Chances are you’ve already seen—in LinkedIn posts, online articles, or elsewhere—examples of RMIS functionality that allows for the mapping of data related to the COVID-19 pandemic. More specifically, risk management technology features that allow clients to track risk exposures and impacts by combining data in their RMIS with information from third-party sources such as the Centers for Disease Control and Prevention (CDC), the World Health Organization (WHO), and Johns Hopkins University.
The ability to move quickly to understand and respond to risk events is dependent on technology. But as we are reminded in moments of crisis like the one risk managers face today, it is also powered by people and their approach to putting that technology to work based on the specific needs of individual businesses.
This raises a number of questions. If you need a quick change, can they accommodate that? How much of the change can you do yourself? How long is the wait for a response to your ticket? Does your vendor have the capacity to help their clients pivot? And does a RMIS provider trust their employees to create such solutions—or are members of a service team expected to work through a script or a list of checkboxes? … read more
In March 2020, Origami responded to the coronavirus pandemic by presenting some of the solutions we developed by partnering with clients to monitor the impact of COVID-19, including employee tracking, new incident types, disaster recovery guides, and location impact surveys. As part of an initiative to share risk technology knowledge with our community and highlight real-life scenarios and configurations, the webinar was led by Christian Schiavone and Minda Rossman, both directors of professional service—with Bob Petrie, CEO, speaking on behalf of the organization’s response to COVID-19 as a whole. The team highlighted the following new solutions developed in coordination with our clients:
- Map Visualizations
- Employee Exposure Tracking
- New Incident Types
- Disaster Recovery Plan
- Location Impact Survey
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Globally, we are seeing companies being pushed into having a remote workforce, whether they are ready for it or not, especially as more US states and countries issue shelter-in-place orders to slow the spread of COVID-19. While shifting to a remote workforce may seem like an impossible feat, there are steps you can begin taking now to help your employees transition, and by extension, improve the experience of your clients. Since our inception, Origami Risk has valued its remote capabilities and the talented team we’ve been able to curate because of it.
Whether you are a work-from-home veteran or not, we’re all facing unique challenges in this new environment—from learning to work alongside your spouse and kids, to dealing with the challenges of conferencing technology—there is always a learning curve when transitioning from office to home. As a company of “remote work gurus,” we’d like to help make that learning curve a little shorter by sharing what helps Origami’s dispersed team efficiently work from home, all while servicing clients without interruption.
Have Readily Available Resources and Training
Some employees have fully equipped home offices, while others may have difficulty adjusting to their new work environment for a number of reasons. From a lack of technological savvy, difficulty working without a second monitor, or simply the social adjustment that comes with telecommuting, there are a number of obstacles that can work against an organization that’s suddenly forced to shift to a fully-remote workforce. First and foremost, it’s important to check in with employees to make sure they’re equipped with the tools and resources needed to effectively work and service their clients.
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Over the past 4 years, 3 of the 4 major Risk Management Information System (RMIS) vendors have been acquired by private equity investors. That amount of consolidation, in what was previously a very stable market, really is astounding. What does vendor consolidation mean for RMIS users? And more importantly, what does it mean for you and your team?
The impact of RMIS market consolidation is almost certain to rank low on any risk manager’s list of concerns. There are more critical issues on which to focus—renewals in a commercial property insurance market that continues to harden, adequately evaluating and insuring against cyber risk, taking a more proactive approach to loss prevention, or developing an ERM program, to name just a few.
Those who depend on their RMIS for basics such as consolidating a handful of TPA feeds and reporting on claims data, RMIS mergers and acquisitions may barely register. For risk managers and their team members who use their RMIS on a day-in and day-out basis, the potential effects of consolidation—in particular, the ability or willingness of a RMIS vendor’s owners to invest in improvements in technology and support, rather than preparing for future sale—are worth considering.
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Origami Risk users gathered in San Antonio from January 12-16 for our 2020 User Conference. The fifth such event hosted by Origami, this iteration of the conference was the largest to date, with more than 500 people representing organizations from across the risk and insurance industry in attendance.
Collaborative, hands-on learning opportunities led by members of the Origami service team ranged from “boot camps”—introductions to the system for newer users—to instruction on setting up dashboards and reports to more advanced topics such as system administration. Attendees also had the opportunity to meet with an Origami expert for one-on-one sessions for a closer look at specific features or areas of the system they wanted to know more about.
Client co-presenters led sessions covering a wide range of topics including GRC, underwriting, safety, audits, and claims administration, to name just a few. As in previous years, the delivery of actual use cases and the opportunity for those attending sessions to ask questions about the ways in which Origami Risk is being used to address “real world” challenges provided a unique opportunity for peer-to-peer learning. … read more
On January 1, 2020, a new California regulation went into effect that may push many unsuspecting enterprises doing business in the state into costly noncompliance while also introducing reputational risk and threatening their brands. The California Consumer Privacy Act (CCPA) grants new consumer rights related to data storage, use, and protection. Companies failing to comply with these rules can be fined up to $7,500 for each violation. Despite the potential impacts, a recent survey by the IT security firm ESET shows how ill-prepared most enterprises are regarding this new compliance obligation:
- Nearly half of all respondents had never heard of CCPA
- More than 8 in 10 respondents did not know if the law even applied to their business
- A third of executives were unsure if their organizations needed to change how consumer data was stored/processed
- Nearly 1 in 4 respondents “didn’t care” about becoming compliant
- More than half had not performed a risk assessment on cybersecurity within the past year
Given the stakes involved, this broad lack of urgency is concerning but not all that surprising. A DataGrail survey indicated that despite investing thousands of hours and being given a two-year head start, only half of the companies reported achieving compliance with the General Data Protection Regulation (GDPR), a similar data privacy regulation in Europe. Additionally, 70% of enterprises admitted the systems they were currently using to comply would not scale. When the pace of regulatory change is accelerating so rapidly, most enterprises are being caught flat-footed.
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Failure to report incidents and safety hazards can have wide-ranging ramifications, impacting employees and their families, public agencies, and the community as a whole. Making work, and workplaces, safer requires the cooperation of everyone—staff, employees, and citizens.
User-friendly and easily accessible tools such as custom risk portals and mobile forms can streamline any project that requires the capture of data—from exposure values and certificates of insurance (COI) details to driver certification information and more. Made available to employees and members of the public for the reporting of incidents, hazards, and near misses, portals and mobile forms help simplify and standardize what is often an arduous and inefficient process. This not only makes reporting these types of events more likely, but also for a more efficient and accurate reporting process.
Making it easier for employees and members of the public to report accidents, damage, and potential hazards has numerous benefits. Among them, a reduction in administrative overhead and decreased lags in reporting, as well as improved transparency and trust. Perhaps most importantly, access to this data can help risk managers and safety professionals identify trends and take proactive, strategic action to reduce future losses or eliminate them altogether.
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Heracleitus says, you know, that all things move and nothing remains still, and he likens the universe to the current of a river, saying that you cannot step twice into the same stream. — Plato, Cratylus
Regardless of industry or company size, an evolving risk environment necessitates an approach to managing risk that is both strategic and dynamic. In order to successfully implement a risk management program that accounts for this reality, you’ll need the right risk management technology—and the appropriate level of support behind it.
Is your RMIS capable of keeping up?
Platform flexibility allows organizations to tailor workflows that adapt to changes in risk and safety processes, rather than the other way around. And although it’s not uncommon to have concerns about changing systems, the move to a more configurable RMIS typically contributes to significant leaps forward in data collection, analysis, compliance, and day-to-day efficiency.
A case study featuring DHL, the world’s leading postal and logistics company, details the benefits that can come from making a switch to a more configurable RMIS. Following a change to Origami Risk from the legacy system previously used to centralize its loss and risk information, DHL saw rapid improvements in accident reporting, the handling of claims data, policy management, and document management. The DHL risk management team was also able to take advantage of Origami’s flexibility to set up an integration with daily video feeds from delivery vehicle dash-cams.
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In “Bad Decision Family,” a classic sketch from the 16th season of Saturday Night Live, guest host Tom Hanks, playing the father of the family, joins his wife (Jan Hooks) and children (Julia Sweeney, Mike Myers) at the kitchen table for “leftover night.” Hanks has just retrieved milk from the refrigerator. Upon taking a seat, he drinks directly from the carton. “Oh! Oh, geez!” he cries out in disgust. “How old is that milk? It is really bad!” Hooks asks to see for herself, and reacts similarly after taking a sip. To a mixture of laughter and moans from the live audience, Sweeney and Myers eagerly follow suit. As the sketch continues, each member of the family takes turns joining in on bad decision after bad decision: sniffing a plate of bad fish, sitting on a sharp nail, and testing out a broken staircase to the basement, to name just a few.
The sketch works because it illustrates our tendency as human beings to willingly opt-in for experiences that are guaranteed to be less than optimal. This phenomenon holds true when it comes to the performance of risk management information system (RMIS) software and support.
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Supply chain management has always come with a wide range of risks—from capacity issues to operational disruption to inheriting the risks of a supplier. Recently, raw material shortages, climate change, and trade wars have come to the forefront of concerns. Regardless of a company’s size or the proximity of its suppliers, it’s likely to feel the impact of global risks like these. Risk managers are taking note. In Lockton’s 2018 Risk Management Survey, supply risk was among the top issues risk managers wanted to discuss more within their organizations.
As supply chains become more complex, so does the management of related risks. Manual management techniques or legacy technology previously used in performing the job may not work for addressing today’s challenges. “To make the best decisions, managers need access to real-time data about their supply chain, but the limitations of legacy technologies can thwart the goal of end-to-end transparency,” states the Harvard Business Review article The Death of Supply Chain Management.
Using the right technology, risk management teams and supply chain teams can take control. A fully integrated risk management information system (RMIS) with built-in automation and data analytics can help eliminate manual labor, increase efficiency, and allow for more accurate predictions. Ultimately, this can save companies money, and aid in avoiding supply disruptions that could take a business under or severely damage its reputation. (Read more about the far-reaching consequences of reputational damage due to supply chain failures.)
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