RISKONNECT BLOG
Welcome to Riskonnect, the place where risk and compliance professionals can find expert advice, practical tips, and useful information to do their jobs easier, faster, and and more effectively.
The California Consumer Privacy Act (CCPA)
The California Consumer Privacy Act (CCPA): What risk and compliance managers need to know. The California Consumer Privacy Act (CCPA) will go into effect on January 1, 2020 – and it’s expected to be the toughest data privacy law in the United States. Are you prepared? Concerns over cost and not being ready are widespread. There are always monetary [...]
Is an Investment in Integrated Risk Management Technology Worth It?
Risk and compliance professionals instinctively know that technology can improve efficiency and provide more timely and accurate data for insightful decision-making – but hard data on the expected return on investment has historically been [...]
Is Your ERM Program Truly Enterprise-wide? If Not, You Aren’t Alone
Many organizations’ enterprise risk management capabilities aren’t as integrated as they need to be, leaving them vulnerable to legal, financial, regulatory, and reputational risks, according to a new governance, risk, and compliance benchmark report, [...]
8 Reasons Why You Should Ditch Your Legacy Risk Software
Your risk software was probably great when it was launched all those years ago. Spectacular even. But how’s it working for you lately? The world of risk management is changing fast. What worked [...]
4 Steps to Supercharge Your Risk Management Processes Today
You may think a Risk Management Information System (RMIS) will solve all of your broken risk management processes. But I’m going to let you in on a little secret…it won’t. The only way [...]
11 Questions to Help You Decide If a RMIS is Worth the Investment
A Risk Management Information System (RMIS) is a significant investment. Like other functional technologies, for example: CRM, supply chain or HR benefits systems, there is a logical point in a risk management function’s [...]
Successfully Implementing a New System Within Your Organization
According to IAG Consulting, only 32% of all IT projects are completed successfully. This means that 2/3 of all technology projects fail!! Here are a few reasons why system implementations can get derailed by [...]
Why Managing Risk with Spreadsheets is Risky
The cost of spreadsheet errors ranges from embarrassing to catastrophic – from money lost to bruised reputations. Major financial services companies to top tier universities have suffered public damage because of spreadsheet errors. Something [...]
Establishing Healthcare Risk Analytics
Data can be daunting especially for risk managers and patient safety professionals who deal with vast amounts of data from many different systems. Add to that the complexities of consolidating data and then transforming [...]
Purchasing a RMIS? 4 Key Topics to Cover During Your Demo
Has your organization made the decision to purchase a Risk Management Information System (RMIS)? If so, you are probably in the process of narrowing down potential vendors. An important step in this process is [...]
Considerations for Your Claims Administration Software
You’ve made the decision to self-administer some or all of your insurance claims and now you need to decide on which claims administration software best meets your needs. But where do you start? [...]
5 Reasons Why 82% of Risk Managers Use a RMIS
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 [...]
Claims Self-Administration: To Be Or Not To Be?
The decision to self-administer claims should not be made lightly nor quickly by any organization. Claims self-administration requires taking full control of the claims handling function in-house versus leveraging the stability and expertise of [...]
5 Best Software Tools for Managing Risk
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 [...]
The Key to Unlocking Strategic Intelligence in Your Risk Data
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 [...]
5 Ways a RMIS Can Help You Proactively Manage Your Insurance Program
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 [...]
Why Insurance Data Governance Should Be Your Priority
The insurance industry uses data analytics to support its critical business decisions –i.e. whether to provide an organization coverage, what types of coverage to underwrite, and what level of premiums to set. All [...]
How to Knock Your Claims Software Implementation Out of the Park
Your claims administration software contract has been finalized and signed. Now what? How do you go from looking at claims administration software vendors for the past six months to actually using claims administration software [...]
Harnessing Risk Management
Download a copy of our whitepaper: Harnessing Risk Management. An exploration of the latest thinking around business risk, addressing specific issues faced by financial services firms, such as the high degree of regulatory [...]
6 Tips for Performing a Successful Root Cause Analysis
Root Cause Analysis (RCA) gets to the bottom of an issue so that action can be taken to fix it permanently. By systematically peeling away layers of causes and effects, RCA identifies breakdowns in [...]
How to Apply Lean Principles to Root Out Waste in Your Claims Process
Incorrectly coded claims, paper forms, missing claim information, and physically walking files over to another department all add time and effort to the claims process. What’s not added is value. A few seconds here, [...]
Drive Your Costs Down By Collecting Incidents With Your RMIS
Risk Management Information Systems (RMIS) were initially developed as a way for organizations to consolidate data from multiple sources into one platform. This meant your incidents and claims were reported directly to your carrier [...]
3 Easy Steps to Improve Incident Reporting
The health care industry has come a long way from the days when incident reports were not routinely filed. Due to the emergence of intuitive and accessible technology, this is a thing of the [...]
The Case for Integrating Safety and Risk
Risk management is the star of the show at many organizations. Safety management, meanwhile, is often treated more like the poor stepchild, begging for attention and resources. While this doesn’t necessarily mean that safety [...]
The Common Sense ROI Approach
“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 [...]
3 Keys to RMIS Implementation Success
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 [...]
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