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Risk managers at midsize businesses with distributed workforces face daily pressures — including a growing set of risks, such as labor shortages and supply chain challenges, and a crushing administrative burden that leaves them with little time for risk management program initiatives. Tight budgets and rising insurance costs across all lines are making risks even more difficult to mitigate and transfer. Risk professionals know that, ultimately, their organizations' only way to reduce rising costs is better safety and risk management performance. This predicament is especially challenging because risk managers don't see a practical way to get out of it. But now there is one.

These problems can now be addressed with technology built to address the unique challenges of risk management. Integrated risk management platforms connect the risk department with the entire organization, improving participation, delivering insights into employee behavior and removing workflow barriers. By accelerating processes and improving workflows, companies will see a monetary pay off and better performance when it comes to safety and managing risk.

Here are a few examples:

• Create a single organized digital file to find the information you need at a moment's notice.
• Automatically assign tasks, track their completion and sustain accountability.
• Fully connect with your teams and promote instant collaboration.
• Provide appropriate information to all necessary parties, ensuring such information is limited to those needing to know. Balancing information security with ease of access has become particularly difficult as organizations have shifted to remote working arrangements.
• Compile OSHA logs on an ongoing basis and stay compliant with other regulatory agencies.
• Avoid the wasted time and mistakes of re-keying by pulling information from existing data sources and by automatically filling out multiple relevant forms.
• Enable one-click submissions to external recipients such as insurance companies and third-party administrators.
• Unburden risk managers from recurring tasks such as data integrity verification, exception management, duplication elimination and monthly uploads.
• Enable deep analytics by replacing hours of worksheet setup with a few clicks. The ability to call up risk data quickly is helpful, but it's only half the equation. Risk managers need intuitive ways to analyze the data and derive insights that reduce safety incidents and mitigate losses.

Spreadsheets and legacy systems are not enough

Many midsize companies have systems in place that rely on aggregating spreadsheets and paper reports. For example, a middle-market real estate, staffing, manufacturing or construction company might rely on spreadsheets to keep track of people and safety programs. That approach requires numerous manual processes to enter data and keep it up to date, and accuracy may be lost at each turn. Analysis of safety incidents and other data in the spreadsheet is also onerous.

Imagine instead a technology platform that can automate and accelerate those processes, and offer integrated analytics. Not only can risk managers gain back time through increased productivity, but they also can focus their energies on keeping workers safe. Improved safety has multiple benefits — it reduces the direct costs of medical treatment, lost-time claims and disruption to production, and it allows businesses to mitigate indirect costs, such as low employee morale, reassignment of tasks and training. In addition, better safety results can translate into more favorable insurance terms. As risk professionals know, a lower total cost of risk means more opportunity to invest in business growth.

Fully connected risk management platforms solve problems

Businesses can't automate risk management, but they can dramatically improve risk management practices with the right technology. Improved workflows can simplify processes and make a significant difference in enabling risk managers to reduce risk. Engaging users in the way they want to engage, and empowering them without a steep learning curve, is key to deploying risk management technology successfully. The best way to deliver transformative results is to empower daily operators. When the right technology makes daily workflows easier, good things can happen.