Smart Innovators: Risk Management Information Systems (RMIS)

Executive Summary

In today’s ever-changing risk landscape, operational risks and workplace incidents are far more numerous and costly than most people realize. The UK Health and Safety Executive (HSE) estimated that the annual cost of workplace injuries and new cases of work-related ill health in Great Britain for 2022/23 was £21.6 billion ($27.3 billion), highlighting the growing cost of the risks organizations face. As insurance premiums rise, effectively managing these risks requires digital tools that can centralize data, analyse exposures, track costs and deliver actionable insights in real time. Against this backdrop, this report serves as a valuable resource for buyers of risk management information systems (RMIS) software, offering a high-level benchmark of the capabilities across five key software solution providers. Risk executives, claims handlers, finance functions and compliance teams should use this report to compare the relative capabilities of vendors across six key functionality areas to inform their RMIS software purchasing decisions for 2025. Software vendors should leverage this information to benchmark and enhance their solution capabilities to better meet evolving business demands.