Strategic Focus: The Broadening Role Of RMIS Software

Executive Summary

As risk environments evolve and become increasingly interconnected, organizations are turning to risk management information systems (RMIS) to support proactive risk mitigation, streamline claims management and enhance decision-making. In response to an increasing demand for RMIS, vendors are broadening the technology’s scope by integrating with it other digital tools – such as AI, incident reporting systems and enterprise resource planning (ERP). As a result, RMIS are emerging as increasingly robust solutions for finding a single source of truth across claims management and for mitigating the effects of residual risks within the operational ecosystem, which lowers the total cost of risk (TCOR). This report addresses the key drivers behind firms’ increasing adoption of RMIS, assesses the evolution of its functionality and explores strategic recommendations for organizations incorporating it into their day-to-day operations.