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According to an article in Risk Management Monitor, "Companies are Less Prepared for Risks Than They Were in 2011," a recent report demonstrates that corporations all over the world are less prepared for a variety of different kinds of corporate risks than they were a few years ago. Some of these kinds of risks include political and regulatory changes, damage to a company's reputation or brand, and business interruption. One major reason cited by this article is the general economic slowdown during the Great Recession and its aftermath.
Still, in 2015, companies need a way to move forward to manage risks in this new environment even more than they did a few years ago. The reality is that good risk management software can help businesses integrate risk management into their overall business strategy and save money in the process. Indeed, risk management saves money more than it costs.
The old way of collecting data for regulatory reporting, insurance renewals, and even general analysis was to gather information from a variety of different sources. These could include other business systems, spreadsheets, emails, or even physical files. This way of collecting data was at best, slow, and at worst, prone to errors.
Meanwhile, risk management software offers companies a seamless solution to integrate all aspects of risk management into their business. For example, incidents and other relevant information can get entered into simple forms that format and validate information at the source. Every action automatically produces an audit trail for greater accountability and compliance. Workflow automation that is built into good systems saves time and prevents delays by alerting relevant parties when they either need to perform some action or a relevant action has been performed by another.
While insurance isn't the only risk management tool, it's a major one for most companies. When insurance policy information and submission data is already integrated into one system, it benefits companies in several ways. The entire renewal process gets streamlined. With correct information, companies are also more likely to get offered the right coverage at the right premiums.
According to Javier Gimeno, one of the report's authors, the largest threats that big companies face are strategic in nature. Risk management needs to get integrated into a large company's overall business strategy. That is exactly what a risk management information system helps companies do, and an RMIS can help these companies do a better job faster, meaning these businesses have a better chance to prevent losses and save money on manpower, insurance premiums, lost productivity, and much more.
At Ventiv Technology, we are eager to discuss ways to integrate risk management into your company's strategy with our technology.
Jul 22, 2015
| 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