We are pleased to announce our newest ERM Financial General Ledger Module so our growing suite of modules. The new Financial General Ledger within A1 Tracker serves many purposes across an organization, and grapples with:
- Cost of Risk
- Claim and Litigation Transactions and Financial Reporting
- Insurance Financial Transactions and Reporting
- Predictive Costs
- Generate Invoices and Statements
- Payment and Reimbursement
- Distributions
With a vast collection of Business Use Cases, your team can coordinate with ours to creatively implement workflows to automate financial management tasks that span across insurance, subrogation and recovery, incidents, claims, contract renewals, litigation, and asset management.
These various pieces work like a puzzle to connect financials across various modules while segregating information for security and privacy between users and departments. The granularity A1 offers gives users flexibility to track detailed financial information that flows up through management reporting and ERM Risk Analytics, such as financial dashboards.
Why an ERM Financial General Ledger?
The Financial General Ledger provides real-time financial analysis to indicate the real-time health of the organization. The ability to answer questions across the organizations quickly dictates how well executive leadership can react to scenarios that put the company at risk. Although these questions vary from one company or industry to another, we can sum them up:
- What risks do our company face that we have not addressed?
- What incidents have occurred in our company and were they preventable?
- What consequences has our company faced from those incidents, and how have they affected the company financials, moral, ability to get work, and retain good people?
- Who is responsible for monitoring and addressing what types of risks?
- Who is responsible for recovery from incidents as they occur?
When answering these question, a clear path can be mapped out to address a higher level question as it relates to risk and developing a sound ERM: How do we build a good risk culture where everyone gets involved to protect the company?
Who Benefits from an ERM Financial General Ledger?
Simply put – Everyone.
Starting with the end-user, those who manage our day-to-day financial data have clarity with standard data management practices. This provides users with a clear ledger that connects with the correct Module:
- Risk
- Incident or Claim
- Litigation
- Asset
- Contract
- Insurance Policy
To remove redundant work across multiple systems (or spreadsheets), A1 Tracker can export financial data to your accounting software with appropriate general ledger classifications. This eliminates the need to record data in two or more database systems.
The end-user may also utilize workflow and business rules to escalate transactions across the organization for review or approval. This removes the need for manual effort with request forms, while at the same time creating an audit log of each approval across the company with date and time stamp. Approvals may also extend to external parties outside the organization, such as brokers, carriers, customers, outside counsel, consultants, and TPAs.
Department Managers benefit by having a single source for all approvals coming through. Even if the approval is not requested for them directly, managers can view current and past approval requests. This allows them to identify bottlenecks in the process or potential opportunities to improve staff performance or process flow.
Executives benefit with real-time analytics (A1 Analytics) where all of the combined modules from A1 Tracker feed into a single dashboard. Instead of requesting reports, analytics can send automatically to support board and executive strategies at the highest level.
