After discussing the idea of risk mapping in class I decided to research a bit more about it. I came upon an article about a new software program which completely does this risk mapping process for companies. Including providing them with visual "risk maps" as the ones we viewed in class.
I was thinking about the fact that a company's risks and exposures are constantly changing, so it seems that as soon as they would be able to come up with an appropriate risk map and plan, things could change. A company often will experience unexpected events which could completely reshape and transform their risks. This is especially true given how unstable and unusual the market is in today's economy.
Well, this new software is called ExposureView and it is in particular designed for insurance companies. It lets them visualize the impact of catastrophic events on their portfolios before, during, and after an event. The software is used with range of data including personal and commercial property, workers compensation, and offshore platforms.
ExposureView includes feature called ExposureCube that allows the companies to interact with their data to build and deliver reports instantaneously. Functionality includes "summarizing, filtering, drill-down, roll-up, and standard pivot table features to enable users to quickly create all possible reports from one dataset."
I think what seems great about this program is the company can change the information and data in the system and get instantaneous results. It also seems great that they can enter information to forecast what will happen given certain risks that may happen in the future. It seems like all these things would be much more difficult and time consuming without such a software product.
From searching I did it appears that there are many other risk mapping software programs that have similar functions to ExposureView, including Sobedi and RISK-MAP. Additionally, it appears that many consulting firms take on this role themselves and consult companies on their risks and provide them with similar visuals to physically show them their risks. However, it seems to me like this would be much more expensive for the company. Additionally, this doesn't give them the same benefit as the software does, to have instantaneous results for different sets of data.
Overall, it seems that the process of risk mapping, to identify risks and determine what specific actions should be taken towards these risks, is a very important technique. With constant advancements in technology that we continue to see over time, it appears that this process will continue to get easier and more accurate for companies. This is seen by the creation of the risk mapping software ExposureView, and various other helpful software programs for risk management.
ExposureView Product Information
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