Ventiv Technology

A BUYER'S GUIDE TO A RISK MANAGEMENT INFORMATION SYSTEM 2 PLANNING: IDENTIFYING AND PRIORITIZING THE CAPABILITIES MOST IMPORTANT TO YOUR ORGANIZATION We see many new adopters of RMIS technology select a system for the purpose of solving a single, isolated issue, such as consolidating claim information from a wide variety of sources into a single database. Sure, most RMIS systems can do this quite well, and some can do it much better than others, but something as basic as consolidating claim information just scratches the surface of a robust RMIS's functionality. Following is a general list of the capabilities you should consider when planning to procure a RMIS system for your company. Consider current and future needs carefully, and include a wide variety of potential system users in your thought process. • RMIS system administration: Including audit trails; multiple languages and/or currencies; controlled access to different parts of the dataset for different users; and module/field customization. • Claim and incident reporting and consolidation: Including level of detail and frequency of information updates. • Claim input: Including processes with third parties such as insurers and TPAs and incident information capture. • Policy information: Including whether you keep both current and historical policy information, and whether the information is searchable. • Exposure details: Including level of detail to be captured and kinds of exposures captured. • Surety bonds: Including integrate surety bond portfolio into cost-of-risk calculations and reporting on surety bond program status. • Global programs: Including programs with sub- coverages or local underlying policies. • Safety and health: Including automating OSHA- required recordkeeping and single-source safety analysis across the enterprise. • Reporting and distribution: Including electronic distribution of reports, dashboards for key executives and real-time ad hoc analysis. • Insurance submissions: Including improving the focus and appearance of your underwriting submissions. • Enterprise risk management: Including an editable, scalable, distributed risk inventory tool. • User-specific work flows: Including automating specific decision processes or workflows. • Supply chain and product recall exposure tracking: Including documenting complex supply chains and tracking suppliers and compliance with specific insurance requirements. • Inbound certificates of insurance: Including tracking of vendor compliance and expirations and cancellations. With all of the potential capabilities at your disposal, it's unlikely that any organization will implement them all at once. This means that you will have to prioritize which capabilities are most important, which should wait until later (a year to 18 months is typical), and which are more strategic in nature, meaning that they can wait for a year or more before you bring them under your RMIS roof.

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