Aon creates e-GAP to enhance risk management
Aon Global Risk Consulting has warned that businesses are neglecting to instill risk management into daily operations because of uncertainty over the risks and ownership of the process.
To address this issue, the firm has developed a new management tool, e-GAP, which has been designed to encourage organisations to pay real attention to risk management, as opposed to the common practice of creating plans, but failing to implement them.
Businesses are not unskilled at identification of risks, however, there is a problem regarding who has ownership risks, and what a permissible degree of risk actually is.
Because of this measuring what counts as money well spent on countering risks is difficult, frequently leading to the bare minimum being done to address potential risks.
Enterprise risk management head Alex Hindson has described how large gaps are between enterprise risk management (ERM) plans and actually embedding them within a given business.
The issue of value for money and the difficult of measuring it regarding risk is particularly heightened given the fraught economic circumstances of the day.
Utilising e-GAP, businesses will be able to address this issue, and create ERM programme objectives, with criteria of success that can be measured, amongst other features.
Category: Aon News, Insurance News
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