Marsh Develops Risk Management Information System
According to Marsh, the system, known as RealSTARS, helps real estate organizations centralize risk information; plan, control and measure related mitigation efforts; manage information about property values, exposures, and insurance; and improve enterprise-wide risk visibility.
The company has added that the RealSTARS has comprehensive features for tracking and managing a real estate portfolio, including a COPE (construction, occupancy, protection, exposure) module to track loss prevention and loss control information for each asset.
In addition, RealSTARS has tools that streamline the process of gathering and consolidating values and an intuitive, location-based interface through a proprietary feature – Risk Goggles– that displays information via Google Earth. Marsh’s system also has property and facility audit capabilities, and tools for tracking third-party property managers and other vendors.
Bill Diaz, president of CS STARS, said: “The Web continues to provide opportunities for us to build new capabilities into our industry-leading risk management information system that meet the specific needs of individual industry sectors, we have developed a number of breakthrough features in RealSTARS that give real estate executives the resources they need to track and manage their exposures and risk management initiatives globally on a real-time basis. That should go a long way to helping their firms save costs by managing risk both more effectively and efficiently.”
Jeffrey Alpaugh, managing director and leader of Global Real Estate Practice at Marsh, said : “In the current economic environment real estate firms need the ability to access real-time information about their risks, property values, regulatory compliance practices, and vendors, and to make adjustments quickly and efficiently, RealSTARS provides a number of critical risk management tools in a single, global resource that can save management and staff time and help manage costs.”
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