkle into its latest confab.

Risk and Insurance Management Society (RIMS) board member, Robert Cartwright, regional loss prevention manager for Bridgestone Retail Operations LLC, will address ERM’s role in strengthening an organization at the upcoming 2010 APICS International Conference & Expo in Las Vegas on October 20.

Cartwright’s session, “Exploring ERM: Best practices for implementing business-wide risk management,” will examine both theory and practical, hands-on approaches to ERM implementation in order to help attendees protect and create value for key stakeholders.

Cartwright will discuss how ERM strengthens the entire organization, the five steps to effective risk management and the role of a risk champion in bringing about positive results.

Earlier this year, Ernst & Young announced the release of Word Insurance: Integrating text analytics into your risk assessments, the latest installment of Risk Insights, their ongoing series of white papers. According to spokesmen, the paper offers practical guidance for synthesizing and clustering key points of information from unstructured or “text-based data,” which has historically been cumbersome.

“In today’s climate, risk managers are being challenged to not only measure and mitigate risk, but to help identify and reduce it,” said spokesmen.

Word Insurance: Integrating text analytics into your risk assessments illustrates how, though stakeholders have used risk functions to keep their companies out of trouble, with text analytics, risk managers can add greater efficiency to that effort and seek to exceed stakeholders’ expectations by making their business better.

The paper offers practical steps for achieving this, including:
• Define the high risk areas within the company
• Define the nature of documents you want to review and determine if an electronic solution may be quicker than a manual one.
• Develop a sampling approach if needed
• Talk to outside professionals who are familiar with text analytics, especially in using text analytics within risk assessments and discuss the potential to use within your company.

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