Risk Management Software

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Showing 1 - 20 of 466 products
Showing 1 - 20 of 466 products

NAVEX IRM (formerly Lockpath)

Recognized as a Leader in the Gartner® Magic Quadrant™ for both IT Risk Management and IT Vendor Risk Management, NAVEX IRM brings visibility to risks frequently managed in disparate sources. It aggregates internal data points fro...Read more

No reviews yet

4 recommendations

Onspring

Onspring is a cloud-based, no-code software for reporting, analysis, process management, and coordination. Our connected solutions for Governance, Risk & Compliance, ITSM, and Business Operations create efficiencies for your teams...Read more

4.73 (49 reviews)

3 recommendations

Risk Cloud

LogicGate is a cloud-based SaaS solution that helps organizations automate their risk and compliance programs. Instead of depending on spreadsheets and email to handle the most critical risk and compliance activities, LogicGate ce...Read more

No reviews yet

3 recommendations

Vendor360

Vendor360 is a risk management solution designed to help businesses manage vendor selection, evaluation and onboarding processes. The application allows administrators to analyze vendors through pre-defined or custom-built questio...Read more

No reviews yet

2 recommendations

Resolver

Resolver’s risk management software is a cloud-based solution for midsize to larger enterprises that serves customers across a variety of industries and business needs. These industries include banking and financial services, heal...Read more

No reviews yet

1 recommendations

AuditBoard

FrontRunners 2022

AuditBoard transforms how audit, risk, and compliance teams manage today’s dynamic risk landscape with a modern, connected platform that engages the front lines, surfaces the risks that matter, and drives better strategic decision...Read more

No reviews yet

1 recommendations

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 of...Read more

No reviews yet

1 recommendations

Fusion Framework System

The Fusion Framework System is a risk and resilience platform designed to help businesses understand how their business works, how it breaks, and how to put it back together again. Fusion's software helps organizations visualize t...Read more

No reviews yet

1 recommendations

AuditUtopia

AuditUtopia® is a real-time Inspection Management System used to host inspections and audits, trusted by small to large life science companies worldwide. Many organizations choose AuditUtopia® as the center of their inspection/aud...Read more

No reviews yet

1 recommendations

ACE Essentials

Adaptive Compliance Engine (ACE) A Highly configurable, workflow-based, quality management system built for companies with complex needs. Integrates with Office 365, SSO, and other enterprise software. ACE Essentials A turn-key f...Read more

No reviews yet

1 recommendations

Software pricing tips

Read our Risk Management Buyers Guide

Subscription models

  • Per employee/per month: This model allows you to pay a monthly fee for each of your employees.
  • Per user/per month: Users pay a monthly fee for users—normally administrative users—rather than all employees.

Perpetual license

  • This involves paying an upfront sum for the license to own the software and use it indefinitely.
  • This is the more traditional model and is most common with on-premise applications and with larger businesses.

Rated best value for money

LineSlip

LineSlip Private Equity ingests and digitizes commercial insurance program documents, translating the information into insurance intelligence. The software’s easy-to-understand, data-rich dashboards provide instantaneous access to...Read more

No reviews yet

1 recommendations

Wrike

FrontRunners 2022

Wrike is a cloud-based project management platform for teams of 20+ that is suitable for both large enterprises and SMBs. It supports remote work for various teams. This solution comes with Gantt charts, calendars, workload view f...Read more

OnBoard

Winner of Capterra’s Ease of use Badge, OnBoard is a board intelligence platform that simplifies board meeting management and empowers more informed decision-making, more secure remote meetings, and real-time accessibility from an...Read more

HighBond

FrontRunners 2022

The HighBond by Diligent (formerly Galvanize) Platform is modernizing governance by providing companies with a holistic view of governance, risk and compliance initiatives that helps them achieve their strategic objectives while c...Read more

4.47 (79 reviews)

Safesite

Safesite is a cloud-based software that helps construction and real estate businesses design and conduct inspections and audits to record safety issues and ensure a secure workplace. Organizations can log hazards, define resolutio...Read more

4.73 (73 reviews)

KPA EHS

FrontRunners 2022

KPA EHS software (formerly iScout) helps organizations build a comprehensive safety program, make data-driven decisions, and take real-time action to keep their employees safe. The easy to configure platform gives organizatio...Read more

4.82 (71 reviews)

Teramind

Teramind offers employee monitoring, insider threat detection, and data loss prevention (DLP) solutions. Teramind UAM monitors user activities on applications, websites, file systems, network, email, social media and more. Behavio...Read more

4.64 (67 reviews)

CookieScript

CookieScript is a fully-featured Consent Management Platform, that automates and simplifies the management of user consents in compliance with the latest regulations like GDPR, CCPA, LGPD and CNIL. CookieScript can be integrated...Read more

4.83 (54 reviews)

HSI

The #1 Online HSEQ platform for all your needs! Choose from training, safety management, compliance, and COVID-19 solutions for businesses of all sizes, across all industry types. Our combination of technology and content solution...Read more

4.65 (52 reviews)

BizAway

BizAway is a travel booking solution to handle business travel and optimize resources using a simple yet very intuitive interface, retaining all billing and expenses under control, with incorporable travel policies and automated a...Read more

4.72 (50 reviews)

Buyers Guide

Last Updated: June 15, 2022

What is Risk Management software?

Risk management software is a set of tools that help companies prevent or manage critical risks that all businesses face, including finance, legal, and regulatory compliance and strategic and operational risks.

Risk management software can help organize and track your risks, so you can 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.

 

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