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Finserv AI: Digitizing Operations in the Financial Services Industry

Top 10 Risk Management Solution Companies - 2020

Today, managing risks has become more challenging than ever due to the complexity of business, rise of cloud computing, increase in third party vendors, and proliferation of regulations amidst a global pandemic. However, organizations that are willing to take a hands-on, proactive risk management approach can stay safe and compliant during such turbulent times.

Cybercrime reigns supreme in the list of risks to manage, and risk managers alongside IT teams need to have stringent contingency plans and prevention strategies. Prevention is crucial as a cyberattack can damage business reputation, lead to legal issues and ruin financial stability. Organizations are moving away from traditional business information tools to advanced analytics that utilize intelligent data interrogation techniques to get clearer and detailed insights in a fraction of the time. These advanced analytics enable businesses to understand, predict, avoid, and if necessary remediate risk. In addition, the growing practice of predictive risk intelligence is helping organizations to predict and manage emerging risks, helping to eliminate or reduce the negative impact of loss events to an organization.

At this juncture, there are a wide variety of firms entering the industry with a set of advanced risk management solution and services offerings. To help companies navigate through the best-of-breed risk management vendors, Insurance CIO Outlook has compiled a list of ‘Top 10 Risk Management Solution and Service Providers– 2020.’ The enlisted organizations offer solutions that enable organizations to keep current with risk management trends and take a proactive, analytics-driven stance to continually assess, predict, and stay one step ahead of risk. Besides, the magazine also comprises insights from thought leaders in the sector on the industry trends, best practices, recent innovations, and their advice for the aspiring CIOs.

We present to you Insurance CIO Outlook’s, “Top 10 Risk Management Solution Providers - 2020.”

Top Risk Management Solution Companies

New York-based FS.AI spearheads digital transformation for businesses by introducing solutions within an AI lab-based environment. Through its AI Resilience Lab environment and the ability to introduce SaaS solutions that can run on public, private, and hybrid cloud platforms, FS.AI is revolutionizing the financial services landscape. The company offers these solutions to ensure intelligent automation and resilient operations for businesses in the financial services segment. The company also provides training to clients’ resources for AI, ML, and process automation

finservai.com

Green Light Verify provides critical compliance measures to companies that operate in, and with the cannabis industry. The company’s suite of services focuses on independent, third party verification, real time monitoring, site inspections, compliance audits, financial audits, and fraud and loss investigations specifically for the insurance industry, banking industries, and government agencies. Green Light Verify offers the experts and software the industry needs to provide an effective compliance that transcends the current self-reporting model. The firm is head-quartered in Sacramento, California

clarioncompliance.com

Origami Risk LLC was established by industry experts focused on designing intuitive web-based software that streamlines how insurance, risk, and claims data is collected, analyzed as well as shared, enabling users to enhance their productivity and manage the total cost of risk for their clients or for their organizations. Easily configurable and completely scalable, Origami Risk provides a full suite of risk management and insurance core system solutions from a single cloud-based, and secure platform available through mobile apps and web browsers

www.origamirisk.com

EcoVadis

EcoVadis

EcoVadis is a reliable partner for procurement teams in over 300 leading multinationals organizations to mitigate risk and boost innovation in their sustainable procurements. The company provides business sustainability ratings, intelligence, and collaborative performance improvement tools for global supply chains. EcoVadis’ userfriendly and actionable sustainability scorecards offer detailed insight into social, environmental, and ethical risks across 198 purchasing categories and 155 countries. Industry leaders like Johnson & Johnson, Salesforce, Verizon, Subway, Nestlé, Michelin, L’Oréal, and BASF are among the over 55,000 businesses on the EcoVadis network, working to assess, collaborate and improve sustainability performance to protect their brands, boost transparency and innovation, as well as drive growth

eDriving

eDriving

eDriving provides online driver education and behind-the-wheel training solutions to contract drivers, teenagers, adults, and corporations. The company also collaborates with leading brands to empower them to deliver relevant services and products within the rapidly growing marketplace that connects drivers to the latest business models that are based on road safety. It helps organizations decrease license violations, collisions, injuries, and fleet ownership costs through a patented driver risk management program

Hiscox

Hiscox

Hiscox specializes in insurance. It provides property and casualty insurance aimed at high-net-worth individuals and companies. The company is focused on providing protection to its clients through high-quality insurance products, supported with excellent service. Hiscox’s expertise lies in covering a vast range of commercial and personal risks. The company is a diversified international insurance group with a strong balance sheet, powerful brand, and lots of room to grow. Currently, it has over 2,700 staff across 14 countries and 34 offices

Innodata

Innodata

Innodata is a leading data engineering company. It helps businesses solve the toughest data engineering challenges utilizing human expertise and artificial intelligence. Well-reputed companies across the world rely on Innodata to overcome their biggest data challenges. By utilizing the power of advanced artificial intelligence and machine learning (ML/AI) technologies, a global workforce of more than 3,000 subject matter experts, and a high-security infrastructure, the company is helping keep the promise of digital data and ubiquitous AI

Loss Control

Loss Control

Loss Control 360 is a loss control survey management platform utilized globally by leading property and casualty insurance carriers as well as top risk engineering companies. The company’s platform can help implement Loss Control 360 for multiple lines of business, ranging from local to international. Businesses can create custom reports, forms, modules, actions, integrations, and more. Its highly configurable user interface enables businesses to personalize user experience with custom dashboards and widgets that offer key data via a variety of charts, graphs, and reports

Threat Sketch

Threat Sketch

Threat Sketch focuses on small business cyber risk management. Their cybersecurity risk assessment profiles a company and utilizes cybercrime statistics to project probable losses and model threat scenarios. Its tool variations can be utilized to help IT managed services, cyber insurance, and cybersecurity vendors that also cater to small businesses. The company’s tools can only be used for informational purposes and do not offer financial, legal, or insurance advice. The company is headquartered in East Coast, Southern US

WeGoLook

WeGoLook

WeGoLook is a mobile technology company that features a crowdsourced platform of more than 30,000 agents nationwide to accomplish on-demand field services, including custom tasking and inspections. The company's agents, known as "Lookers"​, collect field data, item pickup, photos, and video through the WeGoLook mobile app and/or complete custom taskings, such as document research, delivery, and more. WeGoLook focuses on verifying autos, properties, furniture, boats, antiques, electronics, heavy equipment, RV's, and other assets