Having dependable Risk Management Information Systems (RMIS) is essential for risk-centric organizations to effectively manage data, streamline processes, and save time. Unfortunately, organizations throughout the industry underestimate the importance of investing the right time and effort upfront before choosing the right systems and processes for their needs.
That’s why at Redhand Advisors, we’ve compiled a 5-step approach to help risk managers and organizational leaders make more strategic selections. By completing the leg work up front, organizations stand to save countless hours and capital down the road.
1. Developing a Project Charter
Oftentimes, risk managers and company leaders are so overloaded with their day-to-day responsibilities that they forego developing a project charter. Instead, they start by researching prospective RMIS vendors. In turn, they miss out on an essential first step.
By having a clear project charter, organizations can:
- Understand the project scope
- Develop strategic benchmarks and goals
- Determine their desired end-state
- Identify key stakeholders
- Assign roles and responsibilities
- Lay out project timelines
- Set budgetary restrictions
- And more
Although developing a project charter requires an initial time investment, taking this step can prevent delays and sub-par future RMIS performance.
2. Considering All Requirements
Once a thorough project charter is laid out, risk managers are ready to take the next step: considering their requirements.
To make as comprehensive of an assessment as possible, leaders should consider all potential solutions while weighing their unique goals and requirements. In the process, all functional considerations, technical nuances, and integration requirements should be factored in. In turn, a comprehensive blueprint can be formed that outlines a thorough list of prospective RMIS vendors.
3. Reimagining the RFP Process
At this point, risk managers have a clear project charter in-hand and understand the entirety of their requirements. Next, they should visualize and develop their RFP process.
RFP development is not only a time-consuming process, but also a detail-oriented undertaking. If the process delves too deep with hundreds of requirements confirming core capabilities which may appear to be comprehensive, the entire evaluation process can be delayed and dimmish the results.
To expedite the process, identifying a list of prospective RMIS vendors who meet the minimum requirements can save time while setting organizations up for better decisions. Having a healthy mix of large vendors and niche providers is key.
At Redhand Advisors, we offer a comprehensive library of RFP questions that’s backed by targeted market research, vendor responses, and vetted RMIS providers. Get in touch with our dedicated support team to learn more.
Once the key RFP objectives have been determined, organizations are in a better position to gauge vendor abilities and identify solution-oriented RMIS.
4. Evaluating Vendor Demonstrations
Until this point, each step has depended on qualitative and quantitative information. Seeing vendor RMIS demonstrations in action is critical.
Although solutions may sound viable throughout the research process, only after evaluating the actual solutions can a proper decision be made. Before stepping into the demonstration, risk managers should:
- Determine which challenges they need their RMIS to improve or resolve
- Develop real-world scenarios based on their assessment
- Lay out clear performance indicators that they would like to see demonstrated
Throughout the process, the inner workings of each solution can be fairly and accurately considered, leading to better decisions.
5. Weighing Each Option
By now, risk managers and organizational decision-makers have determined their goals, outlined their requirements, developed a list of vendors, and narrowed their choices.
In turn, they can make a more informed decision that aligns directly with their priorities and expectations. If more than one prospective vendor has been identified, the decision-maker may consider prioritizing which RMIS features and functionalities matter most, weighting each option to eliminate other choices.
Closing Remarks
At Redhand Advisors, we specialize in helping organizations make sound RMIS selections. In turn, we help you identify tailored solutions that save time, resolve inefficiencies, and generate results. RMIS solutions and RiskTech are constantly evolving. If you are seeking a dependable partner with over 60-years of shared industry experience, reach out to us today. Together, we’ll help you determine the best possible solution for your unique organization.
If you\’d like to learn more our dedicated support team at Redhand Advisors is standing by for any inquiries you may have. Fill out the form below to get started. You can also visit the tabs at the bottom right of the screen to schedule a meeting, ask a question, or download our RMIS Report.