US broker Protecdiv launches new ERM scoring system

US broker Protecdiv has launched an enterprise risk management (ERM) system, which scores all enterprise risk exposures a business faces and maps out ways to mitigate threats and boost the rating.

Protecdiv said Permmanence is a next-generation ERM tool that allows clients to assess the overall risk management of their business, looking at how a business operates, underwrites and invests, as well as how the company manages its data.

“One of the key elements is the Permmanence™ score, an objective measure of all sources of a business’s enterprise risk exposure and its means of managing those risks,” Protecdiv said.

It explained that this score is based on insurable risks, potentially insurable risks and uninsurable risks. Protecdiv then works with clients to identify steps that will raise the risk score and improve their ERM programme.

Kael Coleman, CEO at Protecdiv, said: “Over the past year, there has been an increase in desire and requirements for businesses to ensure they have effective risk management programmes. While many businesses place their ERM focus on the insurable risks, Permmanence™ has been developed to meet the needs of clients who want to manage their risk more comprehensively.”

Cate DelaCruz, senior director of analytics at Protecdiv, added: “Permmanence™ allows all stakeholders in a company’s performance – chief executives, data managers, business leads and more – to assess their business’s exposure to risk, component by component and company-wide. Moreover, it helps increase communication within the business, which improves the company’s overall risk management culture.”