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Top factors for evaluating a risk management system and suppliers

Risk management system: Risk manager considering a RMISAs well as ensuring your preferred risk management information system provider speaks your language, you'’ll need to thoroughly assess the usability of the system. Below are six important considerations to help you evaluate systems and suppliers.

 

RMIS Features and functionality

Probably the most important criteria to evaluate as you consider different RMIS companies. Make sure you focus on your key differentiators first and they have the right functionality to fit your specific requirements. Sample considerations:

  • Provides a broad selection of modules to cater to current and future needs.
  • Provides flexible risk reporting tools, in-built templates, ad-hoc reports and automated report distribution facilities.
  • Ability to automate processes.
  • Provides customized interface views.

 

Technology behind the risk management system

It is important to ensure you are buying into a forward-looking technology that has a planned roadmap.
Be certain that the risk management system provider will continue to develop, enhance and improve the product. Sample considerations:

  • Ability to interface/interoperate with existing systems.
  • Operates on preferred operating environment and hardware, including tablets and mobile devices.
  • Access control of risk data (read, write, delete, copy) at the file level by user and user group provided.
  • Provides best-quality data security and hosting, backed with accreditation.

 

The RMIS supplier/vendor

Ensure the RMIS supplier has a good track record of delivering these types of systems and has a good credit and financial rating. Sample considerations:

  • Insurance and technology expertise.
  • Consistent financial position over the last three years.
  • Years in business and age of product.
  • Number of new clients in the last 24 months.
  • Number of system/product developers currently employed by the supplier.

 

Implementation best practices

Make sure the supplier has experience within your industry, with the type of system set up and functionality you require. Sample considerations:

  • Implementation follows a standard methodology.
  • Training in functional use and system administration provided.
  • Training provided at: customer site(s) and supplier site(s).
  • Multi-language training and training materials provided, as required.
  • Location of customer service employees (in relation to client): same country, different country.

 

Maintenance and support

Expect 24/7 support and evaluate system upgrade entitlements. Furthermore, any planned maintenance should typically occur outside normal business hours. Sample considerations:

  • Range of ways to contact support including: telephone, online portal and email.
  • Guaranteed response times and defined SLAs.
  • On-site expertise available.

 

Total cost of ownership

It is essential to consider the total cost of ownership of the risk management information software over the first five years. Focus on user licenses, software maintenance and implementation services. Sample considerations:

  • All costs are included in the pricing; recurring annual costs, training costs, upgrade costs, implementation support costs, customizations costs, user licenses, training materials, etc.
  • Pricing structure for follow-up training provided.
  • Pricing arrangements available.

 

When it comes to a proper evaluation of risk management systems and suppliers, it certainly pays to do your homework and ask the tough questions up front. Every organization’'s requirements are different, just as every risk management system is different. For more objective advice on selecting a RMIS for your organization, be sure to check out the Definitive Guide to a Risk Management Information System.

 RMIS Guide

Jul 31, 2013

 | Originally posted on 

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