3-2 Final Project Milestone Two_ERM

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1 3-2 Final Project Milestone Two: Enterprise Risk Management Anastasia Bolinaga Southern New Hampshire University DAT 610: Optimization and Risk Assessment Professor Kyle Camac March 17, 2024

2 Enterprise risk management (ERM) is a crucial process that helps businesses manage risks and discover possibilities from a unified viewpoint. ERM adopts a comprehensive approach to evaluating and managing both risks and opportunities in an interdependent setting, in contrast to the traditional risk management strategy that examines risks as independent components and ignores the upside potential of risk (Qazi & Simsekler, 2022). Thus, ERM solutions should serve two purposes: they both provide possibilities to enhance business performance and safeguard the enterprise from harm. Adopting technology-based ERM makes the process more data-driven, enable the entire organization to easily participate in ERM efforts in a digital format and makes cybersecurity a top priority and a concern for the entire organization (“ What Is Enterprise Risk Management (ERM)?” , n.d.). There are a lot of different ERM tools available for organizations, however, for the auto insurance industry that company XYZ operates in, the following tools could be utilized: A1 Tracker, Origami Risk and PCIS ClaimsVISION. A1 Tracker A1 Tracker is a cloud-based risk management tool designed to mitigate risks and manage them proactively at the company level in real-time. A1 tracker is perfect for auto insurance industry since it includes Claims Management Automation feature among other useful trackers such as Contract Management, Incident Management, Risk Management, etc. that embrace operational risks at different levels of the company. A1 Tracker offers highly customizable dashboards and KPI reports (“ A1 Tracker ”, n.d.). Because of A1 Tracker's great degree of flexibility, businesses may expand and adjust to changing business demands and display only relevant features, making the user experience easier. Administrators can give access to other user groups (such as vendors, carriers, clients, regional staff, and TPAs) so they can view restricted information thanks to granular security and permissions. A complex workflow with approval

3 processes that send requests to both internal and external approvers within an organization is also supported by the system. Once established, approval processes are driven by business rules, triggers, notifications, & record changes making it possible to assign and sort tasks by priority. This feature can be potentially configured by XYZ to flag fraudulent claims (TechnologyAdvice, 2016). Origami Risk Organizations can easily customize security, insurance, risk, and compliance solutions with Origami Risk's cloud-based interface. Users can handle Claims Administration, Governance, Risk and Compliance (GRC), Environment Health and Safety (EHS), Healthcare Risk & Safety, and other tasks within the software. With the help of its analytics and customizable reporting modules, all data is protected under one roof, streamlining workflows and simplifying data visualization (“ Origami Risk Reviews 2024: Pricing, Features & More” , n.d.). Using linked analytics and automated warnings, out-of-the-box functionality of Origami Risk can detect potentially fraudulent claims and forward them to SIU for additional investigation (“Evaluation” , n.d.). PCIS ClaimsVISION ClaimsVision can serve as a central location for tracking, reporting, and evaluating the causes and impacts of organizational "claim events." Its reporting and analytics platform makes it simple to identify trends and risks and then uses proactive preventative measures to keep them from happening. An organization can create and design its own claim workflows and guarantee best practices by combining an infinite hierarchy with an intelligent rules engine. An end user can execute and maintain all features, including auto reserving, adjustor routing rules, and

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4 notifications, from the front end. Aside from claims administration, ClaimsVision RMIS also includes modules on policy administration and compliance (“ ClaimsVision”, n.d). All three software can be beneficial to XYZ goal of enhancing their operational risk program with the focus on detecting fraudulent activities within auto claims. It appears that all applications have a potential for building workflows on aiding SIU in flagging claims with the highest risk score, however, only Origami Risk provides such workflows out of the box. When it comes to different aspects of ERM, A1 tracker and Origami Risk include modules and recommendations on avoiding operational risks outside of claim management while ClaimsVision’s focuses primarily on claim lifecycle with integrated policy administration and compliance. .

5 References A1 Tracker. (n.d.). A1 Tracker Enterprise Risk Management Software. https://www.a1tracker.com/ ClaimsVision . (n.d.). pcisvision.com. https://www.pcisvision.com/solutions/claimsvision/ Evaluation . (n.d.). Origami Risk. https://www.origamirisk.com/products/claims/evaluation Origami Risk Reviews 2024: Pricing, features & more . (n.d.). https://www.selecthub.com/p/risk- management-software/origami-risk/ Qazi, A., & Simsekler, M. C. E. (2022). Quality assessment of enterprise risk management programs. Journal of Risk Research, 25(1), 92–112. https://doi-org.ezproxy.snhu.edu/10.1080/13669877.2021.1913633 TechnologyAdvice. (2016, March 23). The TechnologyAdvice blog. https://technologyadvice.com/products/a1-tracker-reviews/ What is Enterprise Risk Management (ERM)? (n.d.). https://www.oracle.com/erp/risk- management/what-is-enterprise-risk-management/

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