Cut the clutter and confusion: streamline your risk management practice with a best-in-class Risk Management Information System
Risk management professionals have to make sense of a complicated environment that's changing at an exponential pace. The intricate risk management ecosystem has been driven by exciting new technologies that open up a world of possibilities for enterprises. Whether it’s vast opportunities created by artificial intelligence or access to new forms of automation, risk management leaders are now faced with so many different avenues and they need to make decisions quickly.
But where do you start? With mountains of data and so many different places to check, how do you identify which data to look at? How do you know if today’s data and key performance indicators are going to matter tomorrow? How do you stay compliant and monitor your risk landscape while making sure you’re making the best decisions from your data? How do you leverage predictive analytics and cutting-edge technology like Artificial intelligence while you’re handling all of your insurance activities?
The answer: get a Risk Management Information System (RMIS) software that streamlines all of this for you. Here are a few key attributes to look for when you’re shopping for RMIS software that will help you take control of your risk management.
Get an RMIS Software that Eliminates Data Silos
Finding the data you need across disparate insurance systems, safety systems, audit systems, and third-party data sources gets confusing quickly. But an innovative RMIS software solution like Ventiv’s RMIS solution can connect the data dots for you and centralize these different sources. By monitoring the various aspects of your risk management practice with internal and external data sources, you can more effectively lower your Total Cost of Risk.
Search for a solution that integrates all aspects of your risk management practice, and alleviates manual intervention and administrative headaches. Make all aspects of your insurance renewal process and enterprise risk management easy and breezy by centralizing all your claims data and risk management analysis in one spot.
A strong RMIS can synthesize Enterprise Risk Management (ERM) and insurance operations–Different tasks can that used to take hours can be carried out jointly or independently, depending on the situation: Integrate reporting of incidents and losses, together with tracking of corrective actions and root cause analysis or connect risk management measures to the real insurance policies.
Empower Your Stakeholders with Data
Data is useless if it can’t be aggregated, interpreted, and applied. Improve the success of your risk management organization, better analyze risks, make predictions about what will happen, and take preventative measures by using Ventiv’s robust advanced analytics and predictive modeling.
A comprehensive RMIS solution uses strong analytics, business intelligence, and reporting capabilities to improve and streamline risk evaluation, mitigation, and monitoring to help its users act on the facts. Leverage your data to help you identify areas of future risk or areas of cost savings and reduction, and don’t forget to surface insights that can help your leadership make better long-term decisions. Through interactive, data-driven examination of areas of spend, you can even dig deeper into root cause analysis and reduce insurance coverage costs.
Get a One-stop-shop for Risk Management
In addition to aggregating risk, insurance, and EH&S data, the best risk management information system also supports your risk strategy and enhances performance through efficient governance and risk ownership. No risk manager today can afford to be without comprehensive risk-focused technology and data insights, because the risk environment of today has expanded to include a wide range of important business and large-scale issues. Choose a reliable, inventive solution like Ventiv to leverage strong analytics, business intelligence, and reporting capabilities to improve and streamline risk evaluation, mitigation, and monitoring.
Tailor Your Risk Management to Your Enterprise
Risk management is not one-size-fits-all, so why should your RMIS software be? The risk management landscape is constantly changing and you need to be on the lookout for new risks that you might not be prepared for today. Traditional risk analysis might overlook developing risks for your specific needs, but with an inventive, intuitive solution like Ventiv, you can modify the RMIS risk scoring system to suit your business needs.
The world of risk management can be very difficult, with a lot of moving parts and a seemingly endless supply of data to analyze. In this age of so many data sources and different exercises required for risk management, it’s more important than ever to have a solid RMIS solution. With a constantly-evolving landscape, look for an RMIS solution that’s comprehensive, innovative, flexible, and future-facing.
Ventiv’s analytics solutions, advanced Artificial intelligence, prediction capabilities, integration capabilities, and automation functionalities make them the leader in the RMIS space. To streamline your risk management practice, chat with an expert today.
