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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 and put key metrics at yo...Read more about Onspring
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Rivial Data Security enables organizations to accurately measure their risk, automate compliance, and mature their cybersecurity program. Our six-module platform, which includes Governance, Risk, Compliance, Vulnerabilities, Vendor Security, and Incident ...Read more about Rivial Data Security
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LogicGate Risk Cloud® is a no-code governance, risk, and compliance (GRC) platform that scales and adapts to your changing business needs and regulatory requirements. It combines a suite of purpose-built Applications with intuitive technology that allows r...Read more about LogicGate Risk Cloud
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iAuditor by SafetyCulture is an inspection checklist application that allows users to build checklists, file reports and conduct inspections through a tablet or mobile phone. The solution is designed for a wide range of industries that require safety audit...Read more about SafetyCulture
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Hyperproof is a security compliance management software company focused on bringing trust to life for its customers. The Hyperproof platform empowers compliance, risk, and security teams to stay on top of all compliance work and manage organizational risks...Read more about Hyperproof
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TrustCloud™ helps businesses transform the GRC program with automated controls, an accurate, real-time view of security posture, and integration into existing tools and systems. Users can remove the manual drudgery of evidence collection and control manage...Read more about TrustCloud
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Efficiently manage your business' HIPAA, OSHA, and SOC 2 compliance. Our tailored platform is designed for your needs - offering a robust toolkit, customization options, and risk analytics for seamless execution of compliance objectives. What's Included: ...Read more about Healthcare Compliance Software
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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 from all corners of the organi...Read more about NAVEX IRM (formerly Lockpath)
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Intellect provides a flexible enterprise Quality Management Software (eQMS) solution and platform designed to meet any FDA and ISO compliance requirements, as well as digital transformation goals. Built on the Intellect Compliance Platform, Intellect's no-...Read more about Intellect QMS
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VelocityEHS ESG|EHS software is trusted by 1/3 of the Fortune Global 1000 and thousands of other companies across industries to manage the environment, health, and safety programs. VelocityEHS modules include incident management, audit and inspection, ch...Read more about VelocityEHS
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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, healthcare and hospitals, insu...Read more about Resolver
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TenForce is EHSQ and operational risk management software for manufacturing, utility, and government organizations. The software helps plant managers and their teams mitigate risk without sacrificing efficiency. TenForce offers integrated modules for criti...Read more about TenForce
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Qualityze EQMS Suite is a Salesforce cloud-based compliance and process management system that helps in developing and maintaining good quality procedures and policies by solving compliance and quality issues. QualityzeEQMS Suite helps global, small and me...Read more about Qualityze Suite
SEON is a modern fraud prevention SaaS that can be implemented into your website or app. Use our modular APIs to enrich customer data (IP addresses, emails and phone numbers) and our device fingerprinting to accurately track your users and quickly spot wou...Read more about SEON. Fraud Fighters
Checkbox is an award-winning no code platform which allows users to build their own business apps for process automation. Apps are built using Checkbox’s intuitive drag and drop interface, which requires no technical knowledge. This empowers users to creat...Read more about Checkbox
GRC Toolbox by Swiss GRC is an integrated software solution for governance, risk and compliance management. It combines apps that manage the fundamental functions of GRC into a single integrated solution. Customers benefit from a systematic, coordinated ap...Read more about GRC Toolbox
GoAudits is an all-in-one inspection platform that helps retail chains, telecommunication companies, food manufacturers, construction companies conduct standard, quality, and safety audits. Businesses can easily plan and schedule inspections on any device,...Read more about GoAudits
A1 Tracker Contract Management Software is a cloud-based contract management & lifecycle platform. A1 Tracker's features include contract approval workflow, documents, vendors, audits, reminder notifications, templates, certificates of insurance, and ...Read more about A1 Tracker
Openli is a platform to help businesses towards GDPR compliance. We are on a mission to create compliance software that makes online compliance simple, and helps businesses become better data citizens. Our main audience is legal operations team looking to...Read more about Openli
Runecast is a provider of one solution designed to help IT Security and Operations teams like yours effectively manage and mitigate risks. Our platform offers a range of valuable features to enhance your operational efficiency and ensure system stability. ...Read more about Runecast
Tandem's web-based application is designed to manage the compliance burden of information security regulations and improve the security posture of each of its users. Tandem is a business-to-business software as a service (SaaS) company and provides 11 uniq...Read more about Tandem Software
HIPAA One goes beyond offering a cloud-based HIPAA compliance solution, presenting a comprehensive suite of cloud-based compliance solutions seamlessly integrated into business operations. Key features encompass data encryption, email phishing protection, ...Read more about HIPAA One
In the contemporary business landscape, every interaction possesses the potential to impact success significantly. Visitor management transcends basic guest registration; at Sign In Solutions, we introduce "Visitor Management 2.0." This innovative approac...Read more about Sign In Solutions
With nearly 15 years of experience, myCOI pairs advanced, industry-leading technology with deep industry expertise. Our compliance team's document ingestion process, rules comparison, and white glove service uniquely positions our solution and significantl...Read more about myCOI
Founded in 2015, C1Risk is a privately held, woman, minority-owned technology company headquartered in Silicon Valley. The 1Risk platform is a cloud-based SaaS, single, integrated, interconnected system designed to be the one source of truth for risk. Co...Read more about C1Risk
Popular Comparisons
Your Guide to Top Risk Management, May 2024
Software Advice uses reviews from real software users to highlight the top-rated Risk Management products in North America.
Learn how products are chosenExplore FrontRunners
“Usability” includes user ratings for Functionality and Ease of Use.
“Customer Satisfaction” includes user ratings for Customer Support, Likelihood to Recommend and Value for Money.
Reviews analysis period: The reviews analysis period spans two years and ends the 15th of the month prior to publication.
Buyers Guide
This detailed guide will help you find and buy the right risk management software for you and your business.
Last Updated on March 16, 2023What 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. |
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. |
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.