2. System Interoperability
Networking today's modern computer systems is
a challenging endeavor. The ability to exchange
information between a myriad of applications,
different databases, and a multitude of disparate
software and computer systems is critical in the
modern economy.
Data is the framework – and in many ways, the
foundation – for any decision-making system
today. But interoperability is a key to success.
That's because interoperability leads to
integrated risk management which leads to
greater risk visibility, operational efficiency, and
more agile decision-making.
There is a direct link between data interchange
and efficiency. Most company operations suffer
from system constraints and bottlenecks that
impede the sharing of information across the
enterprise. Today's risk managers are challenged
with keeping track of an immense amount of
data – stored in both physical and digital formats.
This includes data on customers and employees,
contracts, incidents, claims, financials, and a lot
more. And how that information is handled can
have a dramatic impact on business operations.
The ability to securely transmit data between
internal departments and external resources can
effectively enhance workflows and expedite
improved analysis and business decision making.
The importance of effective data interchange
cannot be overstated. An effective risk
management system should offer a centralized
method for compiling and distributing risk
information. It should also have the capability to
capture, store and use third party data.
Increasingly, electronic data interchange (EDI) is
playing a much larger role in the process,
allowing a timely and accurate electronic
exchange of standardized data between
different companies.
MAKING SENSE OF RMIS | 4
