Today’s Risk Management Information Systems (RMIS) are designed to bring all of an organization’s risk data together in order to give the company a clear view of its risks, and the relationships and impact of these risks on the organization. It allows the organization to identify patterns of risks, quantify, track, and respond quickly should a risk come to fruition.
Risk management systems have come a long way over the last 20 years. These systems used to be used primarily as “best of breed” point solutions, used for claims administration and incident reporting. Purchasing a risk management information system can be a lengthy and arduous task. This paper discusses 10 key factors to consider when undertaking the purchase of a risk management information system.
