There is an old saying in management that “whatever gets measured gets managed”. This is truer in the case of risk management. Important data pertaining to risk is often scattered at different places within the organization. This is the reason that there is always a need for an information system that can serve as an integrated platform where information related to risk is maintained. There are many organizations in the world, who have developed these types of information systems. They are known as risk management information systems.
Just like other software solutions, the risk management information system is location agnostic. This means that users can access this system from any location and at any time. It is also important that the risk management information system is tailored to meet the specific needs of the organization.
There are some unique features that define a risk management information system. Some of them have been listed below:
At its most basic level, the risk management information system is an incident reporting tool. Using this tool, incidents related to risk are reported. This triggers notifications to all related stakeholders who are then able to manage the resultant claims and risks.
A risk management system is designed based on the risk policy of the organization. It provides a central dashboard wherein the risk position of the company can be known at any given time. It is common to compare this position with the desired position of the company and to take decisions accordingly.
A risk management information system should be capable of collecting data automatically. The whole point of having an information system is that the data is scattered all across the organization. Hence, collecting data tends to take a lot of time. Automatic collection and presentation of data in the right format help make quick and effective decisions. It is a known fact that quick decisions are vital in risk management.
The bottom line is that the concept of risk management largely relies on timely decision-making. Now, decisions can only be made if there is information available that helps to understand the consequences of such decisions. This the reason that risk management information systems have become vital to ensure the smooth functioning of a risk management team.
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