Local Buy-In and Ease of Use for Global System
Legacy RMIS vendor
The Risk Management Department needed a comprehensive system for capturing insurable property values that would work for operations users all over the world and one that would record values in local currency. Further, the system needed to capture capacity in either square feet or square meters, while producing reports for executive management in a single currency and single unit of measure. The system also was required to be accessible and easy enough to operate so that all levels of the business could use it, from warehouse managers to CFOs.
- The traditional property module was expanded to capture property details beyond the COPE and insurable values needed by risk management, to encourage buy-in from local facility managers, and to provide them with a global platform for property management.
- The system was configured to capture all values in local currency, with a daily feed of exchange rates from SAP, to ensure consistent exchange rates for all financial reporting. This simplified the collection of insurable values and led to more consistent, reliable results.
- Exception reporting allowed Risk Management to quickly identify data quality issues and automated workflows alerted Risk Management any time a new property was added.
- Provided tools for local facility managers, such as detailed tracking of monthly lease values, UPS equipment and warehouse capacity, which led to rapid adoption across 37 countries and more timely exposure data collection for risk management.
- Provided a single worldwide system for property management, offering real-time reporting of available warehouse capacity and improved data quality for annual property insurance renewals.
- Captured property values in local currency, allowing year-over-year comparisons of total insured values to be converted to USD (United States Dollars) using current exchange rates so that insurable values aren’t distorted by exchange rate fluctuations from one year to the next.
Riskonnect streamlined data collection by capturing everything in local currency and units of measure, providing the ability to produce consolidated reports for executive management in a single currency and unit of measure. It encouraged rapid adoption with new tools to meet the needs of local users, and it provided risk management with more timely exposure data for renewals.