Enables companies to consolidate, monitor and strategically manage their risk exposures and the associated risk transfer

interactive Risk Information System: Manage risk strategically at the enterprise level

Having a full and clear view of organisational risks is critical for making the risk related decisions that help protect the future of your organisation. Web-based insurance and risk information system, iRIS, facilitates risk assessment, monitoring, management and aggregation to give companies their full risk picture and, in turn, increased control over their risk.

How does it work?

Firstly business risks are identified and recorded by severity and frequency; then mapped to the company’s relevant business unit via the on-screen company structure chart. The risks can then be rated and the company’s risk appetite determined. The system also provides a facility for recording information such as a company’s risk mitigation strategy, internal audit processes, risk control protocols and key performance indicators, against which ongoing performance can be monitored.

Data on risks and insurance cover is then collected from the various parts of the organisation using e-questionnaires equipped with enforceable deadlines to ensure action. This is particularly valuable during the insurance pre-renewal process when timing is critical. If claims information is also available this can be ported directly into the system for future analysis, in its own right or in conjunction with other related aspects.

After placement, insurance policy details, including related financial information, documents, and links to related questionnaires, contacts and tasks, can be aggregated in an enterprise Policy Digest; again mapped to the company structure for ease of reference and analysis. Exposures that are the subject of risk transfer are then related to the Policy Digest so that adequacy or gaps in cover can be easily assessed. The system also facilitates manual or automatic premium cost allocation across risk locations using a standard or bespoke allocation algorithm.

Who is it for?

Particularly effective for Finance, Insurance or Risk Managers from large organisations who need to manage a diverse and distributed portfolio of exposures and the associated risk transfer solutions.