Online Risk Assessment Blog

How the Rise of Robo-advisors will Impact Human Risk Advisors

Posted by Charlie Sidoti on May 11, 2016 6:30:00 AM

roboadvisor.jpg
Robo-advisors are taking over Fintech.  Even wealth advisors (the human ones) are armed with highly automated tools that generate client specific reports at the touch of a button. A lot of what you can get from humans are being offered directly from machine to consumer. 
 
The insurance industry is following lead of banking and investment firms. Millennials don't want to talk to a human who is going to sell them insurance. They are used to machines knowing their preferences and needs and serving up advice that supports their decision-making. Online brokers are trending in that direction. Firms like Policy Genius are offering online  
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Topics: process improvement, risk management, automated risk assessments, risk consulting

How Small Data Drives Risk and Risk Management

Posted by Charlie Sidoti on Jun 17, 2015 1:16:00 PM

Small Data
We have written a lot about scaling expertise and we love big data. The reason big data is important is because it includes a lot of small data. Big data analytics is often about sifting and sorting and presenting the most compelling nsights. Insights that come from trends and data correlation identified through a variety of predictive analytic and data visualization techniques.  
It is important to step back and think about why small data is so critical for operational risk and risk management.
Some reasons include:
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Topics: process improvement, risk management, automated risk assessments

Managing Risk in a Complex Environment

Posted by Charlie Sidoti on Apr 14, 2015 6:00:00 AM

Risk_GuyRisk management theory is simple enough. Identify and analyze risks and then choose appropriate risk treatments based on the organizations tolerance for risk.  Risk management practice, however, in a complex world poses significant challenges. 

Effective risk assessment often requires data collection across geographically diverse and complex business chains. Effective risk analysis requires operational, risk management, compliance and governance expertise. Even if you are adroit enough to analyze individual risks properly the analysis can be lost as information is aggregated across an enterprise or are communicated through external business chains. 
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Topics: process improvement, risk management, Pharmaceutical GDP

Current GDP Practices in Pharma Industry

Posted by Charlie Sidoti on Mar 23, 2015 4:10:00 PM

planttopatientAs many of you are aware, there are big regulatory changes happening in the EU with regards to Good Distribution Practices in the Pharmaceutical Industry. It all started back in 2011 when the EU posted revised commission guidelines on Good Distribution Practice of Medicinal Products for Human Use. They determined that the previously documented guidelines from 1994 were no longer adequate and they needed to be revised.

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Topics: process improvement

Start Every Consulting Engagement with an Assessment

Posted by Charlie Sidoti on Mar 11, 2015 9:38:00 AM

best_practiceIf you are a consultant, you know that you only know the answers to the questions that you ask. If questions don't get asked, you can't understand all the things that need to be fixed. This makes it hard to scope projects, know how much to bill, and make sure that you don't loose sight of the end goal. The best way to uncover everything you need to know is to start each engagement with a consistent assessment. A good assessment will:

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Topics: online assessments

What can a gap analysis do for your distribution practices

Posted by Charlie Sidoti on Feb 23, 2015 9:40:00 AM


A Gap Analysis Uncovers Areas for ImprovementGAP analysis

The most obvious reason to do a gap analysis is to gain insight on the nature of gaps in performance and how to close them. A good analysis will identify gaps and potential corrective actions, but they should also provide the reader context and a sense of the scope of the gaps identified. Some context areas include:

  • Industry Best Practices
  • Peer Average
  • Target Performance Objectives
  • Actual Performance
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Topics: automated risk assessments, specialty insurance assessments, Pharmaceutical GDP

Pharmaceutical Distribution Practice Gaps

Posted by Charlie Sidoti on Jul 8, 2014 10:59:31 AM


Distribution Practice Gaps: Where to Start?gap

Due to new government regulations, pharmaceutical and biotech firms are forced to improve the efficiency and security of their supply chains. The gaps in these distribution channels become clear, not only to the organizations but to the regulators as well. As these manufacturers focus their attention on the safety and security of their drugs from plant to patient, the ability to prioritize and close these gaps becomes more and more important.

The challenge lies in the ability to get a clear and complete picture of the supply chain. And, in many cases, organizations will use Business Process Assessments (BPA's) that are conducted at a point in time and they cover a defined operational and/or geographical scope of activity. But, there are limitations caused by BPA's:

  • Too specific
  • Size doesn't equal importance
  • Biases

These three flaws hinder an organizations ability to succesfully prioritize and close the gaps in their pharmaceutical supply chain.

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Topics: automated risk assessments, Pharmaceutical GDP

Prevent, Don’t React to Your Damaged Drugs

Posted by Charlie Sidoti on May 12, 2014 2:00:00 PM

right20track20wrong20track

Pharmaceutical companies have to protect their drugs. Today, drug companies react to damage, instead of trying to prevent them from being ruined. And, one of the easiest ways to do that is to understand everything that a drug goes through as it makes its way from plant to patient. If you understand where your drugs go, you can prevent any potential problems. This way, you'll never have a shipment of newly approved and released drugs sitting on a tarmac in Arizona in August being ruined by the heat.

There are a couple of reasons why this is hard to do:

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Topics: online assessments, process improvement

From Plant to Patient: Create a Comprehensive Distribution Plan

Posted by Charlie Sidoti on May 1, 2014 2:05:26 PM

GlobeLife Sciences companies spend a lot of time and money producing the drugs that help save lives. But, much of that money is spent in the manufacturing process, what happens to the drugs once they leave the plant?

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Topics: online assessments, process improvement

Best Practices: Distribution of Pharmacuticals

Posted by Charlie Sidoti on Feb 6, 2014 12:06:23 PM

Container+ShipIn the world of Pharma & Biotech, a lot of emphasis is placed on the quality of the manufacturing process. Obviously, it's an important part of the medical technology industry. Without proper manufacturing, these companies don't exist. But, how does the product, once it's so carefully manufactured get from the manufacturing facility to the patient? And, what if something happens along the way? How can Biotech and pharmaceutical companies and their insurance providers be confident that their products are safe and secure as they travel through complex distribution channels?

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Topics: process improvement, insurance assessments