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 265 products

Sort by:

Lockpath

Lockpath 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

Price:

Recent recommendations: 5 recommendations

Learn More

LogicGate

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

Price:

Recent recommendations: 3 recommendations

Learn More

SanctionCheck

ComplianceLine is a governance, risk, and compliance (GRC) management solution that helps businesses across healthcare, non-profit, insurance and other industries handle risk assessments, ensure compliance with industry regulation... Read more

Price:

Recent recommendations: 3 recommendations

Learn More

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 au... Read more

Price:

Recent recommendations: 2 recommendations

Learn More

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

Price:

Recent recommendations: 2 recommendations

Learn More

FORM.com

Form.com is a field service solution that provides tools that aim to optimize the workflow involved in traditional field service operations. Based on a variety of responses, the system triggers events that are situationally approp... Read more

Price:

Recent recommendations: 2 recommendations

Learn More

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

Price:

Recent recommendations: 2 recommendations

Learn More

Fusion Framework SystemFrontRunners 2021

Fusion Framework System is an agile risk management platform designed to help businesses create customizable risk and continuity programs. It allows administrators to track dynamic risks, align key strategies to techniques, define... Read more

Price:

Recent recommendations: 1 recommendations

Learn More

VelocityEHS

VelocityEHS is a cloud-based environment, health, safety (EHS) and sustainability solution designed to improve visibility and manage risk across organizations. VelocityEHS modules include incident management, audit and inspec... Read more

Price:

Recent recommendations: 1 recommendations

Learn More

ARMATURE

ARMATURE Fabric is an integrated risk management solution that enables organizations to manage risk, quality, compliance, and performance. The software includes quality and supplier management modules that come with features such ... Read more

Price:

Recent recommendations: 1 recommendations

Learn More

DoubleCheck

DoubleCheck is a cloud-based audit management solution designed for large businesses across multiple industries. It offers tools for audit planning, work paper, evidence management, report generation and issue resolution. Dou... Read more

Price:

Recent recommendations: 1 recommendations

Learn More

Malwarebytes Endpoint Protection

Malwarebytes Endpoint Security is a security solution which provides on-premises threat detection and remediation of endpoints. Key features include asset management, centralized reporting, web protection, exploit mitigation, payl... Read more

Learn More

WrikeFrontRunners 2021

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

Learn More

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

Learn More

BuildingConnected

BuildingConnected provides the largest crowd-sourced network in commercial construction, empowering builders to save time and increase accuracy while managing bids. BC Pro helps general contractors and owners find the right subcon... Read more

Learn More

iAuditorFrontRunners 2021

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... Read more

Learn More

Netwrix Auditor

Netwrix Auditor is a security solution that helps organizations overcome compliance and operational challenges. Netwrix solutions empower you with total control over what's going on in your hybrid IT environment by delivering acti... Read more

Learn More

Nintex Promapp

Nintex is a workflow management solution that caters to a variety of industries including energy, health and life sciences, financial services and government. It is suitable for departments such as customer services, human resourc... Read more

Learn More

Splunk Enterprise

The Splunk Enterprise platform allows users to process and index most forms of data in their native format. It includes data indexing tools, which enable users to locate specific data across large data sets. The software is d... Read more

Learn More

ProcessGene GRC Software Suite

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, da... Read more

Learn More

2021 Risk Management Pricing Guide

Learn about the key aspects of accurate software pricing before you make your purchase decision.

Includes:

  • Pricing models & ranges

  • Unexpected costs

  • Pricing of popular systems

Buyers guide


Last Updated: June 7, 2021

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.

 

FrontRunners

Your Guide to Top Risk Management Software, April 2021

Software Advice uses reviews from real software users to highlight the top-rated Risk Management Software products in North America.

Learn how products are chosen

Explore FrontRunners

Connect with a personal advisor who can help you find the right software for your business.
Software Advice
“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 on the 15th of the month prior to publication.