Healthcare Risk Management

Across the Insurance industry, initiatives are underway to achieve a more holistic, integrated approach to managing risks across the enterprise. The key role of the insurance industry is to help others combat risks. But like any other business, insurance companies have to address their own share of risks such as Actuarial, Systemic, Credit, Liquidity, Legal, Information Security, Catastrophic and Compliance risks. Emerging risks, those with limited historical data to use when estimating their future impact, are another set of risks that are difficult for the health insurance firm to manage The two critical success factors in enterprise-wide risk management are better, faster and more transparent in risk reporting and also more collaboration across the business units, product lines and functions across the enterprise. This will provide a consistent view of risk across the enterprise necessary for risk decision making and performance management, as well as regulatory compliance and reporting.

The Enterprise Risk Management (ERM) software solution from MetricStream enables organizations to identify, assess, quantify, monitor, and manage their enterprise risk in an integrated manner. It brings together all risk management related data - a reusable library of risks and their corresponding controls and assessments, results from individual assessments, key risk indicators, events such as losses and near-misses, issues and remediation plans - in a single solution. Its workflow capabilities streamline the risk assessment process and enable organizations to set their priorities using risk heat maps to make strategic decisions on risk response

Key highlights of the solution are:

• Implements a federated approach that enables coordinated and cross-organizational approach to enterprise risk management
• Provides real-time risk intelligence and brings transparency to the risk management process running across the enterprise
• Improves collaboration across the business units and functions by streamlining the risk management process across the organization

MetricStream uniquely combines software and content to deliver Enterprise Risk Management software solution to customers. Embedded best practices content helps define the scope of processes and sub-processes for which risk management needs to be performed and guides development of control and test libraries. It also provides other intelligent and content driven features such access to training content from an expert community from within the solutions and integration of business processes with regulatory notifications and industry alerts.

Downloads

• Case Study:
  Blue Cross Blue Shields Affiliates Adopt an Integrated Approach to Intensify Overall Compliance, Risk and Audit Management

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Analyst Research

Access a complimentary copy of Gartner Magic Quadrant for Enterprise Governance, Risk & Compliance Platforms, 2011 to get an up-to-date view of the GRC platform landscape.
July 2011 | Read Report

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November 2011 | Download Report