Risk management exists to identify, mitigate and manage events that can threaten the operational viability of an organization. If Risk Managers do not have line of sight to their risks, they cannot manage them [...]
Too often companies get stuck “making do” with spreadsheets and other outdated tools because, well, that’s the way it’s always been done. Having the right tool makes any job easier, and managing risk is no [...]
Traditional risk management reporting is a cumbersome, time-consuming process. Numbers are entered into a spreadsheet, those spreadsheets are combined with others from different sources, and – eventually – a report gets generated. Corresponding pie [...]
Many Risk Managers regularly rely on their brokers or even their carriers to answer questions about their insurance program such as, “Do I have enough coverage for this new claim that came in?” or [...]
“We need to do an ROI analysis.” I have either heard or said that phrase thousands of times throughout my career. I have performed hundreds of them — some extremely complex, some not as detailed, [...]
A Risk Management Information System (RMIS) is a big investment of time, effort, and money. When your new system finally goes live — whether in its entirety or just a new piece of functionality [...]
A RMIS can help management make accurate, insightful decisions about risk and predict future financial obligations. But the software itself can only go so far. Having the right data, people, and processes in place [...]
If you’re like most in risk management, you probably spend hours requesting, consolidating, and analyzing data from multiple sources in hopes of spotting a variance in exposure data or an underlying trend hidden in [...]
Collecting values sounds so simple: Send spreadsheets to those in the field to complete, copy and paste the responses together in a spreadsheet, and submit the results for renewal. What could be easier? In the [...]
If the mere thought of collecting values is enough to send shivers down your spine, you aren’t alone. The values collection process is notorious for inspiring dread among risk managers everywhere. And that’s no wonder [...]
Are you still spending hours trying to consolidate your renewal data into spreadsheets and manually extract data from numerous sources to get meaningful reports – all the while hoping that the information is accurate [...]
Technology, service and features are important things to consider when purchasing a RMIS (Risk Management Information System); however, that is just the start. Understanding your needs, knowing what your stakeholders demand, and selecting the right [...]
