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Feb12,2014

RAACatModeling2014

AdvancesinLocationAnalytics forRiskManagement
DisruptiveTechnology ChallengesinRiskManagement XtremeGISRiskAnalytics EsriArcGISOnline WhatsPossibleToday(Demo)

Ad ti of Adaption fDi Disruptive ti Solutions S l ti


changes

in normalcy

Telephone (early 20th Century) Email (early 1990s) 1990 s) Social Networks (early 21st Century) Cloud Computing (early 21st Century)

Wh What ti isRi Risk kM Management? t?


the identification, assessment and prioritization of risks followed by coordinated and economical application of resources o esou ces to minimize, e, monitor, o to , a and d control the probability and/or impact of unfortunate u o tu ate events, e e ts, in other ot e words o ds be being g smart about taking chances.
Risk management has been defined as
Douglas Hubbard (2009) Failure in Risk Management, J. Wiley & Sons.

F il in Failure i Risk Ri kM Management t


Common Mode Failure
According to Vinay Mistry from the Lloyds exposure management team ...the degree to which

companies got their fingers burned [after Ike] was a function of their relative degree of reliance on traditional risk models models...
It seems that the primary reason risk managers evaluate risk and losses using traditional methods (or not at all) is because thats what everyone y else in their

industry is doing.

F il in Failure i Risk Ri kM Management t

Common mode failure is at play when re/insurers perform these assessments due to the vast discrepancy between actual losses and modeled estimates.

F il in Failure i Risk Ri kM Management t


Risk managers need to deploy

alternative methods and tools to hedge the effects of common mode failures of risk
management methods.

Failure F il in i Risk Ri kM Management t


When complementary alternative approaches are presented, they are often met with resistance because great ideas

alter the power balance in relationships That relationships. Thats s why great ideas are initially resisted
Hugh MacLoed (2009) - Ignore Everybody, Penguin Group

I d t Use Industry U Cases C


Risk Risk impacts operations operations, finances and brand

Insurance Supply Chain / Retail Utility Energy Public Safety Financial Services

Risk! Ri k!
Provider of Opportunities & Failure Disruptive Solutions: GIS Cloud Big Data
Hazard Spatial Social S i l

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R Reporting ti and dVi Visualization li ti

A i Imagery Acquire I of fth theE Event t

K Know Wh Whats t at tRi Risk k

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E Enrich i h&C Collaborate ll b t

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