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Performance Management

Drive results and operational excellence

Align risk management and organization goals

Establish what needs to be measured by understanding your organization goals into your risk management goals.

Manage your performance in real time

Monitor your performance on a real-time basis, whether TCOR or other key risk indicators, and take action proactively.

Drive value and

financial impact

Understanding, controlling and lowering TCOR can lead to a dramatic impact on your enterprise’s finances.

Raise risk management’s profile

Link risk management to your enterprise’s big-picture strategy and objectives.

As Peter Drucker notes, “What gets measured…gets managed.” Ventiv empowers you to track your performance indicators at the corporate and business group levels, covering indicators like total cost of risk or vendor service levels. By consolidating data already in Ventiv and supplementing with external data, you can generate clear performance indicator reporting. This can drive your decision making in real time and ensure you are aligned with your overall organization’s goals plus get the most out of your vendors.

Measure to your objectives and goals

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:

  • Total Cost of Risk (TCOR): to understand the actual cost of risk that incorporates risk transfer costs (insurance); risk retention costs (retained losses and claims adjustment); external risk management costs (brokers, consultants and other vendors); and internal risk management costs (staff and related costs).
  • Average incident/claim numbers per customer.
  • Claim Costs per Sales Revenue: to help align costs of claim with the level of business revenue.
  • Average Close Time: to help measure the efficiency of TPA and insurers.
  • Initial Incurred to Final Incurred: to help measure the TPA or insurer reserving practice and avoid over reserving.

Overall link risk management to your organization’s big-picture strategy and objectives.

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Monitor real-time for proactive decision making

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.

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Communicate risk management’s value

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.

Establish transparency for bottom-line savings

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.

Achieve an optimal maturity of process

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.

UNSURPASSED DATA CONSOLIDATION

Ventiv consolidates the key risk data elements that comprise performance management. Catering for merging in external business and other vendor data plus handling currency conversion and different source languages too.

REPORT MORE FREQUENTLY 

Ventiv's extensive reporting and analytic capabilities allow you to deliver dynamic on-line dashboards or off-line interactive reports so all stakeholders can monitor progress when they need.

ACCOMMODATE YOUR OWN TCOR FORMULA

Although performance indicators like TCOR are already catered for, some risk managers want to tailor the definition to their needs or factor in unique indicators. The Ventiv system is easily configured to reflect your own unique situation and required indicators.

Henkel
Henkel

Henkel

"With the high-quality reporting that the business intelligence tool (Ventiv) enables us to produce, we’ve raised the risk management team’s stature both inside and outside of Henkel." Read More >

DAVID I. SCHWARTZER

Risk Manager

Henkel
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Textron

"We have distilled some of the key ingredients from the Textron experience for creating and maintaining powerful, actionable dashboards." Read More >

DAN SHAUGHNESSY

Director of Disability, Wellness & Loss Prevention

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  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

Various Types of Risks an RMIS Can Help Mitigate

Taking risks may be inherent in doing business in any kind of competitive environment. Because of this, a company's ability to manage risks might make the difference between success and failure. A...Read more



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