A Risk Management Information System (RMIS) is an essential component of the overall work platform for risk management functions within both mid-size and large organizations. Risk managers who are most adept at using the RMIS, along with a comprehensive work platform, not only achieve process efficiencies, but also are able to lower their Total Cost of Risk (TCOR) and provide better reporting to senior management.
The most successful RMIS users leverage this technology to produce greater visibility into the impact of risk management throughout their organizations, thereby highlighting its strategic significance and enhancing the influence of the risk manager. Relatively few organizations have explicit return on investment (ROI) targets for a RMIS, but the evidence is strong that a good system, even when used to less than its full potential, quickly pays for itself and continues to have a positive impact on the bottom line for years to come.
