I have read a comment that the Risk Management department is the only department that benefits from RMIS (Risk Management Information Systems). This is a very one dimensional comment and, I believe, made through the eyes of a company that does not exercise Risk Intelligence through all levels of the business.

 

I can see the danger where a RMIS is purchased as a “clip on” to existing information systems or for a department in isolation.

 

If the business has a culture of being risk intelligence then a suitable RMIS is essential. Depending on the size of the business the need will vary from a large comprehensive software driven beast to a simple excel spreadsheet for small businesses. Either way there should be a system that records the compliance, risk identification, incidents so that each can be measured.

 

Pro’s;

  • It keeps incidence recording, accident recording, product failure, launch failures etc all in place.
  • It provides greater flow of information throughout the business promoting awareness, relevant information in real time.
  • All staff will see, experience all the components of the business. Helps in developing risk culture.
  • Greater understanding of the inter-relational qualities between different risks.

 

Con’s;

  • There is a perception it is expensive and cannot see any cost benefits of implementation.
  • Lack of understanding of how a RMIS can benefit the business by either protecting existing assets or as a tool to consider the risks to and of growth strategies.
  • There is a belief that there are not enough incidents (near misses) or accidents to warrant such a system. It won’t happen to us.
  • There is just no interest (Apathy).

 

In the  Members section of our Website www.senator-risk.com we highlight the benefits of RiskWizard. This is a good system for larger SME’s. We will work with smaller clients to create a simple excel model to assist in this area.