contributed by: Alaine C. Mallari

RISK MANAGEMENT INFORMATION SYSTEM

- A computerized system that strenghten property values, policies and claims. It also provides management reporting capabilities for the user to be able monitor and control the cause of a risk.

- The management of risk data and information is vital to the success of any risk management efforts. These Risk Management Info Systems(RMIS) are used to support expert advice and cost minimizing efforts around key processes such as:

a. Risk identification and assessment
b. Risk control
c. Risk financing

- In the context of the acronym RMIS, the word “risk” pertains to an insured or self-insured organization. This is important because prior to the advent of RMIS, insurance company loss information reporting typically organized loss data around insurance policy numbers. The historical focus on insurance policies detracted from a clear, coherent and consolidated picture of a single customer's loss experience. The advent of RMIS in the 1980s was a breakthrough step in the insurance industry's evolution toward persistent and focused understanding of their end-customer needs. Typically, the best solution for your organization depends on whether it is enhancing an existing RMIS system, ensuring the highest level of data quality, or designing and implementing a new system while maintaining a focus on state-of-the-art technology.