In today's interconnected, fragile world, playing with a deck stacked with risk data – or bereft of them – can affect an enterprise down to its foundations. One mistake in one column in one risk manager's spreadsheet can impact a public company's earnings, as happened in real life when one significant company (which shall remain nameless) had to restate its earnings because they were based on erroneous loss and premium calculations.
So the importance of data is obvious. The trump card, however, is knowing how to get that accurate, reliable data.
Some risk managers may still be fiddling with multiple spreadsheets spread across their entire enterprise across departments, operational silos and national borders. They may be seeking data from multiple third-party administrators and carriers, each with varying levels of data and IT quality. Risk management information systems (RMIS), on the other hand, were created to overcome these challenges by serving as a unified source of accurate and reliable data.
The challenge for us who provide these tools is to explain how a RMIS delivers that wealth of accurate, reliable data ... without being too technical. With that in mind, we turn to the great communications equalizer, the bullet point, to explain the ways in which an exceptional risk management information system does so:
We hope that helps to explain how it's possible that a RMIS like RiskConsole can deliver accurate data, reliably time and again without the risk of any jokers. But if not, please send us a question about data management and we'll answer it in our best non-technical voice possible. We look forward to it.