Risk Management Information
Aon’s Commercial Risk Solutions, Professional Services practice Risk Management Information (RMI) products and services help risk managers focus on immediate challenges while keeping abreast of emerging and prospective risks faced by their businesses.
RMI provides in-depth analysis of particular subject matters as well as a degree of insight that goes beyond a simple explanation of the facts. All RMI products are based on rigorous research and analysis performed by a team of dedicated lawyers, economists and insurance industry professionals.
Daily Monitoring, Risk Alerts and Risk Briefing Notes
RMI's products include the following:
RMI analysts are constantly reviewing news media...for information that may provide insight into professional indemnity risk.
RMI analysts are constantly reviewing news media publications for information that may provide insight into professional indemnity risk. We keep our clients up-to-date on pertinent studies and articles that we believe are of specific interest. We also respond to requests from clients to assemble lists of notifications linked to a particular location or risk theme. For example, clients frequently ask for examples of professional indemnity claims stemming from a particular sector of the economy or from a particular country.
Risks with the potential of developing into trends are flagged, and key talking-points are communicated to clients in timely Risk Alert reports. When a trend promises to have a substantial impact on a client, a Risk Briefing Note which includes a more intensive analysis of the causal factors driving the trend is issued to help clients understand how the trend may impact their operations. To facilitate understanding, the RMI group also routinely engages clients via conference calls and on-site meetings to discuss current and emerging trends in professional indemnity risk.
Publicly Known Matters
RMI is able to provide a wealth of qualitative information about current business litigation and regulatory actions gathered solely from public sources. Upon request, Aon can provide an overview of publicly known matters (short summaries of key cases involving professional liability) to assist in understanding the litigation environment in a particular jurisdiction.
RMI remains current in respect of publicly known matters (PKMs) around the globe. In highlighting the key aspects of cases, RMI provides clear, tangible examples of matters which can be referred to when discussing litigation risk with concerned stakeholders. PKMs are also routinely combined with other products, such as Country Risk Papers and Custom Research Projects.
Country Risk Analysis
RMI's Country Risk Papers and brief Country Profiles serve as helpful maps for navigating the professional risk environment in a given country. Risk managers interested in understanding the legal, regulatory, political, economic, and professional trends in a country routinely leverage Aon's analysis while developing a comprehensive understanding of how the interplay of the above-mentioned trends may impact their risk environment. Given the ever evolving nature of professional indemnity risk, forward-looking discussion points are synthesized in a "Key Indicators" section, thus providing a foundation upon which to engage key stakeholders in further risk management discussions.
Drawing on RMI's database of publicly known matters, Country Risk Papers and Country Profiles also include brief summaries of key business litigation and regulatory actions as well as an overview of trends in professional liability claims.
Relative National Risk Modeling and Premium Distribution Allocation
Objective, third-party assessment of relative professional liability risk across jurisdictions...is the key to an appropriate and unbiased cost allocation methodology.
Driven by clients' proprietary claims data, RMI's premium distribution models can be tailored to meet the needs of clients looking for guidance on how to allocate premiums among the various partnerships that comprise their global network. In addition, RMI has devised a framework for evaluating environmental risk factors (i.e., legal, regulatory, political, economic, and professional conditions) in order to gauge prospective risk.
Objective, third-party assessment of relative professional liability risk across jurisdictions, sensitive to national and regional considerations, is the key to an appropriate and unbiased cost allocation methodology. Additionally, because premium allocation can be a delicate issue with country firms, RMI regularly meets with member firms to discuss the results of the risk rating model through a review and analysis of the risk environment in various countries.
Custom Research Projects
Increasingly, risk management professionals at professional service firms are being asked to explain the impact of environmental risks on business continuity, reputation, and, as a corollary, risk financing. Aon helps risk management professionals integrate discussions of environmental risk into the strategic decision-making process.
Drawing on our research and analysis activities, core products, and decades of experience serving professional firms, Aon is available to discuss, devise and execute custom research projects that support clients in developing well-articulated, defensible risk management recommendations.