VMIA’s RMA Online Launched!

RMA Online is a sophisticated new service designed by the Victorian Managed Insurance Authority (VMIA) and using Blue Zoo’s Governance Manager cloud platform.  Importantly, it was designed to help government agencies to review, understand and manage performance improvement for internal risk management practices.

The service was officially launched on Tuesday 27th June at the Rendezvous Hotel in Melbourne.  In excess of 100 attendees were given an overview of the service, as well as the opportunity to gain some hands on experience at a number of interactive kiosks and using iPads.

Launch Event

Introduction Video

Partners in risk management performance improvement.

VMIA’s risk maturity model identifies the factors involved in managing risk effectively in any agency, regardless of its size, resources, risk profile or industry. The risk maturity model provides a reliable indication of the maturity of an agency’s risk management practices. The indicators then translate into a tailored list of opportunities for improvement which can selected from to suit individual priorities.

The risk maturity model and self-assessment questionnaire is being deployed using Blue Zoo’s international award winning Governance Manager platform. Governance Manager is a cloud-based improvement platform, using Microsoft Azure. The platform automates measuring and applying best practices and standards to organisations. It enables performance analysis and insights both individually and collectively (e.g. across a group of organisations). Recent enhancements to the platform include new self-assessment features and business intelligence capabilities. 

Creation of the service has been an extraordinary collaborative effort with input from all areas of VMIA’s business as well as significant input from client agencies. The project was on time, below budget and resulted in extensive positive feedback. 

Assess organisational capabilities at an enterprise level. Contemporary organisations embrace continuous improvement using maturity models to provide focus for constantly deepening organisational capabilities.

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What is VMIA’s RMA Online?

VMIA’s RMA Online is an online risk maturity self-assessment service available to all Victorian Government agencies that align with the Victorian Government Risk Management Framework (VGRMF).  VMIA’s RMA Online service assists agencies to review, understand and improve internal risk management practices.

VMIA’s RMA Online translates the risk maturity model into action. It forms a core part of the continuous improvement cycle by assessing how well current risk management practices are working. Most importantly, it generates list of improvement opportunities, tailored to the maturity scores. This in turn provides greater focus and guides investment in risk management practices.

Comparing results from year to year is easy e.g. to show improvement progress and trends. Moreover, benchmark reports and dashboards provide comparative performance with peers. For example, the average scores for a group of agencies within the same industry or of similar size.  Deidentified benchmark information ensures that results data is not seen directly.

The service provides:

✔ A reliable indicator of an agency’s current risk management maturity

✔ An easy, consistent and repeatable methods for evaluating risk management practices and retaining knowledge

✔ A Maturity Rating/Level and Maturity Score

✔ Confidence levels which provide indicator as to whether each of the 10 VGRMF principles are being achieved e.g. high, medium or low confidence

✔ Tailored action plan to help improve risk management practices

✔ Year on year benchmark data to assist with monitoring performance over time

✔ Comparison of results with other government agencies

✔ Reporting and dashboards to view, download, print and use outcomes

How it works in detail.

VMIA’s risk maturity model identifies the factors involved in managing risk effectively in any organisation. It applies to organisations regardless of size, resources, risk profile or industry.
 
The model consists of 3 broad Topics – Risk Framework, Risk Process and Risk Culture. Also, 3 Maturity Levels – ‘Level 1- Evolving’, ‘Level 2 – Embedding’, and ‘Level 3 – Optimising’. Maturity statements describe the capabilities required to achieve each Maturity Level.
 
A series of questions for each maturity statement drives evaluation of risk maturity. Affirmative answers contribute points according to a weighting system. The final tally determines the maturity score.
 
 
VMIA’s RMA Online service provides online access to the maturity model and a range of tools to make use of it. This includes, automating the maturity self-assessment process, creating improvement plans, and access to reports that provide powerful insights into risk management performance.  The video below demonstrates the core functionality in more detail:

Client feedback

A collaborative approach that was adopted, enabling ongoing feedback from clients involved in either the pilots or soft launch. As a result, invaluable feedback has been collected which has significantly improved the service delivered.  The video below provides a snapshot of the feedback:

2017-07-20T09:27:04+00:00 July 3rd, 2017|

About the Author:

Mark is an Executive Director and founding owner of corporate advisory practice Blue Zoo with extensive experience in Governance, Strategy and Risk. A highly motivated and energetic leader, Mark is accountable Blue Zoo’s global operations.