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Was it an “incident” or an “accident”? How a shared risk lexicon facilitates effective communication across a company

Over the course of my career as a risk manager, I’ve come to understand the importance of—and ongoing challenge in—aligning the risk management department’s priorities with those of the C-suite. Just last week, I read a great article, published by Advisen, about potential disconnects between risk management and the C-suite.

The article got me thinking about the importance of communication in the practice of risk management. Specifically, when it comes to communication between risk management and the C-suite, translating risk and insurance jargon into meaningful business terminology is one of the more common challenges for risk managers.

Topics: data intake & incident reporting

The Flow of Risk Management Data in Corporations

Do you understand how risk management data flows through your organization, arrives at your desk in a useful manner, and hopefully, contributes to good decisions all over your company? Defining the way that information moves in a company or other organization may help provide you with insights about ways the process can be streamlined and made more efficient and effective. This risk management data flow could be independent of any computer systems (or lack of them) to begin with. Of course, the right technology can make this entire process more efficient and productive.

Topics: data intake & incident reporting data management

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

Climbing the organizational ladder with your risk management system

Imagine one organization with multiple databases filled with risk management data. Claims information fills its spreadsheets, though data on estate movements and payment transactions are not recorded anywhere. Can you imagine what the risk manager from this firm – an actual healthcare and education provider – must do to impress the board?

Topics: data intake & incident reporting risk management risk management software

RMIS automation opportunities: property renewals & incidents and claims

Risk management departments have squeezed efficiencies out of every process, computer and employee. Yet have they maximized the efficiencies in their risk management information system? An essential RMIS benefit is the ability to automate processes. But which processes? How many make good candidates for automation?

Topics: data intake & incident reporting risk management risk management software data management

The TCOR Connection to Broad Organizational Priorities

Risk management was once regarded as a routine function of the risk manager with little or no connection to the company’s broader directions or priorities. It is now considerably more demanding, seen as a key part of a broader financial management strategy and linked to corporate priorities.This places increased reliance on good data around risks, risk controls, incident reporting and losses.

Topics: data intake & incident reporting risk management risk management software total cost of risk