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How a RMIS Improves a Risk Manager's Ability to Multitask

Angus Rhodes

A risk manager's job description may vary considerably by the size and type of a company. A risk management department usually gets tasked with several critical duties.  These could include investigating incident reports, preparing commercial insurance submissions, identifying potential hazards, developing safety programs, reporting to the executive suite, and much more.

In small companies, a risk department may only consist of one person. In some cases, the risk manager also has other job duties. He or she might even be a small business owner or financial manager. In any business, risk managers need to be able to multitask and rarely have the luxury of only focusing on one job at a time.

What Keeps Risk Managers From Multitasking?

One problem is that risk managers must rely upon accurate information in order to perform their job well. Many people in risk management spend a lot of their time gathering, verifying, and even correcting data. Sources of data could include emails, spreadsheets, or reports from a variety of different computer systems. Without a streamlined and reliable data source, a majority of risk managers are doomed to either rely on poor data or spend most of their time trying to fix it.

According to a CMO Magazine article, "The Cost of Bad Data," the problem is both expensive and pervasive. This article reported on a study from Experian:

  • Poor data quality impacts the bottom line of 88 percent of companies.
  • Average companies blamed losses of 12 percent on bad data.

Inefficiency is a second issue that can interfere with a risk manager's ability to multitask well. Not only does the risk manager need to do his or her job well, other people have to be relied upon to get their part of the job done. Incident reports have to get updated, insurance proposals must be received in a timely manner, and employees actually have to take the safety training classes that are part of a safety program. How can risk managers possibly oversee all of these other tasks and complete their own?

How Can a RMIS Improve a Risk Manager's Ability to Do it All?

A RMIS solves the problems of dealing with bad data and an inefficient work process in a number of ways. First, the risk management system provides a single source of auditable data. Consider some examples:

  • This data can be verified and formatted correctly on the front end as it is entered into the system. Second, a quality system can streamline work processes in a number of ways. These could include sending alerts when a task needs attention or data has been updated.
  • An RMIS can even include a system to deliver and track online classes or compliance forms. Instead of having to seemingly work against data, the RMIS system can work for risk managers and free up their time to handle the real job of risk management.

Let Us Work for You

Here at Ventiv Technology, we provide integrated risk management solutions that help companies streamline their risk management processes. Our systems help improve data quality and streamline the flow of work. Learn more about how Ventiv IRM  can help make you more productive.

Angus Rhodes is the global product manager at Ventiv Technology. If you would like any further information on this topic please contact him at ANGUS.RHODES@VENTIVTECH.COM 

 

The Definitive Guide to a RMIS

Sep 11, 2015

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