2024 RMIS Report on Risk Management Technology

The 2024 RMIS Report serves as a comprehensive analysis of the evolving landscape of risk management information systems (RMIS) and RiskTech. It outlines the significant impact of generative artificial intelligence (GenAI) on the industry, highlighting a 10.5% increase in expected annual expenditure on risk management technology. The report details how mid-market and small enterprises are increasingly adopting RMIS, with 37% of smaller organizations implementing these systems in the past three years. This shift indicates a growing recognition of the importance of risk management across all organizational sizes. The report also discusses vendor trends, emphasizing the need for increased accessibility and adaptability in risk technology solutions. It presents insights from approximately 14,000 risk professionals and emphasizes the challenges and barriers to adopting AI technologies, including security concerns and the complexity of understanding AI capabilities. Overall, the report underscores the transformative power of technology in enhancing operational resilience and navigating contemporary risk challenges.