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Some may call it a Risk Management Ecosystem, some may call it a Risk Management Supply Chain, some might not even think about it at all. In my view, the Risk Management Ecosystem is a living community that interacts and is interdependent, much like a natural ecosystem. Each part will be different from each of the others, serving its own particular niche in the sustenance and health of the overall system and, as the senior leader in risk management, it is your unique responsibility to assemble, nurture and manage the entire ecosystem to achieve the best performance for your company.
So, what does a Risk Management Ecosystem consist of and how do the parts interact?
Perhaps the glue that can hold all of the other parts of your Risk Management Ecosystem together is the Risk Management Information System (RMIS). Not just a claim system, but a dynamic management information system that ties together all of the other components; underwriting, brokers and agents, claim providers and all of the other members of the Risk Management Ecosystem contribute to and draw data from the RMIS.
As the risk management leader, it is crucial to select a fully capable system that has the power and functionalities to not only contribute to the success of the other component parts, but to empowers you to effectively keep updated on the activities of the component parts of your Risk Management Ecosystem. Once selected and implemented, the RMIS requires knowledgeable care and feeding to assure that the system provides the capabilities and services that all of the component parts require to achieve and maintain optimal performance.
Jul 18, 2016
| Originally posted on
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Ric Henry | Managing Partner, BRP Pendulum
Lisa Mohler | Vice President of Claims and Risk Management, Indiana Public Employers' Plan
Lynn Barrett | Insurance Executive, Travelopia
Steve Robles | Assistant Chief Executive Officer Overseeing Risk Management and Privacy, County of Los Angeles
Katherine Cooley | insurance business analyst, HPIC