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The right moves: 6 steps to purchasing your risk management system

risk management system: dance steps depicting the right RMIS movesFrom 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 provider’s 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.

 RMIS Guide

Aug 7, 2013

 | Originally posted on 

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