|By Business Wire||
|October 15, 2013 06:49 PM EDT||
Riskonnect, the leading provider of risk management software solutions, announced today that the company has been honored with the 2013 GRC Value Award in the Insurance and Claims Management category by GRC analyst firm GRC 20/20. The Inaugural GRC Value Awards recognize real-world implementations for Governance, Risk Management and Compliance (GRC) programs and processes that have returned significant and measurable value to an organization.
GRC 20/20 Research awarded Riskonnect RMIS and the State of Utah its 2013 GRC Value award in the Insurance and Claims Management category. A fully integrated insurance risk management software platform, Riskonnect RMIS addresses insurance claims, litigation, exposure, policy management and more. Using Riskonnect RMIS, the Utah Division of Risk Management (DRM) recognized $1 million in savings by reconciling insurance premium billing. Their business unit experienced an efficiency improvement of 82% in processing high dollar payments and a 93% increased efficiency in processing payment of bills. In addition, they recognized a reduction in fees for redundant systems of $30,000; a significant reduction in time spent processing claims and generating reports, and the consolidation and reconciliation of relevant data. Riskonnect RMIS will enable Utah DRM to more effectively manage and respond to risk related issues, improve risk decisions based on real data, and continue to recognize cost savings and efficiencies as they expand their use of this platform. With Riskonnect RMIS, Utah DRM now has the speed and flexibility that provides quality, real-time data for enhanced decision-making.
Bob Morrell, Co-Founder and CEO of Riskonnect, commented, “We are honored to receive the inaugural 2013 GRC Value Award for Insurance and Claims Management. Riskonnect’s promise is to continue our mission to bring the latest in enterprise-class technology innovation to the risk management industry. Thank you for recognizing our efforts on behalf of the State of Utah, Division of Risk Management. We are thrilled to provide them with the tools they need to improve their business processes, and we look forward to continuing to serve them.”
“Riskonnect has demonstrated proven business value in Insurance and Claims Management with its program for management of risks across the enterprise through Riskonnect RMIS,” said Michael Rasmussen, Chief GRC Pundit for GRC 20/20 and internationally recognized expert. “It is imperative that we recognize today’s successes as a milestone toward advancing GRC maturity. In achieving maturity, GRC is part of the organization’s strategy and operations and supported by a range of technology, knowledge and services - enabling the organization to achieve greater efficiency, effectiveness, and agility in GRC processes and broader business operations.”
Award recipients are acknowledged in the GRC 20/20 blog at: http://www.grc2020.com/index.php/blog. Solution providers and GRC practitioners were evaluated in the following categories: Enterprise GRC, 3rd Party Management, Audit Management, Business Continuity, Compliance Management, Control Monitoring/Assurance, Environmental Health & Safety, Fraud, IT Security Risk Management & Compliance, Identity & Access, Insurance & Claims Management, Investigations, Legal, Policy Management and Risk Management.
About Riskonnect, Inc
Riskonnect, Inc. is the provider of a premier, enterprise-class technology platform for the risk management industry. As an independent innovator in risk management software, Riskonnect develops and markets a growing suite of software solutions on a world-class cloud computing model, helping clients elevate their risk management programs, safety solutions and programs for management of risks across the enterprise. Through its strategic, operational and insurable risk software applications, Riskonnect provides the risk management industry with the specific, configurable solutions needed to reduce losses, control risk and affect shareholder value. For more information about Riskonnect, contact us at www.riskonnect.com, email firstname.lastname@example.org or call +1 770-790-4700.
About GRC 20/20
GRC 20/20 is the authority in understanding how organizations implement GRC practices that are effective, efficient and agile. Through independent research and industry interaction, GRC 20/20 advises the entire ecosystem of GRC roles within organizations, technology and knowledge solution providers, and professional service firms. Organizations engage GRC 20/20 when they need insight, guidance and advice in dealing with a dizzying array of disruptive issues, challenges, processes, information and technologies while trying to maintain control of a distributed and dynamic business environment. Visit GRC 20/20 at http://www.grc2020.com/ and follow on Twitter at @GRCPundit.