The pressure is on to manage evolving risk, anticipate what’s around the corner, and analyze the big-picture impact – all in less time with fewer resources. A new-generation Risk Management Information System could be just the ticket to deliver on those expectations.
A RMIS brings all of your risk data together into one platform for unprecedented insight into your risks, the interrelationships, and the impact on the organization. But all that functionality, of course, comes with a price tag. The question is, will your return will be worth that investment?
The answer depends on the complexity of your risks and how sophisticated your needs are. Here are 11 questions to help you decide whether or not you need a RMIS.
- Do you work with only one insurance carrier or TPA (past and present)?
- Do you have low frequency and severity of claims?
- Are you able to easily report to your executive management and/or board?
- Is your risk, safety, and claims data easily accessible wherever and whenever it’s needed?
- Is it easy to collect and analyze the information you need for insurance renewals?
- Are you confident in the integrity of your data?
- Are you pleased with the level of insight you are getting from your data analysis?
- Are you sure that there are no duplications or gaps in coverage?
- Can you view the current status of a claim?
- Are your reports easy to run – and are they sophisticated enough for your purposes?
- Can you easily answer questions about premiums, coverage, and claims history?
If the majority of your answers are “yes” – Your current system for managing risk is doing its job. A periodic review of the status will make sure you stay on track as your needs grow and change. (Quadrant 3)
If the majority of your answers are “no” – Your current system has become more of a hindrance than a help, and it’s limiting your ability to manage risk effectively. A RMIS could provide the foundation you need to manage risk at a more strategic level. (Quadrants 1, 2, and 4)
A RMIS is a powerful tool – but not every company needs that much power. Does your organization?