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Purchasing a Risk Management Information System

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It’s bound to happen. At some point, nearly every risk manager is faced with the need to purchase or replace a risk management information system (RMIS).

The decision may be driven by the obsolescence of an existing RMIS, a need for different or more robust capabilities, organizational changes and general systems upgrades that facilitate wider application of data analytics.

The good news is that RMIS long ago transcended their traditional roles in claims tracking, analytics and benchmarking, and they continue to evolve. Today RMIS offer an array of sophisticated capabilities, including applications to support enterprise risk management and global strategic risk management initiatives.

To get the RMIS that best meets your current and emerging needs, thoughtful consideration is called for. In light of exciting RMIS developments, here are a few ideas that might help.

Rethink your RFP. A rigid RFP process with a defined set of parameters and limited detail might leave you with insufficient information and result in a choice that is less than optimal. With many risk managers now required to address more complex exposures, provide sophisticated analytics, and drive down costs, contemporary RMIS platforms offer the versatility to support a spectrum of risk management needs. So starting out with a broader conversation about needs analysis versus capabilities can equip RMIS buyers to make better decisions.

Remember, people are key. Sure, new technology is exciting. However, as highlighted in the 2014 Advisen/Bickmore RMIS Review, client service is a top reason for organizations to switch RMIS providers. Do the people on the other end of the phone have the experience to understand your complex business and needs? Can they advise or make the changes within your system? Do they have authority to do so without submitting tickets or routing your problem to another department?

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While it is reasonable to assume any RMIS vendor will need to get up-to-speed on the specific needs and priorities of your organization and department, you don’t want to be training a less experienced RMIS vendor or employees at your expense.

Usability: How quickly can your team get up to speed? Unlike a decade earlier–or even just a few years ago–virtually all RMIS users are quite familiar with general website navigation based on their Internet use. Ideally, the RMIS you select will have a simple user experience with navigation that’s fairly intuitive and functions and unique features that are for the most part self-explanatory. Historically, RMIS systems were “siloed” in terms of how their capabilities were developed, so information had to be searched for and located. Today, the workflow of a RMIS should coincide with the user’s organic thought process–and not the other way around.

Scalability: What happens as needs evolve? Today, virtually every RMIS provider claims its system is scalable to handle growing organizations. While that may be true, the question for the buyer to ask is: “At what expense?” When interviewing potential RMIS providers, be sure to ask plenty of “what if” questions so you come away with a clear understanding of what might be involved in scaling, changing, or even reconfiguring a RMIS system.

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Does each and every change come with a price tag, or is the system’s architecture built to accommodate on-the-fly configuration changes?

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There is no doubt these are challenging times for risk professionals and their organizations. In this environment, choosing the RMIS that is right for you can go a long way toward making your job a lot easier and your team more successful. Happy shopping!

EEOC Oversight: Congress Considers Accountability Proposal

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The Equal Employment Opportunity Commission (EEOC) has encountered a series of set-backs over the last several years in terms of big losses and fee sanction awards. Our past blog posts have reported on these court rulings and defeats (here, here, here, and here.) As a result, criticism has mounted, stakeholders have complained, and now some members of Congress want to do something about it.

Most recently, on June 10, the House Committee on Education and the Workforce, Subcommittee on Workforce Protections held a hearing titled “The Regulatory and Enforcement Priorities of the EEOC: Examining the Concerns of Stakeholders.” Representatives of various stake-holders testified, including the U.S. Chamber of Commerce.

Referencing complaints raised at EEOC meetings in 2012 and 2013, the Chamber pointed to a rare consensus between plaintiff and defense bars—that EEOC investigations “[are] too long, inconsistent and of questionable quality.” The Chamber noted that the EEOC has so far failed to address those complaints by providing investigators with timeliness standards or a definition of a “quality, limited investigation.” In addition, the Chamber highlighted the agency’s propensity for litigation at the expense of sound investigation and good-faith conciliation. As a key example, the Chamber cited the EEOC’s “stonewalling” in EEOC v. CRST Van Expedited, Inc., where EEOC’s failure to exhaust administrative remedies and to properly investigate before resorting to litigation led to $4.7 million in sanctions. The Chamber’s testimony can be downloaded here. Concurrent with the hearing, the Chamber released a white paper titled “Review of Enforcement and Litigation Strategy during the Obama Administration—A Misuse of Authority.”

Against this backdrop, on June 25, Rep. Richard Hudson (R-N.C.) a member of the House Committee on Education & the Workforce, introduced the Equal Employment Opportunity Commission (EEOC) Transparency and Accountability Act (H.R. 4959). A Fact Sheet on the proposed bill is here.

Summary of H.R. 4959

The proposed legislation would require the EEOC to post on its website and in its annual report an array of information to promote transparency.

In a press release announcing the bill, Congressman Hudson said: “The EEOC is tasked with a noble mission to protect American workers and job-seekers from discrimination in the workplace and hiring practices. Recently, however, the EEOC overstepped its bounds by litigating numerous cases found to be frivolous, groundless, and baseless, that have caused undue burdens on numerous businesses and industries. It is critical that Congress provides meaningful oversight to certify that the EEOC stays focused on carrying out its core mission. This legislation will increase transparency and accountability at the EEOC to help ensure that the agency fulfills its duty and adequately balances the interests of both employers and workers.”

Among other things, the proposed legislation would require the EEOC to post on its website and in its annual report an array of information to promote transparency, including any case in which EEOC was required to pay fees or costs, or where a sanction was imposed against it by a court; the total number of charges filed by an EEOC member or as a result of a directed investigation; and each systemic discrimination lawsuit brought by the EEOC.

It also would require the EEOC to conduct conciliation endeavors in good faith and such endeavors would be subject to judicial review.

Further, the bill would require the EEOC’s Inspector General (IG) to notify Congress within 14 days when a court has ordered sanctions against EEOC. The IG must also conduct a thorough investigation of why the agency brought the case, and submit a report to Congress within 90 days of the court’s decision explaining why sanctions were imposed. In addition, the bill would require the EEOC to submit a report to Congress within 60 days of the court’s decision detailing steps EEOC is taking to reduce instances in which it is subject to court-ordered sanctions; further, the EEOC would have to post this report to its website within 30 days of submitting to Congress.

Implications for Employers

The proposed bill is one measure of the degree of frustration that stakeholders have with the job the EEOC is doing. While no one questions the importance of the Commission’s mission to root out and eradicate employment discrimination, many question the manner in which the EEOC has wielded its power. Employers should stay tuned, as future chapters in this debate are sure to be written in the coming months.

This blog previously appeared on the Seyfarth Shaw website.

RIMS Risk Maturity Model: Uncovering Risk

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The value of enterprise risk management comes from the ability to uncover and assess risk from not only the managerial, executive level of an organization, but also from the front line employees. Without penetrating the front line, critical risk and performance information is often overlooked.

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Real-life examples of this failure are constantly in the news cycle, such as the recent failure of risk management by General Motors, in which faulty ignition parts in their vehicles resulted in massive recalls and tragedy. The issue was known at the front line level but was not uncovered and brought to the attention of those who could act upon the risk. Without an avenue to assign and elevate risk from the first level (the first line of defense), the error was repeated and left unaddressed.

How to Uncover Your Risks

Many organizations implementing ERM are at the stage where their risk assessments are conducted in interviews with executive level senior management. While these interviews are beneficial in addressing an organization’s more strategic risks and opportunities, it’s rarely a strategic risk that lands a company on the front page of the Wall Street Journal.

Before you can assign risk ownership, you have to provide an obvious method for the front line to elevate key concerns. One method is through frequent risk assessment in which the process owners can describe what can go wrong, but other avenues should be leveraged and may already be in place.

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Many organizations have similar programs—think whistle blower hotlines or anonymous incident reporting –but in order for these programs to be effective, the reports coming in must be tied back to a root cause risk.

The next component is risk ownership, making business areas responsible for what they control, and more importantly, measuring their effectiveness. For example, if we have a root-cause risk of staff competencies, the indicators, or actual occurrence of this risk could be identified as “errors or task misperformance.” In this manner, a methodology is built directly linking performance indicators and real life events to the root-cause risks. This framework can be applied across business units, allowing different silos to identify the same risks, but use unique performance indicators and metrics for their own department. This allows risk managers to capture front line variance while keeping a unified picture of enterprise risk.

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The Effect on Risk Maturity

Ideally, the process of uncovering risks should be proactive instead of annual or semi-annual. Product launches, new projects and initiatives and reorganizations are all opportunities to identify risks and the ways in which they can be measured. The key then is providing end users with the tools they need to accurately assess risk—a standardized scale, set of criteria, and assessment dimensions such as impact, likelihood and assurance.

With the previous attribute, root-cause discipline, we structured our ERM program to be able to address common foundational issues rather than symptoms. Uncovering risk takes us one step further, tying in our root-cause risks to forward looking business performance metrics, so that we can actively identify, mitigate, and manage emerging risks to the organizations.

To learn more about uncovering your risks and taking the next step towards effective ERM, download our eBook on ‘5 Steps for Better Risk Assessments’.

Canada Approves National Bitcoin Regulation

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Canada bitcoin regulation

In our May cover story, “Making Cents of Bitcoin,” I wrote about the risks of bitcoin and other digital currency given the current lack of regulation or oversight. Without more guidance and structure for digital currency, the extreme risks of volatile values and considerable illegal activity are simply too high to generate viable widespread adoption.

As Cyrus R. Vance, district attorney of New York County, said, “Without stronger government oversight in this area I believe we are going to be permitting cybercriminals, identity thieves and even traffickers of child pornography and other criminal actors to operate in what would be a digital Wild West.”

In March, the Monetary Authority of Singapore (MAS) announced plans to require intermediaries that facilitate digital currency exchange to verify customers’ identities and report suspicious transactions. Here in the United States, the Financial Crimes Enforcement Network issued guidance stating that anyone operating an exchange for virtual currencies would be considered to be running a money transmitting business.

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By doing so, FinCEN required exchanges to collect information about customers, as mandated under Bank Secrecy Act regulations intended to prevent transactions through anonymous accounts. The IRS also announced plans to tax bitcoin as income or property, not currency. Yet no country had really taken action to regulate virtual currency.

Now, Canada may become the first nation to try. One provision of a new Canadian budget law amends anti-money laundering and counter-terrorist financing laws to regulate virtual currencies, the Wall Street Journal reported. The measure makes digital currencies subject to the same reporting requirements as other money-services businesses.

According to the WSJ:

In addition to the money services business treatment, digital-currency exchanges will have to register with the Financial Transactions and Reports Analysis Centre of Canada, or Fintrac. With that registration comes requirements to report suspicious transactions, keep certain records, implement compliance programs and determine if any of their customers are politically exposed people. And the law is extraterritorial: It captures foreign companies that have a place of business in Canada and those directing services at Canadians.

“Canada approving a national Bitcoin law as a matter of anti-money laundering law should not be discounted,” Canadian barrister and solicitor Cristine Duhaime wrote on her firm’s website. “It is important not only because it may be the first Bitcoin national law but also because most countries may now follow suit because of their membership in the Financial Action Task Force.”

The FATF is an international body that sets standards on anti-money laundering and counter-terrorist financing policy. Failure to comply with those standards can result in a country being blacklisted as high-risk or uncooperative, making it more expensive and more difficult to do business with member states.

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According to Duhaime, the five most important aspects of the new legislation are:

  1. Regulates Bitcoin as MSB – Bitcoin dealing, more specifically referred to as “dealing in virtual currencies” in Bill C-31, will be subject to the record keeping, verification procedures, suspicious transaction reporting and registration requirements under the PCMLTFA as a money services business.
  2. Does not define “dealing in virtual currencies” – The phrase “dealing in virtual currencies” was left undefined and it is not known what the defined term will encompass in terms of business activities once defined by regulation.
  3. Registration with FINTRAC – Bitcoin dealers will be required to register with FINTRAC and if successfully registered, to implement a complete anti-money laundering compliance regime.
  4. Captures foreign Bitcoin companies targeting Canada – Bill C-31 extends to: (a) entities that have a place of business in Canada; and (b) entities that have a place of business outside Canada but who direct services at persons or entities in Canada. Bitcoin businesses in Canada, however, that provide services to persons or entities outside of Canada are exempt from Bill C-31 for those external services.
  5. Prohibits banks from opening accounts for Bitcoin entities if unregistered – Under Bill C-31, banks will be prohibited from opening and maintaining correspondent banking relationships with Bitcoin dealers that are not registered with FINTRAC. This is an extremely important aspect of Bill C-31 and Bitcoin businesses should ensure they understand what a correspondent banking relationship is and how it can affect the provisions of banking services to them.

Implementation of the new Canadian law may take up to a year, Dunhaime wrote.

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