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RIMS and Ernst & Young Explore Text Analytics in Latest Installment of Risk Insights 10/11/2010

 

NEW YORK (October 8, 2010) — Today the Risk and Insurance Management Society (RIMS) and 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. 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. 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. 

Word Insurance: Integrating text analytics into your risk assessments was authored by Daniel Torpey, partner, Ernst & Young and Vincent Walden, senior manager, Ernst & Young.

This issue of Risk Insights is available to RIMS members free of charge here. Launched in 2008, this white paper series focuses on a different topic each quarter. Ernst & Young is pleased to announce they will continue authoring this series through 2011.

Note: Members of the media who would like to obtain a copy of the paper may contact Amy Benson at abenson@RIMS.org or (212) 655-6059.

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