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Risk Management Software


 
Intelex EHS logo
 
Intelex EHS provides a cloud-based interface for environment, health and safety management, as well as quality and business performance management. This solution helps customers report essential business information, ensure compliance... Read More
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Intelex EHS provides a cloud-based interface for environment, health and safety management, as well as quality and business performance management. This solution helps customers report essential business information, ensure compliance... Read More
 
Onspring logo
 
Onspring is a process automation and risk management platform that allows users to manage data, workflow and reporting. Onspring can be used for a single business and has the ability to connect multiple functions across an enterprise.... Read More
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Onspring is a process automation and risk management platform that allows users to manage data, workflow and reporting. Onspring can be used for a single business and has the ability to connect multiple functions across an enterprise.... Read More
 
GRC Cloud logo
 
GRC Cloud is a cloud-based internal audit and risk management solution suitable for midsize to large businesses in a variety of industries. Key features include audit trail, archiving and retention, ISO management and environmental-compliance... Read More
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GRC Cloud is a cloud-based internal audit and risk management solution suitable for midsize to large businesses in a variety of industries. Key features include audit trail, archiving and retention, ISO management and environmental-compliance... Read More
 
Integrum logo
 
Integrum is a cloud-based risk and compliance management solution for organizations of all sizes. It helps in managing quality, health, safety, environment, risk and compliance. Key features include incident management, investigation... Read More
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Integrum is a cloud-based risk and compliance management solution for organizations of all sizes. It helps in managing quality, health, safety, environment, risk and compliance. Key features include incident management, investigation... Read More
 
ERA EH&S logo
 
ERA EH&S is a suite supporting environment, health and safety (EHS) management. It is primarily designed for general manufacturing and the oil and gas industries. The product has a reporting library that has the capability to automate... Read More
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ERA EH&S is a suite supporting environment, health and safety (EHS) management. It is primarily designed for general manufacturing and the oil and gas industries. The product has a reporting library that has the capability to automate... Read More

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ZenGRC logo
 
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 features... Read More
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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 features... Read More
 
Accountable logo
 
Accountable is a cloud-based compliance and risk management software designed for healthcare practices of all sizes. It helps users manage HIPAA compliance, policies and procedures, HIPAA training, risk assessment and business associate... Read More
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Accountable is a cloud-based compliance and risk management software designed for healthcare practices of all sizes. It helps users manage HIPAA compliance, policies and procedures, HIPAA training, risk assessment and business associate... Read More
 
DoubleCheck logo
 
DoubleCheck is a cloud-based audit and risk management solution designed for large businesses across all industries. It offers tools for audit planning, work-paper and evidence management, report generation and issue resolution. DoubleCheck... Read More
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DoubleCheck is a cloud-based audit and risk management solution designed for large businesses across all industries. It offers tools for audit planning, work-paper and evidence management, report generation and issue resolution. DoubleCheck... Read More
 
SiteDocs logo
 
SiteDocs is a cloud-based audit management solution designed for businesses of any size in the construction and maintenance industries. Key features include digital documentation, compliance management, a dashboard and mobile apps... Read More
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SiteDocs is a cloud-based audit management solution designed for businesses of any size in the construction and maintenance industries. Key features include digital documentation, compliance management, a dashboard and mobile apps... Read More
 
Riskonnect logo
 
Riskonnect is a cloud-based risk management solution that provides an integrated platform for compliance management, business continuity management, enterprise risk management and audit management. Riskonnect’s risk management information... Read More
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Riskonnect is a cloud-based risk management solution that provides an integrated platform for compliance management, business continuity management, enterprise risk management and audit management. Riskonnect’s risk management information... Read More

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Cority logo
 
Cority is a cloud-based occupational health and safety management software solution. The product enables users to standardize processes and workflows, integrate and centralize data, track performance and identify problem areas for... Read More
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Cority is a cloud-based occupational health and safety management software solution. The product enables users to standardize processes and workflows, integrate and centralize data, track performance and identify problem areas for... Read More
 
Optial SmartStart logo
 
Optial SmartStart is a cloud-based governance, risk and compliance (GRC) solution. It serves businesses of all sizes in industries such as banking, insurance, manufacturing and retail. Primary features include compliance management,... Read More
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Optial SmartStart is a cloud-based governance, risk and compliance (GRC) solution. It serves businesses of all sizes in industries such as banking, insurance, manufacturing and retail. Primary features include compliance management,... Read More
 
IntelligenceBank logo
 
IntelligenceBank is a digital asset management (DAM) solution for marketing businesses. The platforms enables users to control, centralize, create and distribute brand assets. More features include custom brand guidelines pages and... Read More
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IntelligenceBank is a digital asset management (DAM) solution for marketing businesses. The platforms enables users to control, centralize, create and distribute brand assets. More features include custom brand guidelines pages and... Read More
 
Enablon logo
 
Enablon is a cloud-based environment, health and safety (EHS) management solution that helps organizations track the use of natural resources.  Enablon allows users to create action plans and ensure proper follow-ups with built-in... Read More
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Enablon is a cloud-based environment, health and safety (EHS) management solution that helps organizations track the use of natural resources.  Enablon allows users to create action plans and ensure proper follow-ups with built-in... Read More
 
Synergi Life logo
 
Synergi Life is a risk and environment, health and safety (EHS) management information system offered by DNV GL. It helps collect, process and analyze data to avoid risk on the work floor. Synergi Life is a cloud-based, modular solution... Read More
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Synergi Life is a risk and environment, health and safety (EHS) management information system offered by DNV GL. It helps collect, process and analyze data to avoid risk on the work floor. Synergi Life is a cloud-based, modular solution... Read More

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JCAD CORE logo
 
JCAD CORE is a cloud-based risk management solution that enables professionals to manage compliance and monitor risk levels. The software provides features such as audit management, risk assessment, dashboards and automated alerts. JCAD... Read More
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JCAD CORE is a cloud-based risk management solution that enables professionals to manage compliance and monitor risk levels. The software provides features such as audit management, risk assessment, dashboards and automated alerts. JCAD... Read More
 
cammsrisk logo
 
cammsrisk is a cloud-based environmental health and safety (EHS) tool that offers pre­configured risk, incident and hazard management templates. It is suitable for small and midsize businesses across all industries and also offers... Read More
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cammsrisk is a cloud-based environmental health and safety (EHS) tool that offers pre­configured risk, incident and hazard management templates. It is suitable for small and midsize businesses across all industries and also offers... Read More

 

Buyer's Guide

by Justin Guinn,
Market Research Associate


Risks exist at all times in any and all businesses—whether or not you know it, you've been dealing with risk since the second you opened up shop. Critical risks that all businesses face include those in finance, legal and regulatory compliance and strategic and operational risks. It's important that all risk be at least noted and on your radar. Ideally though, you'd be able to proactively manage risk and any resulting consequences.

In order to identify, track and overcome potential issues, you need to have a clear snapshot of all the risks you're facing. Risk management software can help organize and track your risks. This enables you to 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.

 

 

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