A risk management information system (RMIS) provides you with a broad view of all your risks and exposures so you can make informed decisions that drive short-term profit and increase long-term organizational value. Furthermore, by providing you with more accurate and reliable data, you will be empowered to make decisions on what risks to retain or transfer, risk-retention strategies and how to effectively transfer risk, which all helps lower your overall cost of risk. Below are some key areas in which a RMIS can deliver ROI savings:
RISK TRANSFER SAVINGS
- More accurate, complete and reliable data because of consistent data entry processes that automatically spot errors, old data, and missing components.
- Deliver a full picture of current and historical trends.
- More focused insurance purchasing through a more informed view of your entire operation.
RISK RETENTION SAVINGS
- Provide the ability to set strategies that deal with uncertainty over time.
- Empower managers with live information so trends and root causes can be quickly discovered and where possible prevented and reduced.
- Ability to rapidly respond to business changes based on live input from business units.
RISK MANAGEMENT COST SAVINGS
- Less time spent managing data and completing low-value tasks.
- Consolidations and data merges are done automatically.
- Managers no longer need to maintain backup systems.
Calculate your own potential ROI. Our ROI calculator can help you work out the types of savings your organization could generate from a RMIS and modify the amounts you currently spend on insurable risk, to show your estimated annual savings.
Considering a RMIS for your organization? Download our Definitive Guide to a Risk Management Information System to learn more about the ROI opportunities offered from a RMIS.
