The RMS (Risk Management System) is updated through various mechanisms to ensure that it reflects the most current insurance compliance status and requirements. Here are the key aspects of how the RMS is updated:

• Daily Updates: The RMS provides custom reports that are updated daily. This ensures that franchisors have access to the latest information regarding insurance coverage and compliance.
• Input of Insurance Requirements: FDD (Franchise Disclosure Document) insurance requirements are imputed into the RMS for all required coverages for a brand. These requirements are essential for comparative analysis and quote proposals.
• Certificate of Insurance (COI) Monitoring: The RMS matches the insurance requirements with the coverages listed in the franchisees’ COIs. This monitoring helps in identifying compliance status and any gaps in coverage.
• Automated Tracking: The RMS automates the tracking and monitoring of certificates of insurance. 
• User Management: Administrators can add or remove users and manage report cadence, ensuring that the right stakeholders have access to the updated information.
• Monthly Reports: The RMS generates monthly reports that provide high-level visibility into compliance progress, including the status of franchisees and any urgent matters that need attention.

Through these methods, the RMS ensures that all stakeholders are informed and that compliance is effectively monitored and managed.