Technology’s pervasive influence has led to the expectations of real-time results in every industry. Risk management is no different.
The modern Risk Management Information System (RMIS) is an integrated computer database that collects and aggregates risk exposure and hard data to generate advanced reporting, loss control/safety analysis and manage claims administration – all with graphic displays and colorful dashboards.
The RMIS has become an effective tool for businesses looking to optimize operations and minimize costs. Here are four reasons you need one.
- Streamline aggregation of risk data. Facilitating the transition from paper to electronic monitoring and intake with loss data, an RMIS enables notifications and alerts to ensure data consistency and integrity across an organization. Imported automatically and on a predetermined schedule to produce an endless amount of desired reports, a RMIS’ aggregation of risk data insures best practices in risk management that are especially helpful to smaller organizations with fewer internal resources to do the job well.
- Real-time access to data. Because RMIS information can be logged and assigned in the system within seconds, it can provide immediate access to loss data, promoting real-time decision making from carriers, TPAs and other risk control consultants. This results in a real time savings when reviewing and responding to claims. A cloud-based RMIS allows organizations to easily access vital data through a secured web browser or mobile device.
- Keep all your data secure. A RMIS has implications for data security, starting with the benefits of centralizing data in a secure, cloud-based environment. Using an RMIS on a web-based platform with the latest security certifications and data encryption in transit can further reduce the risk of data breaches as well.
- Meet compliance requirements electronically. A RMIS can help organizations manage and meet key regulatory compliance requirements, including those from OSHA (who now requires employers to electronically submit injury and illness data) and the Centers for Medicare/Medicaid CMS-111 report.
Reduce the total cost of risk
It is vital for organizations to monitor and identify risk factors that have the potential to cause financial loss or harm. A RMIS can help you identify them before they happen. Contact your HUB risk services team to determine which RMIS system is best for your organization’s risks.