The Hunt for Good Management Information
The global regulatory technology market is projected to grow an annual rate of nearly 20 per cent. The rising demand for risk management, regulatory intelligence solutions, and transaction and monitoring solution among others is a key factor contributing towards the growth of the global regulatory technology market.
Apart from this, the additional costs of managing compliance procedures and increasing demand for regulating business processes are some other factors that are propelling the global market growth. As of the 2020 fiscal year, according to 64 percent of respondents in a new survey by the Ponemon Institute, the lack of clear key ownership was a leading problem in the management of enterprise IT keys. Lack of skilled personnel was also a main reason as to why key management is painful.
Customer data is still at risk
Customer information is once again listed as the top reason to encrypt, yet only 42% of respondents are using encryption for customer data – ranking 5th on the list of data types that enterprises actually encrypt.
Graph: Ponemon Institute, Difficulties with Enterprise IT
According to the Ponemon Institute, customer information is once again listed as the top reason to encrypt, yet only 42% of respondents are using encryption for customer data – ranking 5th on the list of data types that enterprises actually encrypt.
The starting line is the first hurdle
65% of respondents report struggling to find where sensitive data resides across multiple clouds, and over 2/3 of organisations are using two or more public clouds.
A barrier to a successful encryption strategy is the ability to discover where sensitive data resides in the organisation. Sixty-five percent of respondents say discovering where sensitive data resides in the organisation is the number one challenge. Forty-three percent of all respondents cite initially deploying encryption technology as a significant challenge. Thirty-four percent cite classifying which data to encrypt as difficult.
As an IT leader, being able to easily extract meaningful data about your team, your workload and your financials is a hugely important part of your daily work. Having the right information when you need it is not just fundamental to understanding how your team are working. It is also valuable to the C-suite and the wider organisation, driving key strategic decision-making on everything from validating significant expenditure to the creation of new revenue streams.
With an effective management information (MI) reporting platform, claims teams have the data they and their organisation need at their fingertips. The insight a Head of Claims holds on their team can be valuable to the wider organisation, helping the Board and senior management team make important choices for the future.
Whether it is for a Freedom of Information request, to fulfil a regulatory requirement or any other sort of ad hoc demand, you just need to find the answer to someone’s question instantly. If Managing Agents, for example, are putting the right information into their system, they have all that data at their fingertips whenever and wherever they need it, helping them produce focused reports that provide meaningful insights.
Lloyd’s Core Data Record – First Baseline Version
In practical terms, Lloyd’s is progressing initiatives – essentially MI projects – that have data at the core of their being. On 1st June 2021, Lloyd’s issued the fourth iteration of the Core Data Record (CDR) template.
The market is building an internal simulation which can be used to validate data inputs, test the technology process and data enrichment, and inform the next stage of development. This work promotes a data-first strategy that will automate the entire transactional process between the insurer and broker. The initial scope for this simulation is Open Market North American Property. This will pave the way for the development of further iterations of the CDR by other classes of business and delegated authority business.
In our next blog, we look at the Analytics as a Service (AaaS) model and the importance of MI in relation to cyber resilience and risk mitigation strategies.