Drive results and operational excellence
By understanding your objectives and goals, they can be translated into the required metrics to be tracked with Ventiv. With our flexible platform, existing modules can be adapted to capture the precise metrics you need and you can automatically incorporate external business data too.
Typical performance indicators include:
Overall link risk management to your organization’s big-picture strategy and objectives.
Monitoring your progress to performance indicators once a year does not allow for responsive decision making. Ventiv allows you to consolidate automatically all the required elements for your performance indicators, whether internal to Ventiv or from external systems.
With the powerful analytics available you can keep a constant eye on progress and make proactive decision making when refinements are needed to keep on track.
Measure and communicate the value that risk management brings to your enterprise whether for your cost of risk or performance of risk in relation to business or your external vendors. With clearly set performance indicators aligned with your organization’s objectives you can clearly communicate progress and value whether at the corporate level, business unit level or with your vendors.
Ventiv empowers you to make a positive contribution to organizational change. By providing stakeholders with the right information at the right time, presented in a highly relevant, usable format, Ventiv supports the establishment of transparent accountabilities.
Transparency accrues directly to the bottom line via insightful risk analyses that lead to process improvements and better control over expenses, information, and risk exposure, which in turn facilitates favorable insurance renewal terms, and other soft-cost reductions.
By moving to an objective and performance directed risk management process, you can establish a culture of best practice and continuous improvement. Decision making across the board will become based on actionable insights and move from reactive to proactive.
Benchmarks can be established, most likely internal unless relevant external are available, so everyone know how they are performing to standard and actions taken to improve where necessary.
All leading to reduced volatility, better protection of company assets, and more efficient use and allocation of capital.
Total cost of risk, or TCOR, is still not a widely used metric in the risk management field. I wonder why? Maybe because it is hard to derive and fully understand, and maybe it isn’t considered a...Read more
Many companies already have risk management strategies in place. Managers of these companies may wonder how a risk management information system, or RMIS, can help them improve their processes...Read more