Strategic Risk Advisors

Strategic Risk Advisors

4701 Cox Road
Glenn Allen, VA 23060


Contact: Gary Preysner


P (203) 848-9786

Company Description

Description of Product or Services you would like to promote in the Association:

Strategic Risk Associates is the largest InsurTech/FinTech focused on the Enterprise Risk Management (ERM) area.  Unlike other ERM providers who have developed Risk Registers or GRC (Governance, Regulatory, Compliance) applications which merely inventory enterprise risk, our application, called Watchtower, synthesizes and monitors risk at the C-suite and Board level.  As such, it provides insights into the changing risk posture of the company using it and allows effective monitoring of enterprise risk.  Watchtower is our flagship product and it would be helpful for carriers, reinsurers, and any transactional counter party in managing due diligence and ongoing financial review.  Additionally, we have a robust application that companies have found very helpful in assessing their existing level of Risk Maturity and developing an action plan for targeted upgrading of their capabilities.  Both of these products have been customized specifically for the P&C industry, and can be used out of the box for any industry participant.

How does your product or service specifically target/benefit Program Administrators:

The risk landscape has grown increasingly complex due to COVID, economic and political disruptions, and war.  Risk events have sped past the ability of companies to evaluate, monitor, and determine how to respond to mitigate their positions and provide assurance to their financial and business partners that the company understands and indeed "manages" its enterprise risks.  Watchtower was designed to do this and provide simplified reporting to the C-suite and Board on current risk posture, change from period to period, progress in implementing mitigation plans, etc.  Specifically for Program Administrators, Watchtower can provide confidence to others regarding your internal risk and operational capabilities, both streamlining the due diligence process with carriers and re-insurers, and also significantly reducing the time it takes to conduct a re-evaulation or update.  Since this process is currently an intensely manual one, we see significant value creation to be gained by all program business participants.  Watchtower also has capabilities to accept external data feeds from industry sources, allowing both internal constituents and external parties to review an entity's risk position in real time, provided that they have been granted persmission.  Watchtower is role and permission based, and is regularly graded for security, encryption, penetrability, etc. by many of the most sophisticated financial institutions in the US.

What differentiates your product from others in the marketplace?

As best as we can tell, there is no comparable product to Watchtower.  Although others have built GRCs or Risk Registers, our application is the only one designed specifically to view an enterprise's risk landscape from the perspective of a Board, CEO, Due Diligence partner, or financial counter-party.  This perspective has typically been provided to Board Risk Management Committees through intensely manual efforts, integrating multiple spreadsheets and assembling reports by hand.  As a result, the majority of Risk Committee efforts revolve around creating the data rather than actually understanding, analyzing, and monitoring progresss documents in the reports.  Watchtower reverses the process from 80% report preparation and 20% analysis to 90% analysis after <10% preparation.  In the words of one client, Watchtower changes the risk culture from one of hindsight to one of foresight, so that risks can be anticipated and avoided rather than subsequently controlled and mitigated.