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How to Protect Your Company's Profits

Angus Rhodes

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The U.S. Department of the Treasury published a "Comptroller's Handbook," a document that discussed the changing role of both insurance and all methods of minimizing losses in organizations all over the United States. According to the Treasury, rising insurance premiums and in some cases, a company's inability to insure every risk no matter how much they are willing to spend has changed the nature of the way organization's prepare for potential hazards.

How Do Today's Companies Protect Themselves Against Losses?

Defining risk management is the first step to explaining how modern companies protect themselves against risks. Instead of trying to having a company try to insure itself against every possible risk, companies have turned to the discipline of risk management. While risk management includes buying insurance, it also covers much more.

One definition of this practice is a way to account for potential losses caused by chance occurrences, which might be called hazards. Just to be clear, while risk management does cover trying to account for liability, property loss, or injuries to company personnel, it does not cover financial losses because of investments or other speculative actions. Examples of what this discipline does cover include loss of real property because of fire, loss of data because of a cyber attack, or an injury to a worker on a job site.

Protecting Companies Against Losses in the Digital Age

Most companies operate in a pretty complex business environment, and that means that predicting and managing risks is also complex. Lucky for us, we live in a digital age with risk management information systems that can help managers cope with their difficult job.

These are some examples of what a risk management information system, or RMIS, can do for a business:

  • Consolidates relevant data: Data can get imported from relevant systems, or get entered into the system right at the source.
  • Verifies data:Large companies have suffered millions of dollars in losses because of inaccurate information, but a good RMIS can covert, format, and validate data as it is entered into the system.
  • Produces reports: System users can create and generate all kinds of reports and data visualizations at the touch of a button to help audit data, spot trends, and analyze risks.

Since risk managers have an efficient and streamlined process for capturing accurate information, these professionals can spend less time tracking down policies, property values, and other types of relevant data. This means that they have more time to focus on their job. That is, saving their company money and protecting their coworkers from injuries by analyzing risks. It also makes the insurance renewal process much easier, because all relevant data can get updated in real time and submitted to brokers in a timely manner.

Let Us Help Your Company Minimize Losses and Increase Profits

At Ventiv Technology, our risk management information systems provide an all-in-one solution to all aspects of managing and minimizing risks. Because managing risks better means reducing losses and increasing profits, this technology will provide your company with a competitive advantage.

RMIS Guide

Apr 30, 2015

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