Modernize HR data strategy to address cybersecurity risks – Mercer
Most employers leverage health care claims data today to set budgets, monitor experience and understand key cost drivers. Many also draw on information from other parts of their benefit ecosystem such as clinical management and disability programs, and even incorporate work performance data to obtain a more holistic understanding of employee health and well-being and how it affects the organization.
The value of data is growing rapidly with the thoughtful application of Artificial Intelligence and machine learning algorithms. In the benefits arena, these tools allow not only a deeper understanding of utilization and cost drivers, but a way to assess the impact of interventions designed to optimize investments in employee health. If you haven’t updated your Human Resources data strategy recently – very recently – you may be missing important opportunities.
Explore the opportunities
Non-generative AI and machine learning can make data ingestion more efficient and help employers analyze historical and real-time data to forecast future events and behaviors – which can enhance decision-making and strategic planning. As employers make company-wide AI investments, benefits departments will want to position themselves to take advantage of these opportunities. Here are some ways to get started:
Support fiduciary responsibilities
While fiduciary risks for ERISA plan sponsors are not new, transparency requirements, high-profile lawsuits, and increased audit activity by the U.S. Department of Labor may heighten fiduciary risk. Now is an ideal time to assess the role data can play to help employers meet their fiduciary responsibilities.
Employers can use data to:
As always, ensure that any use of data that is personal health information complies with HIPAA requirements.
Address cybersecurity risks
As data becomes ever more valuable, employers should be mindful of new cybersecurity risks and regularly review their data management strategies, including under HIPAA’s security provisions. The growing number of threats – along with the DOL’s position that mitigation of cybersecurity risks is a fiduciary responsibility – merit increased attention.
There are countless opportunities to use data appropriately and effectively in the HR space – in fact, not doing so will likely result in missing opportunities to improve your benefits offerings and, ultimately, your core business. Building secure data environments with trusted partners must be considered a fundamental part of your business – you’ll need to work with legal counsel to ensure that your data strategy complies with all laws and regulatory developments at the state and federal level, including HIPAA. Don’t delay – now is the time to refresh your benefits data strategy to optimize program performance and minimize risks.
This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
The value of data is growing rapidly with the thoughtful application of Artificial Intelligence and machine learning algorithms. In the benefits arena, these tools allow not only a deeper understanding of utilization and cost drivers, but a way to assess the impact of interventions designed to optimize investments in employee health. If you haven’t updated your Human Resources data strategy recently – very recently – you may be missing important opportunities.
Explore the opportunities
Non-generative AI and machine learning can make data ingestion more efficient and help employers analyze historical and real-time data to forecast future events and behaviors – which can enhance decision-making and strategic planning. As employers make company-wide AI investments, benefits departments will want to position themselves to take advantage of these opportunities. Here are some ways to get started:
Support fiduciary responsibilities
While fiduciary risks for ERISA plan sponsors are not new, transparency requirements, high-profile lawsuits, and increased audit activity by the U.S. Department of Labor may heighten fiduciary risk. Now is an ideal time to assess the role data can play to help employers meet their fiduciary responsibilities.
Employers can use data to:
As always, ensure that any use of data that is personal health information complies with HIPAA requirements.
Address cybersecurity risks
As data becomes ever more valuable, employers should be mindful of new cybersecurity risks and regularly review their data management strategies, including under HIPAA’s security provisions. The growing number of threats – along with the DOL’s position that mitigation of cybersecurity risks is a fiduciary responsibility – merit increased attention.
There are countless opportunities to use data appropriately and effectively in the HR space – in fact, not doing so will likely result in missing opportunities to improve your benefits offerings and, ultimately, your core business. Building secure data environments with trusted partners must be considered a fundamental part of your business – you’ll need to work with legal counsel to ensure that your data strategy complies with all laws and regulatory developments at the state and federal level, including HIPAA. Don’t delay – now is the time to refresh your benefits data strategy to optimize program performance and minimize risks.
This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
