
OnBoard
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
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
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
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
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
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
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
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
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
Even the simplest risk management software tools include numerous components.
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.
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:
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: