Fundamentals of Risk Management

Risk training and communication
323
Risk management information systems (RMIs)
The distribution of risk management guidelines, protocols and procedures may be 
undertaken by way of a risk management information system (RMIS) software 
package. The RMIS could be placed on the intranet of the organization. The RMIS 
will also facilitate the collection and communication of risk information, including 
the reporting of events by local management as they occur. Typically, the RMIS could 
include a wide range of information, as summarized in Table 26.3.
RMIS have been used for some time to record details of insurance claims. In
recent times, the use of a RMIS has become more sophisticated. It is now possible to 
record details of the risk exposure, risk control and risk action plans using such a 
software package. For RMIS that are used in connection with insurance, details of 
insurance policies, insurance claims procedures and insurance claims history can all 
be recorded and made available to authorized individuals. Such a system can also be 
used to pool risk exposure information and report accidents or other events that 
may lead to an insurance claim.
As well as information-recording RMIS systems, there are a number of software 
products that support risk management. These include software packages that can 
undertake various analytical activities and systems that can undertake risk analysis 
and dependency-modelling reviews.
TAbLE 
26.3
Risk management information system (RMIS)
The following types of information may be handled, stored, managed, distributed 
and communicated using a risk management information system (RMIS):
Risk management policy and protocols
Risk profile data, values and information
Emergency contact arrangements and contact details
Insurance values and cost of risk data
Insurance claims handling and management protocols
Historical loss/claims experience/information
Insurance policy coverage and other information
Risk management action plans (risk register)
Risk improvement plans and implementation
Business continuity plans and responsibilities
Disaster recovery plans and responsibilities
Corporate governance arrangements and reports

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