Steadfast Risk Group’s tool aims to assist businesses in identifying and understanding key operational risks in a more “structured and manageable” way, the broker network said in a press release shared with Insurance Business.
Martyn Thompson, executive general manager of corporate development at Steadfast, said that having excellent enterprise risk management practice can help businesses by creating a “more risk-aware culture”. This means that employees are more prepared to make decisions and take action when facing a threat, according to the executive general manager.
“Traditionally, enterprise risk management has mostly been adopted by large and mid-market sized organisations whose strategic needs require better risk visibility and control,” Thompson said. “However, today, there are all kinds of businesses incorporating ERM into their everyday operations, no matter how small or large the organisation.”
According to Steadfast, features of iMonitorRisk include:
“iMonitorRisk is a real game changer for brokers as it can help shift from a transactional exchange with their clients to a value-added service model where a client's success and business continuity is the core focus,” Thompson said.
iMonitorRisk is available to the Steadfast broker network.
Also in June, Steadfast announced the sale of its Underwriter Central and Insurance Connect businesses to insurtech JAVLN.
JAVLN is one of the winners of Global 5-Star Technology and Software Providers. Learn more the other awardees of this year's Top Insurtech Companies in Australia in IB's special report.
