Several factors beyond the functional characteristics of the tool must be evaluated. As with most new technology, initially only large organizations can consider it due to budget constraints. As technology vendors expand the flexibility of the toolkit and begin to look for new markets for their products, middle markets and individual departments can begin to consider these solutions. Systems once only considered enterprisewide solutions can be introduced to one department and interfaced with the organization if there is a solid cost justification in place that uses real numbers. This should include the cost of operating in the current environment vs. the estimated cost of the new platform.
Risk managers have to select the technologies that provide the best value for their organizations.
And as long as the value of new information systems continues to rise, the cost can be justified. Increased functionality will include a greater integration with other enterprisewide systems. One of the major developments for the risk manager to consider is the scalability of the application. First used as a buzzword, scalability can be the key to open up the door to new technology. The ability to customize the view of data is another development in risk management information systems and allows for improved efficiency and can reduce the learning curve of a new system.