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Active Loss Prevention initiative

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Participation

The Active Loss Prevention initiative brings together for the first time the legal, audit and insurance professions to work with IT buyers and suppliers. This unique collaboration will ensure strongly business driven solutions, where technology is the enabler but not the driver. 

Why Active Loss Prevention is important? 

Below are a few of the reasons that came out of the discussions in the first Active Loss Prevention workshop (October 2001) 

• Insurers need common information, terms and methods of understanding and assessing risk
• Businesses- threats and attacks reported daily. Threats of terrorist attack now a stark reality - 'Digital Pearl Harbor' 
• Lawyers need easier ways of defining liability and it's boundaries
• Lawyers also need tools to communicate liability, insurance, contract and risk information 
• Audit professionals use complex tools to define or quantify risk exposure, this needs more automation and greater ease of communicating the results
• Governments require access to information and also assurance that industry is regulating itself appropriately 
• Education & training - skills shortages and a general lack of awareness of the issues surrounding the hype of eBusiness. 

By achieving the vision of Active Loss Prevention, the infrastructure that enables eBusiness will become more closely aligned to the needs of business. It will also support the future demands for increased "trust" or confidence in it as the world economy relies further on eBusiness to sustain globalization programs and growth.

Risk management 

The initiative does not aim to eliminate risk, but to enable the creation of risk profiles for companies. These profiles in turn will help insurers offer appropriate insurance and lawyers to define liability boundaries. This risk information can then be communicated in a standard form.

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