Aon Risk Maturity Index earns Business Insurance Innovation Award

Tool empowers risk and finance leaders to assess development and implementation of risk management structure

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Mar 21, 2012, 01:30 ET

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.

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"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. Grainger; Amy Templeton, risk manager at Komatsu America Corp.; Stephan Upshaw, vice president of risk management at Equity Residential and Richard Rabs, vice president of claims and risk management at Veolia Transportation.

"At Aon Risk Solutions, we empower organizations to achieve their business objectives supported by a fact-based approach to risk management," said Steve McGill, chairman and chief executive officer of Aon Risk Solutions. "The Aon Risk Maturity Index is the latest example of our investment in innovation on behalf of clients, and we appreciate the recognition of the Business Insurance Innovation Award panel of risk management professionals."

There is no cost associated with participating in the index, which is open to all organizations, regardless if they are an Aon client. For more information on the Aon Risk Maturity Index or to request to participate, visit http://www.aon.com/riskmaturityindex.

To learn about the link confirmed by the Wharton School between financial performance and risk management maturity, visit http://aon.mediaroom.com/index.php?s=43&item=2398.

This is the third year Business Insurance has presented the Innovation Awards. Last year, Aon Risk Solutions' Litigation Analysis, Mitigation and Benchmarking of Defense Attorneys solution, known as LAMBDA, was recognized with an Innovation Award. LAMBDA enables risk managers to improve their organizations' total cost of risk by identifying which legal defense firms provide the best outcomes at the optimal fee. In 2010, Aon Risk Solutions' Aon Global Risk Insight Platform® and Aon Benfield's FAConnect(SM) received Innovation Awards for their technology solutions.

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About Aon
Aon Corporation (NYSE:AON) is the leading global provider of risk management, insurance and reinsurance brokerage, and human resources solutions and outsourcing services. Through its more than 61,000 colleagues worldwide, Aon unites to empower results for clients in over 120 countries via innovative and effective risk and people solutions and through industry-leading global resources and technical expertise. Aon has been named repeatedly as the world's best broker, best insurance intermediary, reinsurance intermediary, captives manager and best employee benefits consulting firm by multiple industry sources. Visit http://www.aon.com for more information on Aon and http://www.aon.com/manchesterunited to learn about Aon's global partnership and shirt sponsorship with Manchester United.