But what kind of data should be analyzed to help you expand your organizational risk program awareness?
As risk professionals, we often focus on individual line-item program details. Claim counts, total incurred dollars, lost workdays, and OSHA recordable incident rates are all relevant measures of our ongoing program performance. But to successfully manage today’s complex risk programs, it is also important to widen our lens and establish clean conversation lines between all operating divisions, organizational entities, and valued business partners to ensure that all are aligned on our risk goals, strategies, and action plans.
Let’s look at the ways in which LUMINOS can help you expand your organizational risk program awareness.
1. Predict accidents, injuries, and catastrophic losses in the workplace:
Use LUMINOS’s First Report of Injury (FROI) and Incident Management modules to effortlessly analyze near-miss accident data details and applicable investigation notes as a predictor of risk. This will help you uncover opportunities for corrective action before accidents occur. Although near-miss incidents cause no bodily harm or property damage, they may foreshadow issues in the workplace that can be course corrected.
2. Strategize and create actionable ideas to meet ever-changing risk management challenges across your organization:
Many enterprises around the globe rely on LUMINOS’s Cost of Risk Allocation (COR) models to evenly distribute topside risk and claim costs down to operating units, divisions, and manufacturing locations. Improve accountability by working through allocation strategies with your teams and then successfully apply them with our flexible LUMIONS charge-back feature sets. This will help open-up thoughtful conversations with entity employees empowered with greater information to thereby simplify program complexities, align strategies, and develop actionable ideas that drive safe practice behaviors.
3. Real-time reporting on relevant risk management activity:
Use the Activity Alerts from LUMINOS to receive real-time updates via email or SMS on the relevant events affecting your risk programs. Get notified anytime, anywhere when claim payments are dispersed, reserves are changed, and new claim notebook entries occur. Receive new loss counts, litigated claim totals, and incident reporting lag information while on the road or away from the office.
4. Organize and define your operational risk-management efforts:
LUMINOS changed the TPA RMIS landscape with the integration of our new proprietary reporting analytics. Leveraging our TCOR management intellectual capital, LUMINOS provides a sophisticated suite of data benchmarks, scorecards, and AI-driven predictive analytics to deliver the actionable information required to drive superior claim outcomes and cost-of-risk reductions. LUMINOS tools like Automated Report Distribution help you share risk data across your organization. This means you can generate custom program detail reports and data sets with our ad-hoc report-writing tools to foster information collaboration within departments.
5. Improve overall productivity and organizational risk agility:
Use the Enterprise Risk Management module to model individual risk elements and manage all relevant ownership and appetite data. In doing so, organizations can review and revise action plans and risk processes based on velocity and vulnerability ratings. Similarly, review governance activities across the organization, monitor follow-up tasks, and model changes throughout the year.
Are you ready to harness the power of LUMINOS to expand your awareness of your organizational risk? Connect with Jennifer Turner, SVP – LUMINOS today to learn more.