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Look for a cascade of changes in the world of risk management information systems in the not-too-distant future.
In fact, RMIS — which has already evolved from systems designed to handle the nuts and bolts of insurance policy management to creating a framework for enterprise risk management — may be able to tap other systems to provide a more holistic risk assessment.
Risk professionals can expect to see their enterprise SaaS — software as a service — “deliver the same collaborative, integrated experience that they've become accustomed to within most consumer Web systems,” said Aaron Shapiro, New York-based executive vice president of Chicago-based Origami Risk L.L.C.
Risk managers will work within their RMIS environments without having to log into multiple providers' systems, he said. They also will be able to work with multiple internal systems run by different departments, he said,
“Regardless of the disparate systems used in these other departments and other organizations, they will be able to conduct most of their activity directly through their one RMIS desktop and expect the system to synchronize data and push workflows out to constituents,” Mr. Shapiro said.
“There's going to be convergence of several technologies: RMIS, environmental and safety systems, and government risk and compliance systems,” said Paul Marushka, president of Marsh ClearSight L.L.C. in Chicago.
ERM will encompass all three technologies and “become one umbrella and one platform,” Mr. Marushka said. “I think there's significant overlap already, but the convergence is probably five years away.”
The market may still not be ready for all the sophisticated functionalities that technology companies have to offer risk managers, a Business Insurance survey concludes.