RMS Introduction

Monitoring risk across a large portfolio of businesses is challenging. Risk management is when a key stakeholder wants to monitor insurance coverage. RMS™ monitors Rikor uses its in-house proprietary “Risk Management System (rms.™)” to monitor compliance between franchisors and franchisees. Franchisors get inside access to log in and view custom reports that are updated daily.

How does the RMS work?

The RMS, or Risk Management System, is designed to manage all aspects of insurance documentation and compliance monitoring for franchisees within a franchise brand. Here are some key functions of the RMS:

• Insurance Compliance Monitoring: The RMS tracks the insurance compliance status of franchisees, providing granular data and compliance scores.
• Documentation Management: It manages all insurance documentation, ensuring that franchisees have the necessary coverage as per brand requirements.
• Reporting: The system generates custom reports that are updated daily, allowing franchisors to monitor compliance effectively.
• Communication: The RMS communicates with franchisees using various protocols to address issues such as policy lapses or coverage gaps.
• User Management: It allows for the addition and removal of users, enabling different stakeholders to access relevant information.
• Coverage Analysis: The RMS performs coverage analysis to ensure that franchisees meet the required insurance coverages.

Overall, the RMS provides assistance to administrators by automating the monitoring and management of insurance compliance, thus protecting the investment of both franchisees and franchisors.