In this series, we are focusing on ways in which a Risk Manager can add value to the bottom line of his or her organization using RMAP technology.  These avenues of added value include: lower cost, asset protection, revenue enhancement and competitive advantage through better management of tactical and strategic Risk.  

Asset Protection:   Today’s BLOG will focus on a property loss control recommendations.

One of the areas that have historically been missing in a proactive Property Loss Control program is an effective means of recording, monitoring and modeling the savings on Property Loss Control recommendations.  In other words, we spend a lot of time doing Property Loss Control Audits, we submit our reports and recommendations, sometimes our recommendations are accepted, but what happens next.  How do we monitor the implementation of the recommendations and then monitor that the recommendation is continuing to be updated over time.

A good RMAP(1) should come standard with all of this functionality at no extra cost.  You shouldn’t have to go out and purchase an expensive stand-alone system to accomplish effective Property Loss Control follow-up and monitoring.  Using task and diary management features along with the RMAP’s  powerful workflow and a system function called “related list”, a Property Loss Control manager is able to completely manage this process from the initial property audit (including mobile audit tools) all the way through remediation and measurement of the impact.

Combining recommendations, claim financials, premium and values in the same system provides a perfect opportunity for modeling loss avoidance – a very difficult task.  While it is obviously difficult to measure the absence of an event, the ROI on solid Property Risk Control is typically something Senior Management “gets.”

(1) RMAP = Risk Management Automation Platform (this is not an official term… I just made it up)