Ventiv Technology

A BUYER'S GUIDE TO A RISK MANAGEMENT INFORMATION SYSTEM 4 Follow these six steps to identify whether you can benefit from a RMIS, what you want it to do, who to buy it from and how to implement it. DECISION MAKING: SELECTING THE SYSTEM THAT'S RIGHT FOR YOUR ORGANIZATION IDENTIFY YOUR NEEDS • Discuss requirements with all your internal stakeholders: the risk management team, IT, procurement, health and safety, and senior executives. • Ask the RMIS providers for help, for example arranging workshops with you to review your requirements in detail. RESEARCH THE MARKET • They may appear similar, but not all RMIS are the same – check to see they provide what you need. • Check to ensure their business credentials will satisfy your procurement department. • Ask to speak to other customers to find out firsthand about the provider's approach and their RMIS reliability. PLAN YOUR TIMELINE • Don't rush. Make sure all your requirements are factored in. • Beware of short timelines – corners may be cut – and watch out for cost overruns or add-ons, which you can avoid with a fixed-price contract. PICK YOUR TEAM • Make sure your IT, procurement and executive sponsor are on board for the long-term. • Check what specialists your provider will bring to the team, including account and project managers, software and technical expertise and insurance specialists. IMPLEMENT YOUR RMIS • A RMIS is not just about technology; it's also about people and relationships. You need the right people in place to make rollout a success. • Your provider should begin with quick wins so your RMIS delivers value quickly. REVIEW AND EVALUATE • Your provider should run a detailed process of continuous reviews so you can monitor benefits against your KPIs. • Annual reviews should examine potential future opportunities and keep you abreast of technology advances and changes in insurance legislation and regulations. 1 4 2 5 3 6

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