Finding software can be overwhelming. Software Advice has helped many companies choose integrated risk management software to manage risk exposure in business strategies and regulatory compliance.

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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

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Recent recommendations: 5 recommendations

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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

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Recent recommendations: 3 recommendations

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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

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Recent recommendations: 2 recommendations

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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

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Recent recommendations: 2 recommendations

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Fusion Framework System

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

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Recent recommendations: 1 recommendations

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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

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Recent recommendations: 1 recommendations

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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

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iAuditor

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

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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

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HighBond

HighBond by Galvanize is a comprehensive GRC solution. It is a suite of products that includes RiskBond, ComplianceBond, AuditBond, PolicyBond, plus others. With the RiskBond application, organizations can access integrated risk m... Read more

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EcoOnline Platform

The EcoOnline Platform offers cloud-based solutions for workplace safety and compliance, including the Chemdoc tool and Safety Manager platform. These solutions are designed to help businesses implement health and safety practices... Read more

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ZenGRC

ZenGRC is a cloud-based and on-premise governance, risk and compliance (GRC) management solution. It serves businesses of all sizes in any industry, including technology, retail, consumer goods, health care and finance. Primary fe... Read more

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CyberOne

CyberOne is an ERM solution that helps businesses across banking, retail, automotive, healthcare and other industries mitigate enterprise risks in compliance with industry regulations. Professionals can assess potential risks with... Read more

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ecoPortal

ecoPortal is a risk management software for businesses in New Zealand, which helps them conduct environment, health and safety (EHS) from a centralized platform. Managers can receive notifications about safety incidents and affect... Read more

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Sofvie

Sofvie is a web-based collaborative intelligence platform designed to enhance communication and risk management in the workplace. The platform offers various tools for data collection, record management, hazard monitoring, custom ... Read more

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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

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IsoMetrix

IsoMetrix is cloud-based governance, risk and compliance (GRC) management tool that helps identify, assess, monitor and manage risks faced by organizations on a daily basis. Designed for mining, oil and gas, logistics, financial, ... Read more

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LogicManager

LogicManager is a cloud-based solution that helps businesses implement and integrate all risk management processes in a customizable platform. The tool enables users to identify and assess high-impact risks and allocate the right ... Read more

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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

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MyVCM

For organizations operating security programs who need to demonstrate compliance to security standards internally and externally, Ostendio MyVCM is an Integrated Risk Management Platform that Makes it easier to build, operate and ... Read more

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Buyers guide

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.