Published on 05-Nov-2012
"ERMIS significantly improves the University system’s ability to identify and manage risk. UC will be able to more effectively focus its risk management efforts and ultimately save the University money." - Grace Crickette, Chief Risk Officer, University of California
University of California - Office of the President
BA - Business Analytics, BA - Business Intelligence, BA - Risk Analytics, Big Data & Analytics, Big Data & Analytics: Risk
The University of California, the largest higher education institution in the world, applied IBM Smarter Analytics to significantly improve the enterprise risk information system for smarter decision-making.
The University of California needed a proper framework for its enterprise risk management. Its existing reporting and decision-support environment did not fully address the need of decision makers to understand the UC system’s level of risk.
UC engaged IBM to implement an Enterprise Risk Management Information System (ERMIS). The solution integrates previously siloed data to provide near real-time information to all levels of the university.
With ERMIS, the University of California Office of the President (UCOP) was able to reduce the cost of risk from around $18 per thousand of operating budget to around $13.43, translating to $493 million of return on insurance cost in 4years.
The system helps the university understand what drives subpar performance and costly losses. • By providing better and more current data and analytical tools, senior officials can better understand the return-on-investment (ROI) associated with various remediation strategies and tactics • Since better risk ratings translate into lower interest rates on debt, a 0.1% decrease in interest rate represents over $10 million in potential savings. Police Chiefs take reporting from a paper driven process to an automated process. They can see where they need to deply resources.
The University of California, the largest higher education institution in the world, applied Smarter Analytics to significantly improve the enterprise risk information system for smarter decision-making. With ERMIS, UCOP was able to reduce the cost of risk from around $18 per thousand of operating budget to around $13.43, translating to $493 million of return on insurance cost in 4years.
Products and services used
IBM products and services that were used in this case study.
Cognos Business Intelligence
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