By Patrick O’Neill, Founder and President, Redhand Advisors
Just like a rejected partner, organizations that have fallen out of love with their RMIS system are likely to declare, “We need a new one!”
Hang on, though. Scrapping what you’ve got may not be the only alternative. While you rely on your RMIS to analyze data and evaluate risks, it’s easy to only be passively engaged, allowing the current iteration of your system to run the show. But organizations seeking to optimize use of the RMIS can’t afford to sit back. They need to lean in and grab what the RMIS has to offer, becoming an empowered RMIS user.
In short, the system should meet your organization’s current needs – not those from when you first implemented the RMIS. Perhaps your organization’s priorities have changed, or new system features and functionality have become available. The key is figuring out how to align the RMIS with your organization’s needs.
Think Before You Act
Believe it or not, the vast majority of RMIS features offered by vendors are very comparable so switching RMIS providers may not actually solve your problems. It’s a good idea to think twice before firing your RMIS vendor.
Consider this:
- Don’t drain your resources. You have already made a significant investment in your RMIS, including the time and money spent during the selection process. Looking for a new RMIS will take even more time and money away from your business.
- Assess your goals. Step back and take inventory of what’s not working. Consider your organization’s goals and objectives. Review your company’s RMIS to ensure it addresses your highest priorities and maximizes your return on investment. Often the RMIS stops working because it hasn’t evolved to meet your new needs.
- Learn the system’s new capabilities and features. The better systems regularly offer new capabilities and features. Most organizations forget that updates are available or they don’t know how to take advantage of the new features. Often any gaps in an RMIS can be resolved by implementing new features.
- Become empowered. Strive to become an empowered user. Take ownership of your risk management journey by seeking out improvements and upgrades within the system to solve problems – even when those problems seem unrelated to risk and risk management.
Time to Go
While most businesses can make their RMIS work for them with the above pointers, there are cases where it may be a good idea to look for greener pastures. Some legitimate reasons may include:
- The system is lacking. Your RMIS is not comprehensive, and it may not be enough to meet your top priorities and ongoing needs.
- The vendor is lacking. Some vendors don’t have the domain expertise/capability, may not understand your business or have the ability to fully support your organization.
Even when you’re ready to look into other options, here’s a word to the wise: don’t get rid of your existing RMIS before you have a new one selected and implemented. You don’t want to be left empty handed.
For more information on optimizing your RMIS, schedule an inquiry call with Patrick.
Checklist: How to Optimize Your RMIS
Before you fire your RMIS vendor, make sure you really can’t work with what you have. Often, an organization pivots or makes other changes, so the RMIS must be adapted to better support the organization’s new priorities. Use this checklist to optimize your RMIS use:
- Review key business processes to evaluate system effectiveness
- Assess organizational priorities and identify how the system addresses them
- Review system documentation, including contracts, to determine compliance
- Evaluate new functionality and versions not currently being utilized (i.e., updates, features)
- Determine RMIS deficiencies and identify ways to address the deficiencies (i.e., training, implementing new features)
- Create a strategy for continuous improvement