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With ever more regulation and demands for better corporate governance, companies are being called upon to provide data about a wide range of corporate processes and functions. Thus, the ability to effectively audit these processes and functions is vital. Such data collection can also assist executives with making proper business decisions about how to mitigate, transfer, and reduce risks.
However, compiling, analyzing, and managing that data in a consistent, cost-effective, and comprehensive way is not always easy. Different technology platforms and measurement standards can create a management challenge of the first order.
What Will You Say When They Ask What Happened?
In considering how best to audit corporate processes and functions, executives should ask themselves the following questions:
- Do I have the data management systems I need to properly audit compliance, risk, and claims data?
- How automated are my data collection systems?
- Am I able to demonstrate that I am in compliance with state and federal regulations affecting my industry?
- Can I easily calculate savings from the cost-savings measures I implement?
- Can I consolidate, integrate, and convert data from internal and external sources so that it provides me with a comprehensive view of risk?
- Can I easily compare data?
- Can I chart risk exposures for the company as a whole?
- Can people within my company easily access audit information?
- Can my company track the implementation of action plans?
- Do I have the support services I need to properly develop and maintain a data collection system?
Who's Looking Out for You?
CS STARS offers a unique combination of hardware, software, and consulting solutions to help clients audit and manage their data and, as a result, comply with regulations and make better management-related decisions. We deliver full-service business support to risk managers, legal professionals, safety personnel, human resources and employee benefits administrators, as well as businesses providing claims services to their customers.
Our STARS Audit software solution helps automate virtually any audit process, including environmental assessments, health and safety inspections, facility audits, claims audits, quality assessments, and all types of compliance audits. It is the only auditing software that can accommodate both compliance and claims processes. STARS Audit can be hosted on a PC, PocketPC, TabletPC, or over the Web.
The efficient and cost-effective STARS Audit solution offers the following benefits:
- Automated — Using automation software eliminates much of the tedious work of an audit process, allowing professionals to concentrate on the critical elements of the audit.
- Customized — The STARS Audit team creates protocols and reports in close coordination with the client’s audit team.
- Versatile — Initially designed with the risk management audit process in mind, the STARS Audit's fundamental focus on methodology and customization, rather than content, makes it an ideal platform for nearly any data gathering process.
- Consistent — STARS Audit eliminates variations in protocol standards and standardizes reports to ensure that data can be viewed over time rather than simply as a snapshot.
- Complete — A library of reference and interpretative materials provides users with the ability to run standardized environmental, health, and safety audits.
For more information about Marsh’s Risk Technologies Practice and its products and services, please visit www.csstars.com.
If you have any questions or would like additional information, please contact us.
If you are seeking information about insurance and related services, please visit marsh.com.
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