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Believe-it-or-not tales of RMIS risk data consolidation

RMIS risk data consolidation: Believe-it-or-not talesDespite the availability of advanced risk management software, companies today are still using dated methods for handling risk data. A global real estate company, for instance, excels at developing a portfolio of commercial, multifamily and residential properties yet it struggles at building its own risk management information system. Until the decision was made to turn to a RMIS system to achieve data consolidation, this client had been using a complicated system of spreadsheets and databases to handle risk data. 

Believe it or not, this particular client's story represents a number of large companies, including Fortune 500 firms that have 100,000+ employees, multiple operation sites and hundreds of production sites across the globe.

How is it possible that such a large company could be using such dated methods of handling risk data in today's world you might ask? Consider this: Another global company, a beverage maker operating in 75 countries, had been until recently collecting renewal data from 50 financial heads around the world in different spreadsheets. 

Such companies tend to have large and talented internal IT departments that attempt to build their own risk management information systems. But often, these RMIS software tools turn out to be complex, arcane systems that continue to utilize spreadsheets and manual recordkeeping.

That leaves these large corporations, and their otherwise sophisticated risk management departments, at an almost pre-analytics, atavistic level of technology.  With this sort of old-fashioned risk management, managers and their analysts must employ multiple spreadsheets for the data they need across the organization. They must then seek out the systems of all their third-party administrators, carriers, litigation management providers, OSHA reporting tools and other external sources. And only after collecting all of this data can they then analyze them.

A RMIS like RiskConsole, on the other hand, consolidates all data, accurately and reliably, in one location and in one regularly updated database. Click on "policy," and all of the policies in the corporate risk management program appear. Click on "claims," and any and all claims data is accessible.

Consolidation is effectively the foundation for all other aspects of data management, with the resulting benefits of significant time and resource savings. Real-time changes to data are easily auditable and readily accessible to all users almost immediately, which is far simpler than ensuring that changes to one spreadsheet find their way, without errors, into separate spreadsheets that someone else might be using. Having data in one location also equates to increased security. After all, keeping tabs of a dozen spreadsheets, and whatever thumb drives or laptops they are saved on, is certainly more challenging than trusting in the best-in-class security of a cloud-based RMIS.

Accurate, accessible, secure data then leads to improved reporting and tracking and all of the bigger-picture benefits, in terms of more informed decision-making and lower total cost of risk.

Consolidated data means that risk managers can process data coming from anywhere in the field, no matter when it comes in, and process it as many times as they would like. Risk managers can exchange and load data in a best-of-class RMIS several times a day. Gone are the days when monthly reports were de rigor. Organizations seek vision into their risk situations in as close to real time as possible – from weekly to daily reporting to the CFO calling a risk manager on the phone and demanding an answer now.

If you're looking at risk management software to enable data consolidation, be sure to download The Definitive Guide to a Risk Management Information System eBook now.  

 RMIS Guide

Aug 21, 2013

 | Originally posted on 

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