Organizations that manage risks at a strategic level consistently outperform their peers at a financial level. At these “risk mature” companies, risk management is integrated into their culture, allowing them to take advantage of opportunities, as well as protect themselves from threats. What’s behind their success? It all starts with the right technology – namely, a Risk Management Information System.
A RMIS can accelerate your risk program from simply reacting to whatever comes your way to sitting in the proverbial driver’s seat. It brings all of your risk information together into one place for unbeatable insight into your risks, the interrelationships, and the cumulative impact on the organization. No matter where you are on the risk maturity curve, a RMIS can drive you to the next level. Here’s how:
Risk Maturity Level | Characterized by … | RMIS Boost |
1 – Reactive | No formal risk management process is in place. You simply react to situations as they occur. | Adds structure. A RMIS brings all information together into one platform so you can better identify and respond to risks. |
2 – Awareness | A select few people have the skills to manage risk, but they operate independently, causing overlap and inconsistencies. | Adds consistency. A RMIS seamlessly collects and consolidates data from all stakeholders and systems in your risk ecosystem – including carriers, TPAs, vendors, brokers, and employees – for a single view into your risk, safety, and claims information. |
3 – Preventive | Plans are in place to identify issues, respond to threats, and minimize the likelihood of an adverse event. | Adds visibility. A RMIS is a single, up-to-the-minute source that gives you a clear view into emerging risks and trends, as well as underlying issues that previously might have gone unnoticed. |
4 – Proactive | Risk management is embedded in all processes and strategies throughout the organization. | Adds insight. A RMIS provides the acumen to increase the organization’s value by minimizing losses and maximizing opportunities for growth. |
How risk mature is your organization? For more information on how a RMIS can make you more effective at managing risk, check out our blog, How to Build a Winning RMIS Strategy and Why You Need It.