Briefly explain the doctrine of Utmost Good Faith and how it pertains to RMIS.

Risk Management Information System

Doctrine of Utmost Good Faith speaks about the parties to the contract, and their fair practices and the transaction carries with honestly toward each other but not mislead or withhold critical information from one another. It is one of the requirements to the parties to a contract to fulfill their obligations towards others.

when it comes to risk management information system is the one where one party provides the solutions to other party about protection of information. For example, a healthcare provider is the one who provide services to patients, the patient information will be provided to the care provider. It is his responsibility to protect the information without any fail. But the care provider do not know how to do it. For this, he may assign this responsibility to a third party, by entering into the contract that he needs to provide security to the information. If the third party do not work well, the healthcare provider is the responsible to the patient. Hence, these two parties should work with fair and do not fail to do it.

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