Insurance Company Risk Management Case Study

Case Study: National Insurance Company Enhances IT Risk Management

Summary: The CIO (Chief Information Officer) of a national insurance company requested a comprehensive review of the organization’s businesses, their IT operations, and the risks associated with these operations. A project management team worked with the CIO and his senior management team to complete a thorough IT risk assessment.

Company: National insurance company providing a diverse portfolio of innovative life and health insurance products.

Challenges: A comprehensive, organization-wide IT risk assessment needed to be completed. This necessitated a collaborative approach in which a project management team would work with the company’s CIO, senior management personnel, and IT department for a successful project outcome.

Solution: A project management team of professionals was assembled to perform a company-wide IT risk assessment. Working collaboratively with the organization’s CIO and senior management team, the project management team began the process of understanding the nature and extent of the business IT operations by reviewing provided documentation and interviewing senior management personnel.

The project management team conducted risk assessment workshops with key company employees to accurately assess the risk environment to identify and measure risks. Additionally, a process was implemented to identify action plans for mitigating and managing risks.

The project management team successfully developed and reviewed the IT risk assessment and management plan with the CIO and senior management personnel. Due to the collaborative approach, the risk management assessment and plan was well accepted, making it effective at all levels of the company.