François Beaume, VP digital transformation at Amrae, explores how this year’s Panorma survey can help risk managers leverage technology, to better mitigate threats
What is the RMIS Panorama?
The world of risk management is undergoing a transformative shift as organisations face increasingly complex challenges in an ever-changing business landscape.
The 2023 Risk Management Information Systems (RMIS) Panorama, a comprehensive analysis of 51 solutions and feedback from 10 risk managers, provides invaluable insights into the future of risk management technology.
This ground-breaking report offers a practical guide on tool selection while presenting a neutral view of the RMIS/GRC market, empowering organisations to make informed decisions and optimise their risk management strategies.
”To ensure a comprehensive understanding of the landscape, feedback from 249 risk managers was gathered”
With risk management becoming a top priority for businesses across industries, the 2023 RMIS Panorama sheds light on the evolving landscape of RMIS solutions.
By contacting 121 vendors and analysing 51 different solutions, this report offers a panoramic view of the worldwide market, highlighting the diverse range of features, functionalities, and scalability options available to organisations and risk professionals.
To ensure a comprehensive understanding of the landscape, feedback from 249 risk managers was gathered, out of which 10 testimonials of risk managers who have first-hand experience with various RMIS solutions were incorporated into the analysis.
Their invaluable insights provide a practical perspective on the strengths, challenges, and overall effectiveness of the different RMIS tools.
Brokers and insurers’ opinions on the use and the impact of RMIS in the insurance process in the context of tariff recovery for several years is also analysed.
Some main trends observed in the report include:
- A very dynamic market, both in terms of the expectations of risk professionals and in the offerings of vendors and solutions maturity
- A great transversality of the market across all risk functions
- Increased satisfaction of risk professionals
- The market is mature but still not stable. Rise of certain subjects: ESG, AI, Cyber etc.
How does it help risk managers?
The 2023 RMIS Panorama goes beyond mere analysis by providing a practical guide on tool selection. This guide aims to assist organisations in navigating the complex task of choosing the most suitable RMIS solution for their specific needs and keeping it up to date.
It emphasises the importance of identifying key requirements, conducting thorough evaluations of vendors, considering scalability and customisation options, and ensuring seamless integration with existing systems.
By following this guide, organisations can streamline their decision-making process and optimise their risk management efforts.
One of the key highlights of the 2023 RMIS Panorama is its commitment to presenting a neutral view of the RMIS/GRC worldwide market.
”By addressing common implementation issues and providing actionable guidance, the report ensures that organisations can effectively leverage RMIS tools to enhance their risk management strategies”
This unbiased analysis allows organisations to make objective comparisons and informed decisions. By examining the strengths and weaknesses of various vendors, the report provides organisations with the necessary insights to select an RMIS solution that aligns with their unique requirements.
Furthermore, the 2023 RMIS Panorama recognises the significance of practicality and real-world applicability. It delves into the challenges faced by organisations in implementing RMIS solutions and offers best practices and recommendations to overcome these hurdles.
By addressing common implementation issues and providing actionable guidance, the report ensures that organisations can effectively leverage RMIS tools to enhance their risk management strategies. You will also find in it a more personal French risk manager’s recipe to choose the good ingredients allowing you to cook your own RMIS!
As the business landscape continues to evolve rapidly, the 2023 RMIS Panorama serves as a compass, guiding organisations toward effective risk management practices in a wide sense.
Still free for everyone, it enables businesses to leverage cutting-edge technology to identify, assess, and mitigate risks while staying ahead of the curve.
”It serves as a valuable resource for risk managers, executives, and stakeholders who are committed to optimising their risk management processes”
This comprehensive report is a testament to the dedication of the risk management industry to embracing innovation and harnessing the power of technology to address modern challenges.
It serves as a valuable resource for risk managers, executives, and stakeholders who are committed to optimising their risk management processes and driving organisational success.
The 2023 RMIS Panorama is produced by AMRAE and EY with the support of prominent risk managers associations from all geographies FERMA, RIMS, Parima, ClubFrancoRisk and IFRIMA for the first year.