Risk Management Information Systems

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Dr.S.NAGALINGAM,

M.Com., M.Phil., P.G.D.C.A., Ph.D.,

Assistant Professor,

PG & Research Department of Commerce,

Cardamom Planters’ Association College,

Bodinayakanur.

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�Risk Management Information Systems �

A Risk Management Information System (RMIS) is an integrated computer information system used to aggregate risk data and to help decision makers evaluate business risks.

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This information includes risk exposure, protection measures and risk management. Examples of stored information include loss-control measures, property values, records of prior claims and relevant insurance policies.

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1. Expanding responsibilities 

Risk managers no longer play a supporting role on the finance team. Today, they are valued C-level executives, responsible for presenting to boards and other stakeholders on a regular basis. Their ability to access and manage the data is directly tied to their success in speeding up processes and assisting in decision making.

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����������� 2. Stricter governance regulations and more insecurity

Today’s world is litigious and uncertain. The cost of mistakes grows higher in an unsteady economy with a growing population and number of natural disasters. There’s more at risk.

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3. Brand reputation

With a global economy and easy access to social media, every organization’s reputation is on the line every minute of the day. An organization’s ability to manage its reputation – and potential damage to that reputation – is also a marker of its success.

4. More data than ever before

Information is all around, and therefore, aggregating risk data has become more important than ever. It is nearly impossible to manage all the information efficiently via disjointed spreadsheets anymore. Through the use of technology, however, the information becomes not only manageable but useful.