Riskonnect is easy and intuitive for even nontechnical users to adapt and modify. Is a run-of-the-mill change a good use of your service hours? Some vendors claim that their RMIS is configurable – when in reality, something as simple as adding a field or creating a custom report requires assistance from customer support.
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Can system administrators configure the software themselves? Not only does this protect the integrity of information from the start, it saves you from having to fix bad data down the road. Our team writes more than 500 new data conversions per year and processes 34,000 files annually, accounting for 150+ million claims from over 1,000 distinct sources. Riskonnect’s fully dedicated Data Transformation Services team can efficiently convert, consolidate, report, and extract data from multiple sources in various formats into usable information. The best-practice standard is to cleanse data at the source with both standard business rules and customizable edits prior to implementation. Riskonnect set the bar to which all other data processors aim their sights. Suddenly, bargain data-transformation line item is not such a great deal. At that point, customers won’t have much choice since the entire system is virtually useless without reliable data. They are happy to sort out any less-than-perfect data – for an additional price. Some vendors undercut costs because they expect the customer to deliver clean, consolidated, ready-to-go data. How much data cleansing and consolidation is a do-it-yourself project? How are you supposed to make that connection with a dead-end system before more damage is done? 2. That’s all well and good – until, say, a large claim relates to a third-party supplier and all of your information related to that third-party risk is in some other application. Some vendors claim their solution is integrated, but the so-called integration is only between incident reporting, claims, and other facets of insured risk. However, be aware that not all integrated risk platforms are equal.
We have long believed that expanded integrated risk capabilities are what customers need to comprehensively manage risk. We are also happy to see other providers in the market following our lead. This validates Riskonnect’s mission to help organizations see risk from an entirely new perspective. And we are even more thrilled to be recognized as the most comprehensive RMIS solution in the market. We are thrilled that Redhand is including the expanded ERM/GRC category in the report. We now offer a complete, integrated RMIS and GRC suite, including ERM, Third-Party Risk Management, Compliance, Operational Resilience, and Internal Audit. Since then, we have continued to make significant investments in integrated risk management. And we continue to lead the market in innovation, thanks to the close relationships and ongoing conversations we enjoy with our customers.įrom the start, we integrated ERM with RMIS. We were the first RMIS provider to deliver a platform that integrates insurable and noninsurable risk for a 360-degree view of an organization’s risk posture. Riskonnect pioneered the journey to integrated risk management. How in tune is the vendor with customer needs?
To expand on the report’s findings, we believe there are several additional factors to consider when purchasing a RMIS solution. They had to deal with significant challenges while at the same time becoming more technology dependent than ever.” Risk professionals were front and center, but many felt like they didn’t have the tools to effectively manage the response and were faced with operating in unprecedented ways. The report explains: “Many organizations were not prepared. While this need may not have been keenly felt before, the COVID-19 pandemic added a new urgency to gaining an integrated view of risk.
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