Risk managers should make sure ERM solutions are user-friendly and flexible, says association

The Risk and Insurance Management Society (RIMS) has published a report to help risk managers identify the right technology systems for their ERM practices.

RIMS said: ‘The turmoil in the financial industry has brought a greater awareness of enterprise risk management (ERM) and the technologies that risk practitioners use to implement ERM programs.’

‘Technology can provide strong support for an ERM process; however, practitioners must make certain that the system is user-friendly and flexible enough to accommodate the changes that most ERM programs experience over time,’ said Leslie Lamb, member of RIMS Technology Advisory Council and risk manager at Cisco Systems.

The paper focuses on the functional needs of ERM processes and the corresponding functionality available from 20 different technology solutions.

It is based on results from two surveys—one to ERM practitioners and one to system providers.