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How IRM Software Helps Airlines Ensure Compliance and Reduce Costs

Stuart Rose

Control claim costs and expenses, reduce premium payments, and ensure compliance with Ventiv’s Integrated Risk Management Software

In the highly regulated and competitive aviation industry, airlines must overcome numerous hurdles in maintaining compliance with ever-evolving regulations and minimizing costs. Properly managing risk in aviation presents a host of challenges, and knowing where to start to ensure your bases are covered can often be mystifying. With so many regulations it’s easy for airlines to make missteps in comprehensive risk management planning.

However, Ventiv's Integrated Risk Management Software offers a comprehensive solution to help airlines streamline their compliance processes, improve reporting capabilities, and adapt to jurisdictional changes efficiently. By addressing critical pain points and incorporating advanced features, Ventiv’s comprehensive IRM software empowers airlines to achieve compliance, reduce costs, and enhance operational efficiency. Here are three ways airlines can ensure compliance and reduce costs with IRM software. 

Simplify Third-Party Integrations With Comprehensive IRM Software 

Maintaining airline compliance is challenging and extremely time-consuming, and can lead to eye-watering fines if done poorly. But even with emerging technologies, compliance-related tasks often require labor-intensive manual processes, leading to increased costs and complexities associated with multiple third-party vendors. An integrated solution like Ventiv's IRM software overcomes the challenges of organizing third-party data sources and provides a range of key features to address these integration pain points effectively. With an embedded compliance module, airlines gain a single touchpoint for all compliance needs, eliminating the need for multiple vendors. This integration simplifies support services, saving valuable time and resources.

Moreover, Ventiv offers a unique advantage through a single vendor contract with no transactional fees. By consolidating third-party integrations, airlines can significantly reduce compliance costs. In fact, by eliminating third parties and transaction fees, airlines  can expect to save more than $200,000 per year. Ventiv's fully integrated interface with major bill review providers and other systems ensures seamless data transfer, enhancing efficiency and accuracy in compliance processes, and its dedicated compliance team is there to ensure you are always ahead of your compliance procedures. 

Consolidate Data Sources for Easy Reporting

The aviation industry relies heavily on comprehensive reporting to meet compliance requirements and make informed business decisions, and some of these reporting requirements are very detailed.  Consolidating data from multiple legacy systems and ensuring data quality can be a heavy lift for airlines. But Ventiv's software offers robust reporting capabilities to overcome these obstacles effectively.

With an integrated 1099 reporting solution, airlines can effortlessly generate both paper and electronic reports, facilitating compliance with tax regulations. The software's Centers for Medicare and Medicaid Services (CMS) reporting solution supports the complex MMSEA reporting process, enabling airlines to meet regulatory requirements seamlessly. Additionally, Ventiv's reporting drag-and-drop toolsets empower users to create ad-hoc queries, reports, graphs, and customizable dashboards with ease. 

But by utilizing Ventiv's software as a single system of record, airlines can ensure more effective, timely, and accurate reporting. Eliminating manual data transfer and re-entry of OSHA data across multiple systems improves the data quality and reduces the risk of human errors. Furthermore, Ventiv’s risk management software offers timeliness and target report scheduling, enabling airlines to meet strict reporting deadlines.

Stay Ahead of Jurisdictional Changes with Integrated Risk Management Software 

The ever-changing landscape of local, state, and federal compliance mandates poses a significant challenge for airlines. Keeping track of and maintaining ongoing compliance can be time-consuming and risky. Ventiv's IRM software addresses this pain point by providing integrated compensation benefit rates for U.S. jurisdictions, ensuring accurate calculations and compliance with regional regulations.

Additionally, the IRM software offers comprehensive support for state forms and carrier reporting requirements, simplifying the process of meeting jurisdictional obligations. Ventiv's dedicated compliance team is well-versed in the complexities of compliance regulations and is readily available to assist airlines in navigating jurisdictional changes seamlessly.

By leveraging Ventiv's integrated risk management software, airlines can minimize the likelihood of penalties and fees associated with non-compliance. The software's comprehensive features and dedicated support team provide airlines with the tools and expertise necessary to stay up-to-date with regulatory changes and maintain compliance effectively.

Get Started With Integrated Risk Management Software 

Ventiv's Integrated Risk Management Software offers a powerful solution for airlines seeking to ensure compliance and reduce costs in a highly regulated industry. By addressing pain points in third-party integrations, reporting, and jurisdictional changes, Ventiv enables airlines to streamline their compliance processes, improve reporting capabilities, and adapt to evolving regulations with ease.

To learn more about how Ventiv’s IRM Software can revolutionize the way airlines manage compliance and cost, schedule a demo today.

Jul 20, 2023

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