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Sorting Through the RMIS Vendor Noise

Reducing the organization’s total cost of risk (TCOR) is a critical aspiration shared by all enterprises; unfortunately, many firms lack the requisite visibility, data access, and comprehensive streamlining and automation required for making any meaningful impact on the bottom line. For example, risk and insurance professionals need instantaneous access to relevant data to cross-examine/validate performance metrics. 

A competent risk management information system (RMIS) can help an organization achieve these ends; however, not all RMIS solutions are created equal.

A Need for Better Risk Management

By moving an organization beyond the limited capabilities of spreadsheets/documents/emails, RMIS solutions enable more proactive and calculated risk management efforts—all via a unified, streamlined platform providing visibility into the entire risk workflow, from data collection/analysis to reporting and claims processing. 

With all of the risk data consolidated in a single platform, organizations are empowered with more accurate/timely data, task automation tools, and streamlined workflows for inter-departmental coordination and collaboration. The net result is an improved enterprise risk posture and reduced TCOR.

Top RMIS Considerations

The following are top-of-mind considerations for enterprises currently in the process of evaluating RMIS solutions.


Scalability and Flexibility

An RMIS solution should scale seamlessly with the evolving needs and requirements of the organization. These days, SaaS-based RMIS offerings have the in-built horizontal scalability of the cloud, so RMIS platforms should meet the growing demands of the enterprise with relative ease. However, the solution should accommodate both the organization’s existing/initial requirements, as well as any future plans for expansion or business diversification.

And while it’s safe to assume that scalability is an in-built SaaS capability, organizations should nonetheless inquire with the RMIS vendors in question regarding scaling and/or platform reconfigurations down the road. For example, some changes may cost extra and require lead time, while others may offer free, on-the-fly/on-demand configuration changes. 


Migrating Existing Data and Processes

Organizations may already have an assortment of customized alerts/reports/workflows/rules in place that require migration to the new RMIS platform. To accommodate these pre-existing elements—including any unique data types and database fields/tables—an RMIS solution should allow firms to easily migrate existing data and processes to the new platform.


Integrations and Extensibility

Similarly, a firm may already be using various third-party applications to handle specific facets of the risk management toolchain. A competent RMIS vendor should allow for the easy integration of both existing and planned/new applications, as well as other systems (e.g., HR/payroll systems, medical billing solutions, compliance applications) for supporting the complete, end-to-end risk workflow. 

Also, API access should be freely provided by the RMIS vendor for building custom integrations and supporting applications.


Ease-of-Use, Accessibility, and Documentation/Support

At the end of the day, usability may ultimately make or break an RMIS’ adoption efforts; after all, positive outcomes are highly unlikely if users cannot easily accomplish their intended tasks (or quickly learn how to) with the solution. An RMIS solution should also be evaluated by the breadth and quality of its training offerings, as well as any accompanying documentation and user guides.


Documentation and Support

Ample documentation, online support, and self-service resources should exist to support the RMIS customer’s adoption journey and address any difficulties experienced along the way. However, when all else fails, the RMIS vendor’s support staff should be ready to provide world-class support via multiple channels (e.g., text chat, phone/voice/video support) until the issues are resolved. 

A reasonable degree of online research will reveal the extent and quality of support provided by the RMIS vendor in question.  


Data Security and Privacy

Last but certainly not least, the RMIS vendor should have the proper data security and privacy controls in place—these assurances should be contractually bound/made in writing and inclusive of any legal obligations and/or constraints. 

The vendor should be able and willing to provide reasonable detail level regarding its security architecture and controls (i.e., how it is protecting privileged data and IT assets), as well as any third-party assessments and certifications (e.g., penetration test results, risk assessments, SOC2 and/or HIPAA compliance audit reports).


Adopting a Modern RMIS Platform

Enterprises looking to adopt a modern RMIS platform can rest assured that their vendor due diligence efforts will go a long way towards a successful modernization of their risk management processes. With the previously mentioned considerations in mind, firms are better equipped to separate RMIS vendors’ signals from noise during product evaluations. 

For more in-depth information and guidance regarding RMIS solutions, please read Ventiv Tech’s Definitive RMIS Guide or book a demo today. 


Aug 3, 2022

 | Originally posted on 

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