From assessment to planning to implementation, the pathway to purchasing a risk management information system (RMIS) will vary from organization to organization. But the following six steps may help you better determine whether you can benefit from a risk management system, what you want your RMIS to do, who to buy it from, and how to implement it for best results.
1. Identify your needs
- Discuss requirements with each of your internal stakeholders: the risk management team, IT, procurement, health and safety, and senior executives.
- Ask prospective RMIS providers for help, such as arranging workshops to review your requirements in detail.
2. Research the market
- Investigate closely to assure you're getting the features you need. Though risk management system software may appear similar, they are not all the same.
- Check to ensure the providers business credentials will satisfy your procurement department.
- Ask to speak to other customers to find out firsthand about the provider's approach and their RMIS reliability.
3. Plan your timeline
- Don't rush. Make sure all your requirements are factored in.
- Beware of short timescales, since corners may be cut, and watch out for cost overruns or add-ons, which you may be able to avoid with a fixed-price contract.
4. Pick your team
- Make sure your IT, procurement and executive sponsor are on board for the long-term.
- Check what specialists your RMIS provider will bring to the team, including account and project managers, software and technical professionals, and insurance specialists.
5. Implement your RMIS
- A risk management information system is not just about technology; it's also about people and relationships. You need the right people in place to make the rollout a success.
- Your provider should begin with quick wins so your risk management information system software delivers value quickly.
6. Review and evaluate
- Your provider should run a detailed process of continuous reviews so you can monitor benefits against your KPIs.
- Annual reviews should examine potential future opportunities and keep you abreast of technology advances and changes in insurance legislation and regulations.
For a purchase as critical as a risk management system, it does pay to bring structure to the process. To help your organization consider the right RMIS, check out our downloadable eBook, the Definitive Guide to a Risk Management Information System.