It’s becoming apparent that the 2020 risk manager wants a single view of risk. A hub in which to find all the necessary data for reporting and including all information about assets. Further, they require an ability to view all of this data in real time without ad hoc questionnaires or workshop assessments. Data must be fed into the system via automation or trained staff, and evaluated in real-time for increased levels of impact.
RMS providers are offering higher standards on the back of technological development to help clients deal with the many issues facing them – from compliance burdens to market pressures. With that, those providers are offering more niche products and services, allowing for more refined risk analysis while encouraging buyers to work with multiple vendors across the risk function.
As technological developments continue to drive change in the RMS market, more options will arise, and so will the capabilities put forward to astute risk managers.