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.

[1] 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:

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?
    This is a important area where managing uncertainty can add measurably value.
  • Intelligent controls incorporate cause-effect interventions, learning, exploitation of statistical laws and much more. Buy the book.

[2] 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.

[3] 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.

See Customer propositions for advisers, insurers and reinsurers for more.

[4] 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: