RISK MANAGEMENT INFORMATION SYSTEM (RMIS) EVALUATION & SELECTION

Service: The aim is to efficiently and effectively select a RMIS that fits your organisation and delivers the benefits that the providers claim. We determine the specification used to evaluate risk management information systems available in the marketplace. If an entity already has risk management information system (RMIS) software in place, its effectiveness and value can be audited against those available in the market.

Why should I buy it?

   -     If you have not defined the RMIS specification that best supports your organisation’s risk management framework.
    -     If you do not have the time, resources or the technical experience to appraise the most appropriate RMIS.
    -     Assess whether the business requires a system or not.
    -     Develop the business case that justifies a system.

Example Deliverables

    -     A business plan justifying the need for a RMIS.
    -     A 'best fit' profile or specification for your ideal RMIS.
    -     An analysis and rating of different RMIS against the ‘best fit’ profile for you to decide on the best RMIS system for your entity.
    -     We can facilitate a presentation by short-listed third party RMIS providers for you to assess. We also encourage you to go to companies that have procured and are running the live RMIS.

Diagram explanation: the above diagram presents the ratings of 12 RMIS against five key criteria categories highlighted by the organisation. The success and failure rates measure the respective fit or disparity for each RMIS against the organisations required criteria.

Benefits: 

Financial

    -     Reduced risk of selecting and costly installation of inappropriate RMIS.

Non-Financial

    -     Detailed system specification defining key criteria and distinguishing “essential” features from those that are “nice to have.”
    -     Independent appraisal of each vendor and the associated RMIS.
    -     Transparent methodology enabling a more objective decision-making process.
    -     Correct selection of RMIS that supports the organisation’s risk management process.
    -     Prioritised list of potential vendors identifying “best fit” with system specification.