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TCOR vs. TCOIR: For risk managers, it's a distinction with a difference

Total cost of risk, or TCOR, is still not a widely used metric in the risk management field. I wonder why? Maybe because it is hard to derive and fully understand, and maybe it isn’t considered a fair measure of risk to an organization. Maybe a little of both.

Topics: risk management best practices

Why Risk Managers Should be Accurate, Not Precise

The difference in definition between accuracy and precision is quite subtle. However, the slight difference in definition might make all the difference in the world. There's a good sports analogy that explains the difference between accuracy and precision. This analogy should help with the rest of this discussion.

Topics: Analytics, Reporting & Data Visualization data management best practices

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: Exposure and Asset Management data management best practices

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 best practices

Top 4 Reasons Risk Managers Use Risk Management Software

One of the most useful tools for risk managers is risk management software. This software can help risk and safety management employees, asset managers, and even corporate executives make better decisions about ways to reduce the chance of hazards, protect workers, buy insurance, and save money. Consider some of these top reasons to use risk management software:

Topics: risk management Exposure and Asset Management renewals and submissions best practices

What To Expect When Integrating A New RMIS In Your Business

The day that your company decides to integrate a risk management information system, or RMIS, into your business is a very good day. This is true for everybody in your company from the workers on the shop floor right up to the boardroom or owner's office. Numerous studies have demonstrated that safe workplaces enjoy productive and happy employees and better bottom lines. While the transition might take some extra effort, it should be relatively simple when compared to the traditional, time consuming, and error prone methods of having to gather and correct data from multiple sources and make decisions based off of faulty and incomplete information.

Topics: risk management best practices data intake & incident reporting

How To Choose The Right Risk Management Software

You may not need any more convincing that you need a risk management information system to streamline and automate your company's risk management process. However, dozens of different companies offer their own solutions. The most difficult task may be choosing the right solution for your unique company. As you search for the best risk management software for you and your company, you might figure out exactly what you hope the new system will do for you and keep some of these desirable benefits in mind.

Topics: risk management best practices renewals and submissions

How Mosaic uses risk management software to manage corrective actions

Experience 2013: A preview of The Mosaic Company's session

Using diary and journal to maximize the effectiveness of corrective actions

Risk management software: Exp2013 logo
At the upcoming Aon eSolutions 2013 Experience Conference in Atlanta, I'll be joining LaDonna Williams and Pat Green of the Mosaic Company to lead a session discussing Mosaic's unique use of Aon RiskConsoleto manage corrective actions. This conference will be LaDonna's eighth Experience and Pat's third event.

I recently caught up with LaDonna, EHS Specialist and member of the Aon eSolutions Client Advisory Board, and Pat, EHS Systems Specialist, to discuss the session.

Topics: risk management software best practices

9 essential functions of a risk management information system

As well as the functionality you'd expect, such as claims management, today a risk management information system provides a wide range of functionality as standard. What is most important, however, is that your RMIS provider can build the system to match your processes, vocabulary, people and evolving business needs, while also improving efficiencies and delivering best practices.

Topics: risk management risk management software best practices 2018.10 redesign

The RMIS, renewals & efficiency: Make the process faster and easier

My post last week on renewals, the RMIS and a hardening market focused mainly on recent indications that the market for commercial insurance products appears to be hardening. In light of that news, I wrote about some steps risk managers can take to slow the rate of growth in premiums – —primarily by improving the quality and scope of their renewal submissions through the effective use of risk management software.

Topics: risk management software best practices