Risk Management Software

Finding software can be overwhelming. Software Advice has helped hundreds of business managers find the right risk management software to identify and work through business risks.

Showing 1-20 of 46 products

AuditBoard

AuditBoard is a cloud-based platform transforming the way enterprises automate, manage, collaborate, and report on critical risk, audit, and compliance workflows in real time. The company offers a full suite of easy-to-use audit management... Read more

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Recent recommendations: 7 recommendations

Platforms: MacWinLinux
Deployments: Cloud, On premise
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StandardFusion

Standard Fusion is a cloud-based compliance management solution that is designed for industries such as healthcare, technology, manufacturing, government and retail. Key features include control management, control monitoring and policy... Read more

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Recent recommendations: 2 recommendations

Platforms: MacWinLinux
Deployments: Cloud, On premise
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DoubleCheck

Deliver a demonstrable, robust risk management program with DoubleCheck’s web-based Enterprise Risk Manager! Communicate status and results clearly with real-time, board-friendly reports! With DoubleCheck Risk Manager, you will... Read more

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Recent recommendations: 2 recommendations

Platforms: MacWinLinux
Deployments: Cloud, On premise
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EHS Insight

EHS Insight is a cloud-based environmental health and safety (EHS) and quality management solution. It helps clients track environmental effects, manages security and risks and ensures compliance with requirements. EHS Insight offers... Read more

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Recent recommendations: 1 recommendations

Platforms: MacWinLinux
Deployments: Cloud, On premise
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MyKPAOnline

KPA provides an easy to use EHS management platform that automates manual processes, supported with online and on-call expertise. It is used by small to mid-sized industrial organizations to manage their risk by maintaining regulatory... Read more

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Recent recommendations: 1 recommendations

Platforms: MacWinLinux
Deployments: Cloud, On premise
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Procipient

Procipient is a SaaS platform that helps users manage business risk. With configurable pre-built risk frameworks, it overcomes the complexities of implementing and updating other ERM-GRC platforms. The interface is equipped with dashboards,... Read more

Platforms: MacWinLinux
Deployments: Cloud, On premise
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ERA EH&S

ERA’s Risk Management Software is a cloud-based solution to automate the identification, mitigation, management, and reporting of your operational risks. Through dynamic, configurable forms, it enables users to identify and document... Read more

Platforms: MacWinLinux
Deployments: Cloud, On premise
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Safety Hive

Developed by safety professionals, Safety Hive transforms the traditional desktop program into easy-to-use mobile applications. Safety Hive mobile applications are guaranteed to significantly increase the efficiency of programs like... Read more

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Platforms: MacWinLinux
Deployments: Cloud, On premise
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Netwrix Auditor

Netwrix Auditor is a security solution that allows administrators to manage server log files, security events and syslogs across the company network. The solution alerts administrators in real time on critical events. It allows administrators... Read more

Platforms: MacWinLinux
Deployments: Cloud, On premise
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ProcessGene

ProcessGene is a cloud-based governance, risk and compliance (GRC) platform that helps multi-subsidiary organizations automate workflows and reduce costs and man hours in implementing GRC programs. Features include risk audits, dashboards... Read more

Platforms: MacWinLinux
Deployments: Cloud, On premise
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MasterControl Risk Analysis

MasterControl Risk Analysis is a cloud-based solution that helps businesses automate the risk analysis process. The solution identifies and evaluates risk scenarios such as non-conformance, Corrective Action Preventive Action (CAPA)... Read more

Platforms: MacWinLinux
Deployments: Cloud, On premise
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SiteDocs

SiteDocs is a cloud-based audit management solution designed for businesses of multiple sizes in the construction and maintenance industries. Users can run their safety programs through mobile apps and web browsers. Key features include... Read more

Platforms: MacWinLinux
Deployments: Cloud, On premise
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Intelex EHS

Intelex EHS provides a cloud-based interface for environmental, health and safety, quality and business performance management. This solution helps customers report essential business information, ensure compliance requirements, manage... Read more

Platforms: MacWinLinux
Deployments: Cloud, On premise
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Keylight

Keylight brings visibility to risks frequently managed in disparate sources. It aggregates internal data points from all corners of the organization, as well as from assessments, audits, authoritative sources and external systems.... Read more

Platforms: MacWinLinux
Deployments: Cloud, On premise
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ACL GRC

ACL GRC Software is a cloud-based risk management platform that helps businesses automate risk, audit and compliance management programs. Designed for banking, lending, higher education, state, local, provincial and federal government... Read more

Platforms: MacWinLinux
Deployments: Cloud, On premise
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Rsam

Rsam is a cloud-based governance, risk and compliance platform that integrates regulatory assessment data, business criticality and vulnerabilities with relevant risk data to provide enterprise assurance, risk visibility and oversight.... Read more

Platforms: MacWinLinux
Deployments: Cloud, On premise
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Onspring

Onspring is a Process Automation Platform that allows users to manage data, workflow, and reporting. Onspring can be used for a single business and has the ability to connect multiple functions across an enterprise. The system is built... Read more

Platforms: MacWinLinux
Deployments: Cloud, On premise
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VComply

VComply is a risk management solution that offers policy compliance, workflow management, data security, and more. VComply provides risk identification and assessment capabilities for crucial information, and it allows users to centralize... Read more

Platforms: MacWinLinux
Deployments: Cloud, On premise
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IsoMetrix

IsoMetrix is cloud-based governance, risk and compliance (GRC) management tool that helps identify, assess, monitor and manage risks faced by organizations on a daily basis. Designed for mining, oil and gas, logistics, financial, food... Read more

Platforms: MacWinLinux
Deployments: Cloud, On premise
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JCAD CORE

JCAD CORE is a cloud-based risk management solution that enables professionals to manage compliance and monitor risk levels. The software provides features such as audit management, risk assessment, dashboards and automated alerts. JCAD... Read more

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Deployments: Cloud, On premise
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Buyers guide


Last Updated: June 14, 2019

Risks exist at all times in any and all businesses—whether or not you know it, you've been dealing with risk since the second you opened up shop. Critical risks that all businesses face include those in finance, legal and regulatory compliance and strategic and operational risks. It's important that all risk be at least noted and on your radar. Ideally though, you'd be able to proactively manage risk and any resulting consequences.

In order to identify, track and overcome potential issues, you need to have a clear snapshot of all the risks you're facing. Risk management software can help organize and track your risks. This enables you to prioritize tasks needed to manage and/or overcome the various risks you face. But what type of risk management software do you need? We're here to help you figure that out.

Here's what we'll cover:

Common Features of Risk Management Solutions
Benefits of Adopting Risk Management Software
Risk Management Tools Buying Tips for New Buyers

Common Features of Risk Management Solutions

Even the simplest risk management software tools include numerous components.

Core Features of Risk Management Software
Risk identification Identifies and records risks your business faces. Defines the risks for a repository or allows you to choose from a pre-established risk dictionary.
Risk assessments Assigns simple ratings to risks or enables you to develop detailed classifications based on multiple factors defined by individual business units.
Monitoring and testing Defines key risk indicators (KRIs) and records the effectiveness of risk management processes.
Reporting and dashboards Monitors risks and solutions with easy-to-understand visual reporting and dashboards.
Regulatory compliance Ensures your risk management processes meet all necessary regulatory compliance by defining and tracking processes and required compliances.
Issue management Manages the execution of key risk-based projects. Ensures critical risk management issues are identified and accounted for.
Document management Allows you to collaborate and share documents and reports in real time. Houses a knowledge base for new and curious employees.

Risk management solutions support businesses throughout the risk life cycle, from identification to assessment and on to monitoring and potentially eradication. The first line of defense is risk identification and assessment. It's here that you'll identify the risks facing your business. This could be as simple as inputting regulations and compliances, or it might take some digging and thinking to determine what your pressing risks are—which leads into the next step: assessment.

Once you have identified risks, it's time to assess their potential impact and prioritize them accordingly. Assessment can mean assigning your risks a simple rating within a given scale of severity (e.g., 1 - 5, with 1 being a low risk and 5 being a high risk). More detailed assessments can provide a risk score that takes many variables into account. Regardless of the complexity of the assessment, completing this step enables you to use your risk management tools to monitor risks and test your ability to manage and work through them.

Issue management is a key feature used in day-to-day operations surrounding risk testing and other related projects. Key capabilities within issue management include task assignment, workflow monitoring and automatic notifications and reminders for deadlines and communications.

Benefits of Using Risk Management Software

A properly utilized risk management system will enable you to operate more efficiently. The awareness that comes with proactively and systematically monitoring critical risks will help you overcome any potential setbacks or downtime in your business.

Specific benefits of adopting risk management tools include:

  • Creating a proactive, risk-aware culture. Systematically identifying and addressing risks will lead to a risk-aware business culture that operates more strategically.
  • Staying organized throughout risk life cycle. Inputing newly identified risks into the system allows you to monitor them constantly throughout their life cycle.
  • Assigning accurate risk scores for easy prioritization. You can assess and assign scores to each identified risk based on numerous variables for easier prioritization.
  • Improving workflows for monitoring and working through risks. Leverage issue management and task tracking to easily assign responsibility for each stage of risk monitoring.
  • Leveraging risk reporting, analytics and metrics. Monitor the status of each risk and its progression toward escalation or eradication and see the real business impact that risk management has on your organization.

Risk Management Tool Buying Tips for New Buyers

Risk management systems have many benefits to offer your business, but that doesn't mean all risk tools are right for you. Choosing the risk software that's going to drive your business to greater success is no easy feat. There are a ton of risk management software vendors itching to get your business, so move carefully when navigating the vendor landscape.

The following recommendations will help you stay the course and choose the best risk management solution for your business. They come from a cross-industry software buyer survey we conducted to determine effective tactics for choosing the best software for your unique business. The most recommended tactics from the survey are:

  • Do your due diligence researching risk management offerings. If you're new to risk management or risk management software tools, read up on what's available in the market. Talk to peers in the space who are using risk software to get their take on the system they currently use.
  • Identify where, why and how your current risk management practices fail. When you do eventually start reaching out to vendors and setting up demos, you'll need to identify key areas of improvement that software can help with. Don't just look for the system with the most or "coolest-looking" features—look for the one that's best equipped to help your business' top pain points.
  • Read all the risk management software reviews you can get your hands on. As simple as it sounds, reading user reviews from your peers in the risk management space can provide a wealth of info into how individual systems work. Whereas vendors tend to try and overwhelm you with marketing jargon, reviews cut straight through to give you a clear picture of the software's pros and cons.