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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)

6 recommendations

LogicGate Risk Cloud

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 intuitiv...Read more about LogicGate Risk Cloud

4.7 (66 reviews)

3 recommendations

VelocityEHS

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...Read more about VelocityEHS

4.4 (34 reviews)

3 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 (31 reviews)

3 recommendations

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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)

3 recommendations

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 (4 reviews)

2 recommendations

Ncontracts

Many financial institutions manage risk and compliance with manual process. Departments suffer from lack of communication and collaboration, incurring massive fines and penalties if efforts fall short. Ncontracts offers integrate...Read more about Ncontracts

4.6 (150 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

4.4 (46 reviews)

1 recommendations

AuditBoard

AuditBoard is the leading cloud-based platform transforming audit, risk, and compliance management. Nearly 50% of the Fortune 500 leverage AuditBoard to move their businesses forward with greater clarity and agility. AuditBoard ...Read more about AuditBoard

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 about Netwrix Auditor

BuildingConnected

BuildingConnected provides the largest crowd-sourced network in commercial construction, empowering builders to save time and increase accuracy with efficient bids. Help general contractors and owners find the right subcontractors...Read more about BuildingConnected

SafetyCulture

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 about SafetyCulture

Pirani

Pirani Riskment Suite is a risk management platform designed to help businesses control, govern and maintain compliance across corporate processes. Administrators can set up different evaluation criteria and identify risks based o...Read more about Pirani

Cority

Cority gives every employee, from the field to the boardroom, the power to make a difference, reducing risks & creating a safer, healthier & more sustainable world. For more than 35 years, Cority’s people-first software solutions...Read more about Cority

Diligent One Platform

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 about Diligent One Platform

Gatekeeper

Gatekeeper is a cloud-based Vendor and Contact management solution. Key features include automated alerts, customization and collaboration tools and integrations with other software. Users can manage Vendor & Contract informatio...Read more about Gatekeeper

A1 Tracker

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, certi...Read more about A1 Tracker

Tandem Software

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) co...Read more about Tandem Software

Oracle Fusion Cloud ERP

Continuous change requires continuous innovation Tomorrow’s leaders are those most capable of adapting to change today. Oracle Fusion Cloud ERP is a complete, modern, cloud ERP suite that provides your teams with advanced capabil...Read more about Oracle Fusion Cloud ERP

EcoOnline Platform

EcoOnline EHS is recognised as the most user-friendly EHS software solution on the market. With an innovative approach to user accessibility and business intelligence, EcoOnline engages all users to efficiently record data and obt...Read more about EcoOnline Platform

Buyers Guide

Last Updated: March 16, 2023

Efforts to manage organizational risks yield better results when there is a data-based approach. Integrated risk management software adds to that approach by collecting key risk indicator (KRI) data and computing risk across a range of categories. This intelligence informs many decisions about risk management, compliance, and operations.

This buyers guide will explain how integrated risk management software helps companies make better decisions.

Here’s what we’ll cover:

What is integrated risk management software?

Integrated risk management software is a tool that helps companies measure and address various kinds of business risks. For example, it helps ensure compliance with policies and regulations.

Integrated risk management software improves upon older governance, risk, and compliance/controls (GRC) tools. GRC tools mostly focus on government regulations and audits and stop short of offering top-to-bottom insights into all the risks an organization faces. That’s where advanced integrated risk management software comes in.

Common features of integrated risk management software

Most integrated risk management platforms offer some or all of the following features:

Dashboard

Review all your bottom-line statistical insights in graphs and charts in one location.

Key risk indicator monitoring

Allow managers to define risk thresholds, observe trends, drill down on metadata, and benchmark goals for various entities. Link directly to controls for compliance and auditing purposes.

Risk assessment

Collect and analyze key data about enterprise risk. Monitor industry-specific controls and business processes.

Risk mitigation planning

Develop strategies for risk avoidance, control, transfer, or assumption.

Compliance management

Track and manage failures to comply with policy in services, products, processes, and supplier behavior.

Risk repository

Consolidate risks and supporting risk reports into a single source of truth for your organization. Access this repository on premise or remotely through the cloud.

Response management

Track risk status and remediation efforts from a centralized location. Initiate corrective and preventive actions (CAPA) at the root cause of errors to avoid recurrence.

What type of buyer are you?

Choosing the right integrated risk management software begins with understanding what type of buyer you are. Most buyers fall into one of the following categories.

Small businesses: Many companies with fewer than 100 employees and no IT department may have never used any kind of risk management software before. Look for entry-level integrated risk management software that offers the basic features your company actually needs. Flashy features and attractive displays are less important than selecting a solution that your team can understand and use.

Midsize businesses: Companies with 100 to 1,000 employees tend to have more sources of risk than smaller firms do. Look for solutions that offer deeper customization and KRI benchmarking. Compliance tools should automatically collect data about adherence to company policies and regulatory obligations. Consider integrated risk management tools designed for your industry.

Enterprise businesses: Companies with more than 1,000 employees need richer entity segmentation to track controls by department, business segment, or region. If your risk managers travel or are responsible for multiple facilities, they may prefer cloud access over on-premise solutions. Also, you can improve transparency by choosing a solution that gives your employees access to employee-focused risk dashboards.

Benefits of integrated risk management software

Integrated risk management software offers many data-driven benefits to risk managers and the organizations they protect:

  • Create a proactive, risk-aware culture: Naming and addressing risks helps decision makers at every level choose more calculated options.

  • Make better use of risk reporting analytics: Monitor each risk's trends and progression. Quantify the real business impact of your risk management decisions. Heat maps, scorecards, graphs, pie charts, and other visualizations summarize complex data at a glance.

  • Prioritize risks by assigning accurate scores: Assign and assess values for each risk you define. Evaluate risks based on each scenario's likelihood (from "rare" to "almost certain") and impact (from "insignificant" to "catastrophic").

  • Stay organized throughout the risk life cycle: Define new risks at any time and monitor them in context alongside all your other risk mitigation priorities.

Market trend to understand

Risk managers are beginning to calculate risks based on all business decision-making, not just regulatory compliance. For example, a perfectly compliant organization may enact business strategies that prove unpopular among employees. Simple risk management or GRC software would only quantify risks based on compliance with regulations and internal policies. However, integrated risk management software is considered "integrated" because it could be configured to factor in the likelihood and financial impact of an employee strike or other union action. Integrated risk management software quantifies complex variables to provide a complete picture of organizational risk. This data helps companies make better strategic decisions while also addressing traditional GRC objectives.