THE DEFINITIVE GUIDE TO A RISK MANAGEMENT INFORMATION SYSTEM 6
An RMIS will enable data to be entered from across your organization
into a single system, literally anytime and anywhere. So, you'll have a
live view of all your risks and exposures and the ability to:
• Spot trends and potential losses quickly so corrective measures can be
put in place.
• Alert stakeholders about potential exposures.
• Proactively manage and mitigate your risks.
MITIGATE LOSSES
An RMIS helps you to automate many manual processes such as:
• Data consolidation and validation against business rules. This includes
transforming data into a single currency and language for
reporting purposes.
• Data imports from existing systems, such as third-party administrator
systems or insurance carriers, data processing and data exports, and ERP
and HR systems.
• Alerts and escalations, such as email notifications when a claim reaches
a certain threshold.
• Populating pre-built reports and dashboards.
• Distributing information to stakeholders, allocating premiums to business
units and invoicing and tracking payments from insurers.
REDUCE ADMINISTRATIVE BURDENS
