Transformaction is a consultancy specialising in value creation and effective risk management. With more than 20 years' commercial experience, we can supply the business insight you need, using evidence-based methods and smart tools. Our services include:
- Effective and efficient risk management: Risk management with edge: savvy risk registers, smart models, intelligent controls.
- RECAL – the savvy online risk register: More than software. Better risk management. A teaser | RECAL key features.
- Proposition development for insurance companies: Product development, pricing, underwriting, reinsurance. Classic stuff.
- Applied analytics: Upgrade product and process design. Improve marketing and fraud detection.
We build things. We bring passion, drive and experience to everything we do
- RECAL: the savvy online risk register : with 4 tables and 5 modes, RECAL is risk-intelligent, not fancy software.
- LoveActuary : Online scoring of actuarial candidates versus roles – a "teaser" pointing to RECAL benefits and features.
- APT – adviser profitability tool : for use by advisers and insurers.
- ADOPT – a direct office profit test : primarily for use by reinsurers to test the effect of their terms.
- SmartQuote : a web-based insurance quote tool – multi-insurer and multi-benefit with a "pseudo advice" capability.
 Effective and efficient risk management
We can set up, improve or repair your risk management: frameworks, processes, policies, risk registers, controls – the lot!
4A risk management: our sister website
4arm.co.uk is dedicated entirely to risk and uncertainty management. Introductory links:
Effective by design
Our designs emphasise doing the right things; others have pointed out the importance of avoiding conceptual and behavioural flaws:
- A gigantic risk management entertainment system warns against being the Xbox of risk management.
- A risk register is the siren song of risk management effectively warns us not to automate stupidity – even when it looks good.
We believe risk management should focus on stakeholders, especially shareholders. We emphasise franchise value over loss prevention.
Efficient risk management: 3 ninja tools
- Savvy risk registers are useful by design and technically robust, going beyond "bad things that happen" and probability-impact.
- Smart models outperform risk registers in some areas e.g. quantifying key factors, allowing for interactions and dependencies.
- Estimation: What are the main areas of uncertainty? Can these be reduced economically i.e. to improve profits or stakeholder benefits?
- Sizing: Given the remaining uncertainty, what level of commitment does the new deal or project merit? How can we compare alternatives?
- Intelligent controls incorporate cause-effect interventions, learning, exploitation of statistical laws and much more. Buy the book.
 Software – RECAL – the savvy online risk register
Simple 4-table structure
|Table||Content||RECAL||Your risk register|
|Risks||Just a table of risks – but learn how we make it shine.|
|Events||Aka incidents or "bad things that (nearly?) happened" – linked to risks.|
|Controls||This table gets away from various controls combined into a spreadsheet cell.|
|Actions||Separate tables, so controls and actions can be compared and structured.|
These tables fit together seamlessly. The "risks" table connects to the other 3 tables; each event and control has a corresponding risk, while actions can arise from events (e.g. put something right), controls (improve a control) or directly from a risk (change the risk owner, introduce a new control etc). Instead of lots of control-related text in an Excel cell we have three columns which contain the number of events, controls and actions (for each risk). Drilling down is possible. A risk-control matrix facilitates managing risks versus controls.
5 modes for real world risk management work
A risk register should be a superb risk administration tool. It should enable us to keep track of risk-related information, comparisons and health checks should be easy. Consider two:
- Likely errors: e.g. "orphan" controls without a parent risk, orphan actions or where "net risks" are more than "gross risks".
- Human bias: RECAL compares risk assessments, number of controls, events etc between risk owner. Highlight potential outliers or bias.
|Mode||Purpose||RECAL||Your risk register|
|Analysis||Basic views with sorting and filtering, as per Excel, but perhaps easier.|
|AddChangeDelete||Add, update and delete items. Can be restricted using administration mode.|
|Advanced||Summaries, consistency and health checks, time series for (e.g.) risk score.|
|Audit||Reproduce any past result. Examine changes between two points in time.|
|Administration||Content and appearance of output, permissions and security.|
 Proposition development for insurance companies
We develop protection offerings within the individual life insurance sector, where we have many years' experience with market leaders.
- Maximising value: Getting and staying ahead in a competitive price-driven market.
- Smarter pricing: Getting the "right" expense loadings, uncovering (non-priced) risk factors etc.
- Reinsurance support: Despite changes, appropriate reinsurance remains key for providers. Reinsurers: watch the winner's curse.
 Applied analytics
We help companies make evidence-based decisions, using models and analytics.
- Acqusition and retention: Converting enquirers into customers – then retaining them and encouraging repeat purchases.
- Medical and financial underwriting: Building and enhancing e-underwriting systems. Automatically identify "outlier" decisions.
- Intermediary and agent management: Investigating business mix and non-disclosure. Spot the "agent effect".
Our white papers and case studies include: