CHICAGO, March 21, 2012 /PRNewswire/ -- Business Insurance magazine recently recognized Aon Risk Solutions, the global risk management business of Aon Corporation (NYSE: AON), with a 2012 Innovation Award for the Aon Risk Maturity Index, a proprietary online tool created to empower risk and finance leaders to assess the level of development and implementation of their organization's risk management structure.
"Changing risk management standards, increased regulatory requirements, rating agency scrutiny and an amplified board focus on risk management all contribute to the growing desire for a tool or method to objectively quantify the viability and maturity of existing organizational risk frameworks," said Michael Joiner, associate director of enterprise risk management for Aon Global Risk Consulting. "We answered our clients' need for this information by developing the Aon Risk Maturity Index."
The index combines the expertise of multiple areas of the firm, including Aon Risk Solutions, Aon Global Risk Consulting and Aon Hewitt, into an easy-to-understand questionnaire on organizational capabilities and practices. Risk management, corporate governance and management decision processes are the focus of the questions and content. The Aon Risk Maturity Index is targeted to risk and finance leaders, although senior legal or business leaders may also participate.
Upon completion of the 30-35 minute questionnaire, the participant receives an immediate Risk Maturity Rating, along with commentary for potential improvements. Results are then further analyzed by the Aon Centre for Innovation and Analytics as well as consultants from Aon Global Risk Consulting's Enterprise Risk Management Practice and a comprehensive and complimentary Rating Report is delivered to the participant.
Introduced in the U.S. in April 2011, the Aon Risk Maturity Index has since been launched globally and will continue to capture data that can be used to drive insights, benchmark to industry and global standards and assist businesses in the development of their risk management frameworks.
Business Insurance's Innovation Awards, which recognize innovation by insurance and risk management service providers, were presented during the Business Insurance Risk Management Summit® held Feb. 29-March 1 in New York. The winning entries were selected by an independent panel of judges, including Julie A. Bean, risk manager at The Duchossois Group; Ron Cooley, director of risk management at W.W.