It can be difficult to get a reliable view of where your company’s risks lie. Data is often hidden on various hard drives and emails. Workflows are manual with poor legal controls. And it takes time to get an up-to-date overview of the status of contract agreements and claims.
When it comes to how technology can enhance their work, technology significantly improves information storage and retrieval the automation of routine work, and creates better workflow management. Here are the ways technology can increase risk management efficiency and help businesses implement a structured way of improving risk management.
Quick & Accurate Data Collection
Not only does data help identify a particular legal risk, but it can also be leveraged to promote readiness in the event of litigation.
Ensure you have a clear map of all the relevant data by consolidating data in a secure online repository that is set up to manage specific legal matters. When it comes to information (data), understand:
- What data the company and its employees have
- Where data is located, stored, shared and managed, including text messages, employee mobile devices and hard drives, human resource documents, audit records and cloud services
- Who is responsible for the various types of data
- What data is necessary for the ongoing operations of the company, both in terms of business and legal operations
Involve various departments, employees and stakeholders in risk management to help you get a comprehensive view of risk across your entire company and to empower everyone in controlling it.
It’s crucial to have a clear picture of who has an impact on risk. With a centralized repository, you can easily pull up an overview of all entities and related subsidiaries at any point in time and generate organizational charts. Create detailed reports to identify those who negotiate contracts, make decisions or participate in specific workflows where there is risk exposure.
With limited resources, it’s impossible to review every clause on every contract without becoming an administrative bottleneck. Technology can empower colleagues to be more self-sufficient in managing their legal risks so that you can take a more managerial approach.
Assign ownership of risk controls and mitigation activities to other departments while retaining control over the management of legal matters. Replace manual systems for contract, entity and claim management with automated workflow processes and templates.
Proactive Risk Tracking & Reporting
It’s important to see an overview of risks that relate to each legal matter. When all of your legal information is in a central place, you can stay on top of key obligations with reports so you never miss another notice period or deadline.With a smart repository you can quickly review and report on business objectives, and demonstrate the strategic and financial impact of risk management. Build in risk reporting protocols to highlight areas of concern, change, emerging threats and opportunities to enable effective decision making and proactive risk management.
About The Rubin Group
Based in New York, The Rubin Group provides insurance in most of the 50 states. Our full-service insurance brokerage provides insurance and risk management services to individuals in all income brackets and businesses of all sizes and types. We understand that every client has unique coverage requirements, and we are passionate about providing the ideal individualized coverage for each customer. Each member of our team takes the time to truly understand your situation, the particular risks you anticipate – and the very real risks you’ve not yet contemplated. For all of your insurance needs, contact us at The Rubin Group!