The acquisition of a Risk Management Information System (RMIS) is a project that presents serious long-term implications for your organization.  Here are some of the risks, along with proven ways to improve your satisfaction with your new RMIS, regardless of which vendor you select:

THE RISK
Contractual terms which make it unfavorable (or almost impossible) to be able to change RMIS vendors.

MITIGATION
Don’t let the tail wag the dog!    Be sure you negotiate a clause giving you the ability to terminate your RMIS contract for convenience and the future ability to extend your existing contract while you transfer to another vendor.

1. I’ve seen many cases where a client would like to change from their current RMIS vendor to a new system but they only have a few months left on their current vendor contract.  The time remaining on the contract is not adequate for a full system conversion.  They are stuck! They either have to renew for another year or pay usury fees for extending month to month. (I know of a client who was paying their vendor $45K per year and was charged $10K per month for extending 3 months)  When purchasing a new system (or renewing an existing contract) you should be certain you will have a short, month-to-month agreement (with pre-defined monthly fees) during any future transition.  You want to avoid the situation where the “losing” vendor has the right to charge exorbitant fees for month-to-month or where the vendor does not even allow a short term contract extension.  Instead, they are able to hit you up for another annual term.  Make sure you negotiate the ability to have a short term agreement while you are in transition from one vendor to another.
2. In the case of an acquisition of your vendor by an organization you do not want to work with, you will want assignment language in the contract that gives you the right to terminate the contract without penalty in the case of assignment.