The responses to a recent Deloitte-commissioned survey of 300 in-house legal executives contain good news for those working closely with in-house legal departments on risk management and compliance-related issues. An executive summary of survey results, Going beyond risk and compliance: Enabling the Legal function to embrace digital transformation, indicates that a majority of respondents feel that in-house legal departments are aware of and open to the use of technology in efforts to make risk management and compliance more efficient and cost-effective.
While there is a willingness to move forward with the use of technology to automate repetitive tasks, improve collaboration, and proactively contribute to the overall strategy of their organizations, there is still work to be done. “Despite encouraging levels of awareness and signs of adaptability, survey respondents have revealed that there is still progress needed before the Legal function fully embraces digital opportunities,” write the study authors. “When they do this, Legal will be able to revamp its approach to risk management and compliance, thus becoming more agile, more integrated and more value-driven, playing an integral role in the delivery of corporate strategy.”
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Managing claims-related emails, forms, and other documents can be a challenge, especially when claims data and files are spread across multiple systems. That challenge only grows when claims result in litigation. Not only is there additional documentation, but there is also the need to share that information with the legal department and other parties involved in each case.
In “Laying the foundation for a strategic approach to claims management,” we examine how an integrated claims management functionality of a cloud-based RMIS like Origami Risk can help reduce the strain of tracking claims data and documentation. Consolidating all of an organization’s claims data and related files in a single system not only eases access but can also standardize and streamline workflow processes. The subsequent analysis performed contributes to informed decision making and improved claim outcomes.
Risk managers and claims professionals can add to the value of their RMIS by extending usage to an organization’s legal staff. In this post, we look at five benefits of using a cloud-based RMIS to manage litigation information related to claims and incidents, as well as contracts, research, and other legal matters handled on a daily basis.
Five benefits of using a cloud-based RMIS for matter management
1. Centralize storage of claims and matter data and documentation
As the PropertyCasualty360 article “8 Best Practices for Claims Litigation Management” points out, when it comes to documentation and case information, “the better organized you are, the easier litigation is to manage.”
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