Teach Your Compliance Staff to Mitigate Risks with Risk Management Software
Any part of a successful risk management program is teaching your compliance staff to mitigate risks with risk management software. We are looking at how manual compliance document processes can lead to risks and how proactive employees use risk management software. Keep reading and discover how to enhance your risk mitigation process.
How Manual COI Processes Can Lead to Risks
The first thing to remember is that tracking certificates of insurance (COIs) are key to your insurance risk management program. Using manual processes uncovers risks that seem impossible to mitigate. Therefore, it is important to find an automated solution you can trust.
For example, if your organization still uses email, spreadsheets, and phone calls to get compliance documents from third parties, human error will surface. Skipping a line in a spreadsheet, deleting an email, or missing a phone call are all mistakes that are unavoidable with manual tracking.
When these situations arise, your business faces non-compliance resulting from human error. No matter how diligent your risk management team is, these situations will arise. Let’s look at how you can help your employees be more proactive by using risk management software.
How a Proactive Employee Uses Risk Management Software
Proactive risk management means your business looks to mitigate risks before they arise. In other words, your organization identifies which risks are top priorities and what ones are acceptable, and how to mitigate them. Following this practice allows your employees to take control of risk management.
Implementing a proactive risk management program into your organization also means you monitor risks, update, and review them. Empowering proactive employees with software helps in this process. Risk management software, especially when it comes to COI tracking, is important.
It gives your employees the ability to track every step of the compliance process, allowing them to be more proactive. Team members using the software can see where compliance is in place and where they need to devote more attention.
Remember, when working with manual processes, there is no way to guarantee that even your most proactive employees do not make mistakes. The best way to make sure your risk management plan is as strong as possible is by giving your employees the tools they need. This results in more proactive processes and better risk mitigation.