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What is a RMIS (Risk Management Information System)?

Angus Rhodes

A Risk Management Information System (RMIS) is an integrated computer information system that is used to help decision makers evaluate risks and keep track of all relevant information. This information includes risk exposure, risk protection measures, and risk management. Examples of stored information include loss-control measures, property values, records of prior claims, and relevant insurance policies.

Download "The Definitive Guide to a Risk Management Information System" here.

Besides serving as a way to store information, the system should also be able to provide relevant reports for decision makers. Today's systems should be flexible to allow for change, and they should also be accessible from a number of different locations or even device types. Traditionally, these risk management systems focused on casualty information, and this would include information about buildings, vehicles, and liability, but today's systems might begin to focus on other areas of risks, like online exposure.

Why Consider an RMIS?

Before the advent of RMIS software, this information might have been maintained in different databases, by different systems, and very likely, by different departments of a large company. Many companies even relied upon separate spreadsheets and emailed communications. One goal of an RMIS is to consolidate information and store it in one place.

While some parts of this information might also be stored elsewhere, such as having the hard copy of an insurance policy stored in a physical file, a truly integrated system can provide a great benefit to risk managers who need to make critical decisions. In fact, part of the function of an RMIS might even be to keep track of where physical or online documents are stored. Searching around for documents can be a great waste of time and money.

3 Main Advantages of an RMIS

There are three main advantages of using an integrated risk management solution:

  • Improved reliability and accuracy of data: An RMIS helps reduce redundant data and prevent data errors.
  • Cost savings: A 2012 Aon eSolutions survey that reports that over a quarter of respondents expected to save their company at least $50,000 a year through improved risk management because of an RMIS.
  • Compliance: RMIS software makes compliance with legal regulations easier and more efficient.

Besides the benefits of having more accurate data, saving money, and staying in compliance with regulations, other respondents to the Aon survey said an RMIS helped their company improve communication, made data access easier from a variety of different locations, and helped improve awareness of a variety of risks that the company faced.

At Ventiv Technology, we are a leader in the risk management technology industry. We are here to serve you by improving your company's risk exposure, insurance costs, and safety record. Visit our resource center to learn more about risk management, and how an RMIS can help you.

The Definitive Guide to a RMIS

 Note: This blog was was originally posted March 13, 2015 and updated November 28, 2016.

Mar 13, 2015

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