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How an RMIS Fits into a Company's Risk Management Process

 

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 in order to save time, get better results, and of course, reduce the chance of accidents. At the same time, managers may wonder if they will have to change the way that they do business in order to implement new technology.

Topics: data management cost allocation & calculations performance management Exposure and Asset Management

Ready for the challenge!

I am writing  today at a very special time in Ventiv’s history.

Over the last 40 years we have established our company as a global leader in risk, safety and claims software solutions used by more than 550 enterprises and 270,000 people in 51 countries. In the last year alone we have accomplished extraordinary milestones, beginning with our spinoff from Aon. From there, we’ve enhanced our unique ability to address clients’ most pressing and complex issues, garnered multiple industry awards, expanded our global team with more than 50 key hires, and established our position in the marketplace behind the “Problem, Solved” campaign, which is raising awareness in the marketplace about our unique combination of purpose-built products and industry expertise.

I’m proud to have been a part of the journey. These successes not only prove that we have laid a strong foundation, but that Ventiv is ready to rise to the next level. And as we enter our next phase of global growth, I’m honored to lead the company as CEO.

In the coming months, you’ll see meaningful changes as we begin our new journey toward even bigger goals and opportunities. Most notably, I am pleased that Kathy Burns will still be an integral part of our future, as she is moving to the Ventiv board of directors. This is a natural progression for her, having led eSolutions through years of growth when we were Aon eSolutions; spearheading the sale of eSolutions to Symphony Technology Group; and creating and stabilizing Ventiv. As a board member Kathy will focus on growth opportunities including acquisitions, partnerships and channels. Additionally, this transition allows her to spend more time with her family after devoutly working and traveling for many years to get Ventiv to where it is today.

On behalf of the entire Ventiv Family, I want to say how grateful we are for Kathy’s leadership over the past nine years, and how excited we are that she will continue to play a meaningful role in our future.

As I begin my journey as CEO I am excited, eager, motivated and honored to work with our clients, our Ventiv colleagues, and the market. We will remain focused and committed to cultivating Ventiv’s employees and producing innovations that will continue to raise the bar in the market. 

In closing, I want to leave you with one of my favorite quotes from Jim Collins:





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Topics: Updates & Viewpoints

Risk Management Requirements for Captive Insurance Companies

A captive insurance company is simply a commercial insurance company that has been formed by one or more parent companies to meet their needs. The main purpose of this captive arrangement is usually to ensure the parent's risks and assist with other risk management. Captives are growing in popularity because they can offer parent companies several advantages. These advantages can include an increased ability to control costs and design their own coverage.

Topics: Captive Risk Management

Cyber Risk Management: How Ventiv Utilizes Private Cloud Technology

Cyber risk management has become a growing focus of today's risk managers. Even large and established companies have made the news because of recent data breaches. Besides the serious threat of lost data and business interruption, the news of a data breach can do serious damage to a company's reputation. Taking cyber security for granted could be a very costly mistake for your company.

Topics: cyber risk Data Security

Industries that Use RMIS Technology That You May Not Have Considered

Who Uses RMIS Technology to Reduce the Chance of Hazards and Improve the Way That They Do Business?

Typically, most people associate intensive risk management and risk management information systems with manufacturing or construction companies. It's very valid to associate safety and risk management with the sorts of companies that use large machinery or produce potentially dangerous chemicals.  Obviously, businesses in these kinds of industries have lots of concerns about safety, commercial insurance, and managing risks.

Topics: risk management

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 risk management system, usually called an RMIS, helps prepare management for various threats by making sure that the hazards are already known, mitigated, and planned for. With that in mind, consider various types of business risks and how they can be addressed with RMIS risk mitigation.

Topics: risk management enterprise risk management regulatory insights performance management

5 Key Challenges for Captive Insurance Companies and Parent Companies

In the last few decades, captive insurance companies have become more common. These captive arrangements provide many benefits to their parents that could include cost savings, tailored insurance coverage, and more control. However, in an increasingly complex and regulated business environment, captive insurance companies and their parent companies face new pressures. These include pressures to validate, consolidate, and access ever-increasing amounts of data. With that in mind, it might be helpful to consider some of today's major captive insurance challenges.

Topics: Captive Risk Management

What is Captive Insurance?

What is Captive Insurance? 

When one or more parent companies from an insurance company to handle their own risks, that is called a captive arrangement. Even though the parent insurers are typically not insurance companies, the captive has to conform to the insurance rules of its state or another domicile. In most cases, companies set up these captive arrangements for their own use. However, it isn't unheard of for these companies to actually provide coverage outside of the parent. One example might be using the captive insurer to also provide certain coverage for customers of the parent company, but there are others.

Topics: Captive Risk Management

2 Common Mistakes That Captive Insurance Companies Make

Setting up captive insurance companies allows parent companies to enjoy many benefits. These include the potential to save money on premiums, tailor coverage to a specific company's needs, and exercise more control over risk management. These benefits help explain the growing popularity of captive arrangements with all sorts of corporations and nonprofit organizations.

Topics: Captive Risk Management