What is RMIS? Everything to Know About a Risk Management Information System
Mar 16, 2023
Risk managers frequently rely on manual data entry and lose valuable time searching for siloed information required to do their jobs. Meanwhile, safety managers are asked to avoid disasters and manage an enormous number of processes and audits — all with limited resources.
The technology risk environment is becoming increasingly more complicated, and ignoring it can result in consequences like employee injuries, legal repercussions, and damage to an organization's reputation. The solution to this problem? A risk management information system (RMIS).
Risk Identification Is More Complex Than Ever
Siloed, outdated tools don’t provide the necessary visibility to efficiently and effectively manage today’s processes around incidents or claims. These processes involve critical documents, numerous spreadsheets, multi-step procedures that engage numerous individuals and teams, and safety inspections and audits.
Without an accessible, centralized source of information, it’s easy to overlook critical issues — but there’s no room for oversights when it comes to safety and your business operations. Gaps in risk and safety management can result in noncompliance, high costs, and avoidable operational issues. This is where a RMIS comes into play.
What is a Risk Management Information System?
Used by various industries — from insurance to construction — a RMIS is a digital platform that integrates safety and risk management with claims in a unified solution. Instead relying on scattered Excel spreadsheets for number crunching, you can intake incidents, manage compliance forms, and report safety issues all on a single dashboard.
3 Key Ways A RMIS Can Level Up Your Business Function
Risk and safety management professionals are tasked with mitigating risks to your business and its employees. By digitizing your risk manager’s office, you can streamline critical processes that ultimately improve safety, reduce turnover, and save time and money.
1. Work with Accurate and Centralized Information
Submitting incidents and claims in print is a recipe for errors and inaccurate data. When it comes to risk management, accuracy is essential. A RMIS enables you to digitally submit incidents and claims from anywhere, whether you’re on-site or remote. With an easy-to-use solution that guides users through the steps to submit a claim, you can route each issue to the right team or individual.
Additionally, this solution enables you to store documents in a centralized, single location for better visibility and accessibility, and avoids long periods hunting down a document to complete a simple task.
2. Maintain Compliance
Completing the paperwork necessary to remain compliant with local regulations and OSHA may seem tedious, but it’s critical in keeping your business afloat. With a RMIS, you can track injury and privacy logs, automatically submit required OSHA forms, and even monitor and react to incidents related to COVID-19. Having compliance built into your system reduces stress in your day-to-day, allowing you to focus on what you do best.
3. Leverage Data-Driven Insights
It’s much easier to apply analytics technology to existing data when your information is digitized and stored in a single location. A RMIS with analytics capabilities enables you to unlock actionable insights, which then equips you to explore the root causes of incidents and identify how to improve processes.
Choose a Robust RMIS For Your Business
Aclaimant takes the error-prone guesswork out of safety and risk management, creating a more seamless experience. With safety, risk, and analytics in a comprehensive solution, you can reduce risk management costs while providing a safe environment for employees and customers.
Editor's Note: This article was originally published in November 2021, and has been updated for relevance and accuracy.