Data turned into action

“Data is useless unless risk managers can turn it into actionable information," says Tim Heinze, product and field ops leader for GE Insurance Solutions Global Asset Protection unit. At the 2006 RIMS Conference in Honolulu, GE unveiled two new releases of MyAnalysis, a real-time, Web-based data analysis tool for enterprise risk management. The company claims it will help companies manage loss prevention info, quantify risk exposure and strategize risk minimization.

In the first release, a Historical Account view, risk managers can track and analyze improvements to their risk profile over time.

The second release shows managers the potential impact of completing a recommendation on their overall Risk Quality Rating.

GE says the two new capabilities allow risk managers to demonstrate to the insurance market both past and planned improvements on their risk profile, improving their standing at renewal time. The company adds that plant managers can also view the effects of their investment in loss prevention activities.

For further info, visit the GE Web site.