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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 about Onspring

4.8 (76 reviews)

4 recommendations

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 ...Read more about StandardFusion

4.7 (23 reviews)

4 recommendations

TrustCloud

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 col...Read more about TrustCloud

4.3 (3 reviews)

4 recommendations

AuditBoard

AuditBoard is the leading cloud-based platform transforming audit, risk, and compliance management. More than 40% of the Fortune 500 leverage AuditBoard to move their businesses forward with greater clarity and agility. AuditBoa...Read more about AuditBoard

4.7 (297 reviews)

3 recommendations

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Rivial Data Security

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, Vend...Read more about Rivial Data Security

5.0 (3 reviews)

2 recommendations

GOAT Risk

GOAT Risk™. The pain free way to manage risk - so you can get on with managing your business. GOAT Risk is an easy to use, flexible, low cost Enterprise Risk Management software solution packed with all the tools you need to mana...Read more about GOAT Risk

4.7 (46 reviews)

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 about Fusion Framework System

4.4 (45 reviews)

1 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 about Resolver

4.3 (44 reviews)

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 about EHS Insight

4.4 (44 reviews)

1 recommendations

Essential ERM

Essential ERM is a secure web-based Enterprise Risk Management system. Easy-to-use screens and innovative visual features engage business unit managers, executives and board members. Essential ERM is an excellent catalyst to launc...Read more about Essential ERM

4.7 (22 reviews)

1 recommendations

Healthcare Compliance Software

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 obje...Read more about Healthcare Compliance Software

4.9 (21 reviews)

1 recommendations

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 from...Read more about NAVEX IRM (formerly Lockpath)

4.7 (20 reviews)

1 recommendations

SureCloud

SureCloud is a provider of cloud-based Integrated GRC (Governance, Risk & Compliance) products and Cybersecurity services. Its solutions help organizations manage risk, achieve compliance, and safeguard their digital assets. At th...Read more about SureCloud

4.0 (1 reviews)

1 recommendations

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 about LineSlip

No reviews yet

1 recommendations

Klarytee

Klarytee is a software as a service (SaaS) platform that integrates security into sensitive content, facilitating granular control over data. It is tailored for enterprises that require secure sharing of sensitive data across thei...Read more about Klarytee

No reviews yet

1 recommendations

Wrike

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 about Wrike

OnBoard

Now available: Microsoft 365 Integration. As the most reviewed solution on Capterra and the G2 category leader in Board Management, OnBoard offers a simple, secure, and effective way to run board meetings. With OnBoard, you can...Read more about OnBoard

Okta

Okta Identity Suite is a cloud-based identity management solution that caters to businesses across various industries such as information technology (IT), consumer services, energy and utilities, telecommunications and more. Key f...Read more about Okta

SolarWinds Service Desk

SolarWinds Service Desk is suitable for companies seeking a help desk solution that offers IT service management (ITSM) functionalities. SolarWinds Service Desk offers comprehensive service desk functionality that helps businesses...Read more about SolarWinds Service Desk

MasterControl Quality Excellence

MasterControl is the #1 QMS in the life sciences with more life sciences customers than any other QMS provider. For over 30 years, we’ve helped companies of all sizes bring their life-changing products to market sooner. We provide...Read more about MasterControl Quality Excellence

Buyers Guide

Last Updated: March 16, 2023

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.