Which term is similar to the actuarial methods used by insurance companies to assess risks?

The term that is similar to the actuarial methods used by insurance companies to assess risks is business analytics. Business analytics involves the systematic analysis of data to drive informed decision-making and strategic management. It encompasses various techniques like statistical analysis, predictive modeling, and data mining, which are essential for understanding and mitigating risks in various business contexts, much like how actuarial methods assess risks in insurance.

Actuarial methods focus on evaluating the likelihood of future events and their financial implications. Similarly, business analytics relies on data analysis to forecast outcomes, identify trends, and create strategies that can minimize potential risks and maximize opportunities. Through the use of historical data and analytical tools, businesses can assess various risks—financial, operational, and market-related—effectively akin to how insurance companies determine premium pricing and reserve requirements based on risk assessment.

Strategic planning, information systems, and research and development are related to broader organizational strategies and initiatives but do not specifically focus on the detailed analysis and predictive assessment of risks as business analytics does. Therefore, business analytics is indeed the most appropriate term that parallels the actuarial methods used in the insurance industry.