The just-released 2022 RMIS Report, published by Redhand Advisors, reveals that while most organizations have accelerated their reliance on data and analytics over the past two years, many risk management processes are still manual. Now that risk has risen from a budget line item for insurance coverage to a board-level topic, however, the ability to see an integrated picture of overall risk is increasingly critical to a business’ bottom line.
The report identifies several trends driving the interest in integrated risk management technology:
- Access to risk management technology is expanding across organizations, allowing operations, HR, safety, and others to incorporate risk into everyday decision making.
- Automated claims adjudication is gaining traction as a way to resolve routine claims faster, with fewer human adjusters, and better outcomes.
- The risk of cyberattacks is leading more companies to retire legacy systems in favor of a more secure solution.
- More companies are looking for a best-in-breed solution that integrates into a broader platform.
The report concludes that today’s risk managers need all risk information aggregated into a single digital platform that ties together processes, reporting, and analytics to drive risk-related decisions.
The report explains: “Unfortunately, when it comes to risk management, too many are still reliant on manual processes to collect and store that data, and therefore, fall short when it comes to using it meaningfully by pairing data analytics with decision making.”
To expand on the report’s findings, we believe there are several additional factors to consider when purchasing a RMIS solution.
How in-tune is the RMIS vendor with customer needs?
Riskonnect pioneered the journey to integrated risk management. We were the first RMIS provider to deliver a platform that puts risk under one roof, and we continue to lead the market in innovation to give our customers a view of risk they can’t get anywhere else.
The report emphasizes that risk managers need everything aggregated into a single digital platform that ties together process, reporting, and analytics. This confirms that the market is following our lead to integrated risk management – but beware that not all risk platforms are equally able to integrate. Some vendors claim that their solution is integrated, but the “integration” is limited to connecting incident reporting and claims. That’s not much help if you get, say, a large claim related to a third-party supplier and all of your information related to that third-party risk is stored in some other application.
How much data cleansing and consolidation is a do-it-yourself project?
Some vendors undercut costs because they expect the customer to deliver clean, consolidated, ready-to-go data. They are happy to sort out any less-than-perfect data – for an additional price. At that point, customers won’t have much choice since the entire system is virtually useless without reliable data. Suddenly, bargain data-transformation line item is not such a great deal.
Riskonnect set the bar to which all other data processors aim their sights. The best-practice standard is to cleanse data at the source with both standard business rules and customizable edits prior to implementation.
Riskonnect’s fully dedicated Data Transformation Services team can efficiently convert, consolidate, report, and extract data from multiple sources in various formats into usable information. Our team writes more than 500 new data conversions per year and processes 34,000 files annually, accounting for 150+ million claims from over 1,000 distinct sources. Not only does this protect the integrity of information from the start, it saves you from having to fix bad data down the road.
Can system administrators configure the software themselves?
Some vendors claim that their RMIS is configurable – when in reality, something as simple as adding a field or creating a custom report requires assistance from customer support. Is a run-of-the-mill change a good use of your service hours?
Riskonnect is easy and intuitive for even nontechnical users to adapt and modify. Our flexible, cloud-based platform gives you the power to get work done – and that includes making everyday changes on your own. You can save your service hours for when added expertise is truly needed.
How secure is the RMIS?
Security is a critical issue, and it’s important to dig into vendors’ claims. Where is data housed? Has system security been verified independently? Unidentified problems can impact project timeline and budget.
Riskonnect protects a company’s data with tight access controls, strong firewalls, and global data centers – and our best-in-class security has been verified by independent third parties.
Is that low introductory rate for real?
Don’t be fooled by unusually low entry costs. Some vendors like to offer extremely low prices, but then gouge you post signature with ongoing change and support fees, along with longer implementation timelines. Be sure you are comparing apples to apples.
We don’t play those pricing games. Riskonnect’s GoLive! implementation services offer two industry-leading implementation options designed to achieve business objectives as quickly as possible:
- Riskonnect’s Best Practice Configuration applies collective experience from hundreds of customers across all industries to get you to go-live faster. This accelerated implementation approach based on industry best practices sets you up for any necessary follow-on configurations and ensures complete alignment with the Riskonnect product roadmap.
- Riskonnect’s Customer Configuration configures a solution specifically around your own integrated risk management needs. We apply our established methodology to align your business requirements and use-case sessions with the Riskonnect platform.
As for customer success, Riskonnect flips the script on traditional approaches to customer service by placing outcomes first. Our dedicated customer success team powers the “how” behind customer success by focusing on stakeholder engagement, value, and adoption.
What kind of experience does the vendor have?
There is a reason why Riskonnect is the world’s most popular RMIS. We are honored to work with some of the largest organizations in the world. At the same time, we are also privileged to work with a substantial number of smaller organizations.
Our goal is to have the scale, reach, and model to reach all customers where, when, and how best fits each of them individually. Whatever our customers need, we want to have the right skill set available at the right time, in the right place – in an increasingly broad and diverse environment of risk.
Keeping up with today’s rapidly changing risk environment isn’t easy – particularly if your existing solution comes at the expense of functionality. What is the cost of a narrow, incomplete view of risk? Do you really want to find out?
Riskonnect puts all your risk under one roof with integrated, easy-to-use software – and a total dedication to customer outcomes. If your current approach is falling short, maybe it’s time to expand your view with a truly integrated solution.
For more information, download the full 2022 RMIS Report, and check out Riskonnect’s Risk Management Information Systems solution.