For organizations still relying on spreadsheets or legacy systems to manage risk, insurance, and safety data, the transition to a risk management information system (RMIS) can unlock significant improvements. This article outlines what a RMIS is, why it matters, and how to determine if your organization is ready to make the switch. and what a RMIS can deliver. What is a RMIS? A Risk Management Information System (RMIS) is centralized software designed to consolidate property values, claims, policies, and exposure data. By housing all this information in one system, organizations gain the ability to: View property value and exposure data alongside related policies, claims, incidents, inspections, assets, fleet, certificates, and OSHA reports. Model insurance programs and project the cash-flow impact of retention options. Calculate total cost of risk and allocate it across the organization. Modern RMIS platforms also offer expanded functionality, including workflow automation, claims administration, certificate tracking, audit and investigation tools, and employee training management. Why a RMIS? Among the many reasons why it makes sense to move to a RMIS are the limitations of spreadsheets or legacy systems and the costs associated with manual processes. Using spreadsheets to collect and store critical risk and insurance information means there typically isn’t a single source of truth. Users can spend an inordinate amount of time tracking down the information needed to perform analysis and generate accurate reports. All too often, doing so requires a substantial amount of work — transcribing or rekeying data, for example — that robs a risk management team of valuable time, introduces the potential for errors or omissions, and can impede or negatively impact strategic initiatives. When is the right time to move to a RMIS? At what points does it make sense for an organization to transition from spreadsheets or a legacy system to a RMIS? While the specific answer to this question will vary from organization to organization, there are a number of factors that indicate it may be time. These include: Spending more time searching for information and ensuring data accuracy than using data to drive decisions. Spending an inordinate amount time and resources on the management and maintenance of a legacy system or workflows. An inability to collaborate with stakeholders and provide access to real-time data. As an example, an organization might consider a RMIS if there is a large number of locations, employees, and claims; if there is a lengthy renewal process driven by multi-layered insurance programs or a significant percentage of litigated claims; or if information is difficult to access and work with data due to complicated corporate structure and reliance on disparate systems. What a RMIS Can Do At a high level, a RMIS can help accomplish the following: Where there are issues with data spread across multiple spreadsheets or systems, a RMIS can serve as a central repository and single source of truth. Using RMIS tools such as online portals and mobile apps for capturing data, as well as integration and update tools to gather and standardize data feeds, can help to improve data integrity, and ensure best adherence to best practices. Automating workflows can be used to reduce or eliminate time-consuming administrative tasks and boost productivity. Dashboards and reports are easily accessible and provide a clear view of day-to-day activities and a big-picture view of risk. These and other applications of RMIS functionality are by no means a “silver bullet.” However, the use of a cloud-based RMIS such as Origami Risk can contribute to improvements that save both time and money. For specific examples of how organizations have unlocked the potential of RMIS technology, see our RMIS case studies. What’s Next? For those ready to make the move from spreadsheets or legacy systems, creating a check-list based on the following can help you prepare to look more deeply at your options. These include: List the activities that cause you and your team the most headaches. Identify manual processes and the time it takes to perform them. Build a list of the departments and team members involved. Independent publications such as the RMIS Report can be useful in helping to identify the features and functionality available from RMIS vendors. The next step is to begin reaching out to those vendors and requesting personalized demos. How Origami Risk Can Help Built on a unified cloud-based platform accessible via web and mobile, the Origami Risk RMIS suite can help transform your organization’s approach to collecting, analyzing, and reporting on risk, insurance, and safety data. For more information, visit our website’s Resources page or get in touch to request a demo.