Risk Management Platform vs. RMIS
Dec 07, 2021
Upgrading outdated risk management software requires robust technology, a resilient team, and careful planning. With so many digital risk management technologies to choose from, how do you know which tool is right for your organization?Let’s explore the differences between a risk management information system (RMIS) and a risk management platform — and why a connected risk management platform is often the more effective choice to help you improve risk and control frameworks across teams.
What is a RMIS?
Collecting data through spreadsheets can be cumbersome and confusing for risk managers, leaving an organization more vulnerable to human error. A RMIS is an integrated computer information system that aggregates, manages, analyzes, and reports relevant safety information, risks, and claims all in one place. By centralizing risk data in a single platform, a RMIS enables you to more easily facilitate communication as well as identify and respond to risks across the entire organization.
However, a RMIS can be difficult to use, and the need to train employees that will have access to it can further drive up costs. For smaller organizations that invest in digital risk management tools to minimize cost inefficiencies, a RMIS may only add to the problem.
What is a risk management platform?
Similar to a RMIS, a risk management platform is a comprehensive, centralized solution for risk analysis and assessment. While a cloud-based RMIS aggregates risk data and helps decision-makers evaluate business risks, a risk management platform goes beyond collecting data points. Designed to help organizations keep pace with a growing portfolio of risks and threats, a risk management platform is an integrated and cost-effective technology for risk and safety managers. The platform is designed to ease compliance, improve risk prevention results, and highlight opportunities to relieve regulatory pain points.
With the right digital tool, you can shift your organization’s risk management approach from reactive to proactive and create a risk-aware and safety-driven culture.
A risk management platform is the better bet. Here’s why.
When compared to a RMIS, a risk management platform is the more nimble alternative because it’s easier to implement, more cost-efficient, and provides a better user experience. A RMIS’s customization is also usually more limited, while a risk management platform is highly configurable and can be tailored to your organization and its unique needs.
While a RMIS can be a good option for larger organizations, a risk management platform is a more agile alternative for organizations of all sizes. With its integrated risk management framework, a risk management platform can support small and medium-sized businesses — as well as enterprises — thanks to its easy implementation, agility, and cost-efficacy.
Create safer and more agile workplace
While a RMIS has its benefits, ultimately, a risk management platform is often the most effective approach to risk assessment in today’s competitive landscape. Aclaimant can help you create a forward-thinking organization that better mitigates security risks and promotes a safer, more risk-aware workplace.
Learn more about how to actively manage risk and prioritize safety with Aclaimant’s insight-driven workflow solutions.