Smart Innovators: Risk Management Information Systems (RMIS)

Published 28 February 2025 by Christine O'Donnell & Katelyn Johnson &
Compliance Risk Enterprise Risk Management GRC Insurance IRM Risk Management Risk Management RMIS Smart Innovators

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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.

Table of contents

Summary for decision-makers
The risk management information systems (RMIS) market is difficult to navigate
Firms increasingly recognize the role of RMIS in successfully managing costs of risk
The current state of the RMIS software market
Evaluated firms and selection criteria 
Vendors from a range of heritages offer RMIS capabilities
Core capabilities essential for RMIS software
Vendors differentiate their offerings through innovative functionality

Table of figures

Figure 1. RMIS lead with highest change in spend over the next two years
Figure 2. Selection process for identifying smart innovators
Figure 3. Vendor heritage mapping
Figure 4. RMIS software assessment criteria
Figure 5. RMIS software providers: capabilities assessment

Organisations mentioned

Aclaimant, AMRAE, Archer Technologies, Centers for Medicare & Medicaid Services (CMS), Corporater, CorVel, Diligent, Duck Creek Technologies, DXC Technology, Ebix, EIS Group, EY, Gallagher Bassett, Guidewire, Insurity, Liberty Mutual, LogicGate, Majesco, MetricStream, Mitratech, NAVEX, OneShield, OneTRust, Origami Risk, Python, Resolver, Riskonnect, SAI360, Sapiens, Travelers, UK Health And Safety Executive (HSE), US Occupational Safety And Health Administration (OSHA), Ventiv Technology, Wolters Kluwer Enablon, Workiva

About the authors

Christine O'Donnell

Senior Analyst
Christine is a Senior Analyst in the Verdantix Risk Management practice. Her current research agenda focuses on reputational risk, third-party risk, ESG risk, GRC solutions and regulatory change. Prior to joining Verdantix, Christine worked at Gartner, where she specialized in organizational design and change management. Christine holds a first-class BSc in Geography from the University of Birmingham.

Katelyn Johnson

Senior Manager, Risk Management
Katelyn is the Senior Manager in the Verdantix Risk Management practice. Her current research agenda focuses on climate risk and its integration into risk management frameworks. Prior to joining Verdantix, Katelyn was a climate scientist at GNS Science in New Zealand. She has previously held roles in the energy industry, where she helped projects manage risk due to weather and ocean phenomena. Katelyn holds a PhD in Geology from Victoria University of Wellington and an MS in Earth Sciences from Ohio State University – both focusing on climate science – as well as a BS in Meteorology from Texas A&M University.