Effisoft presented a workshop at Airmic Offices.
Many risk and insurance managers understand the compelling case for migrating their essential information from varied and numerous formats, especially spreadsheets, into a centralised database system. How to achieve this limited internal resource was explained by Julian Kirkman-Page and David Thomas from Effisoft.
The session had been established following discussions with numerous UK-based risk managers who were keen to explore the benefits of using an RMIS, but felt that resource limitations currently prevented them from moving the opportunity forward. Using a live example and with the assistance of a recent Webrisk client we hoped to show that with little customer involvement, but with a focused approach, it was indeed possible to implement a system in a short timeframe.
On the 3rd December, Effisoft duly presented at the above-titled workshop hosted by the AIRMIC Academy in London. In addition to Effisoft and AIRMIC representatives, twelve risk managers attended the session which was highly interactive and resulted in considerable useful information being determined.
To set the scene, in response to the question 'what do we collectively think the functions of an RMIS should include?' The following was ascertained:
> Renewal data gathering
> Exposure monitoring
> Asset value monitoring
> Hazard analysis
> Monitoring of risk controls
> Providing a consistent approach to risk across the organisation
> Communicating the definition of risk and the corporate appetite for risk within the organisation
> Monitoring progress in any litigation
> Loss management
> Inclusion of operational risk
The strategic drivers behind the requirement to have an RMIS included:
> Creating a knowledge base of risk throughout the organisation
> Reducing insurance premiums and capital requirement
> Providing continuity of information throughout the organisation
> Inspiring confidence in business partners that risk is being properly and proactively managed
> Providing a workflow system for ownership and management of risk throughout the organisation
> Enabling risk based decision making
> Providing an early warning system
> Providing timeliness of information
> Enable management of KPI's
In addition it was felt that an RMIS should be easy to use; widely available throughout the organisation; based on a sound cost/benefit analysis and would deliver job protection once implemented.