Willis Towers Watson has introduced a new risk advisory service to enable CFOs and risk managers to cut volatility and reduce their total cost of risk.

Named Connected Risk Intelligence, the new product has been developed using IGLOO, a proprietary decision support system for the re/insurance sector.

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It offers advanced risk modelling and simulation capabilities, including dependency and correlation modelling to financial executives.

Further, the new service will help clients recognise how to take advantage of market inefficiencies, and enables them to optimise the balance between retained and transferred risk, the company claims.

Willis Towers Watson added that the new approach will enable users to take better informed decision about their risk finance strategy by providing them with a broad understanding of their risk portfolio.

“This process reduces volatility, improves costs and, ultimately, liberates capital for better uses. It aims to transform the perception of risk management from a cost centre to a value centre,” the company said in its press statement.

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Willis Towers Watson head of risk and analytics John Merkovsky said: “Today’s risk manager and CFO have only been able to view risk financing as individual transactions, compartmentalised by line of business.

“Connected Risk Intelligence is a combination of advanced modelling technology and our own optimization expertise, which will revolutionize the way organisations view risk management.

“By using Connected Risk Intelligence, we can help clients identify the combination of solutions that move their overall risk finance portfolio to the Efficient Frontier and exploit arbitrage opportunities along the way.”

Available for large corporate clients with complex risk portfolios, the new offering is being introduced at RIMS.