PSU Risk Management Information System Discussions
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PSU Risk Management Information System Discussions
1) A risk management information system (RMIS) Is an information system that helps standardize property values, claims, policy, exposure information and provide traceability and report management to enable the user to monitor and control the overall cost of risk management. RMIS can be placed on the organization intranet. RMIS will also facilitate the collection and transmission of risk information, including incident reporting by the local administration as soon as they occur. Typically, RMIS can include a wide range of information. RMIS has been used for some time to record details of insurance claims. Recently, the use of RMIS has become more sophisticated. It is now possible to record risk exposure details, risk control plans, and risk measures using this software package. This system can also be used to collect risk exposure information and report accidents or other events that may result in a claim for insurance. In addition to RMIS systems to record information, many software products support risk management.
These include software packages that can carry out various analytical activities and systems that can conduct risk analysis and review dependency modeling. It is generally accepted that applying the RMIS tool to an Enterprise Risk Management (ERM) can be very useful. However, the drawback often encountered is that the introduction of a large amount of risk data into a computer database can be very time-consuming. However, the benefits of data availability for detailed analysis can make an effort worthwhile.
References:
Hopkin, P. (2017). Fundamentals of risk management: Understanding, evaluating, and implementing effective risk management, 4th Edition. Kogan Page Limited: London, England
2) Risk Management Information Systems (RMIS) have several components. Some of these modules include communication, and control activities, risk response, threat evaluation, the internal environment of an organization, and objective setting. Hopkin (2018) asserts that organizations should have a risk culture. The elements of a risk-aware culture, such as communication, leadership, accountability, and learning, are vital in defining the internal environment of companies. Risk appetite and tolerance should guide organizations on setting objectives. The risk assessment component should go hand-in-hand with the objective setting. Risk assessment helps companies to measure threats and propose strategies to mitigate them. Usually, organizations can use the 4Ts approach to respond to risks. Broadly, after aligning risks with an organization’s appetite level, it is vital to treat, tolerate, transfer, and terminate them. Developing a shared vocabulary is part of risk control. The control component, therefore, ensures that the recommended measures do not exceed a predetermined scope. Communication is a fundamental component that can reduce risks. Hopkin (2018) clarifies that organizations should use a range of communication strategies to enhance the risk management strategy. Generally, these components help organizations to take appropriate actions to control risks.
Sustainable development of organizations depends on information systems. It is, however, vital to point out that information systems risks may hamper the realization of business goals. Hence, investing in RMIS will ensure service continuity, increased security, and enhanced business reputation. According to Abbass, Baina, and Bellafkih (2016), security improves the usage of information systems and business performance. Organizations that adopt information management systems can detect and prevent potential risks. RMIS, therefore, help firms to assess risks and manage relevant information. It also allows organizations to enhance the accuracy of data by avoiding errors. Finally, RMIS assist companies in complying with legal regulations and saving costs because of improved risk management.
PSU Risk Management Information System Discussions
RUBRIC
Excellent Quality
95-100%
Introduction 45-41 points
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Literature Support
91-84 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Methodology
58-53 points
Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score
50-85%
40-38 points
More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.
83-76 points
Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.
52-49 points
Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality
0-45%
37-1 points
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75-1 points
Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.
48-1 points
There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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