Ventiv Technology

76 ©2023 Redhand Advisors. All rights reserved. It's a common misconception that large organizations are better positioned to implement a risk management information system (RMIS) over smaller organizations. Yet, in 2023, there's no reason a RMIS couldn't be beneficial for organizations large and small. Adopting a RMIS is easier than ever According to our research, small and midsize businesses (SMBs) are adapting RMIS technology at a higher rate than ever before but a majority of SBMs don't have a RMIS. There are many reasons for this, including the high initial cost of a RMIS, driven by the need for multiple data sources feeding it; the inability to devote resources to implementation, including human capital; and the comfort level with legacy data management processes. While these have traditionally served as roadblocks to the purchase of a RMIS for SMBs, technological innovation has given way to reduced systems costs and simultaneously the collective expectation for businesses of all sizes to champion data analytics and risk management — digitally. This universal demand has reduced the barrier to entry of RMIS implementation for many in the following ways: • Cloud computing. Software now lives in the cloud, putting the onus on the vendor to maintain and support the system. As a result, smaller organizations no longer need to enlist technical resources to manage and maintain the system and data. • Reduced maintenance and implementation costs. Another benefit of cloud computing is the significantly lower cost than more traditional on-premise models. Today, software vendors have fewer environments and code bases to support, which in turn lowers the overall costs of these solutions. RMIS Innovation Creates Value for Any Size Organization Historically, a RMIS wasn't considered accessible to middle market and small organizations, but times have changed, and technology brings RMIS system benefits to all who implement it. NOT FOR DISTRIBUTION

• Cover