Find the best Risk Management Software

Overview
ON THIS PAGE

Compare Products

Showing 1 - 20 of 837 products

GOAT Risk

GOAT Risk™. The pain free way to manage risk - so you can get on with managing your business. GOAT Risk is an easy to use, flexible, low cost Enterprise Risk Management software solution packed with all the tools you need to mana...Read more about GOAT Risk

RiskSeal

RiskSeal provides a SaaS API solution designed for online lenders and assists with user scoring and decision-making. Using a customer's email, phone number, and IP address data, RiskSeal analyzes digital footprint and delivers a d...Read more about RiskSeal

5.0 (1 reviews)

ManageEngine Log360

Log360 is a SIEM or security analytics solution that helps you combat threats on premises, in the cloud, or in a hybrid environment. It also helps organizations adhere to compliance mandates such as PCI DSS, HIPAA, GDPR and more. ...Read more about ManageEngine Log360

eTHIC

eTHIC is a software that helps businesses manage their ethics and compliance. It provides an easy-to-use platform for managing all of your company's compliance requirements, including government regulations, industry standards, an...Read more about eTHIC

4.5 (4 reviews)

Fraud.net

Fraud.net is a cloud-based risk management platform that offers a suite of fraud prevention tools. This solution uses AI/machine learning, real-time analytics, data mining, identity proofing, rules management, and other technology...Read more about Fraud.net

Ventiv IRM

Ventiv IRM is an Integrated risk management software platform that can provide the insights you need to monitor and lower your Total Cost of Risk (TCoR). Make informed decisions with real-time analytics by integrating multiple dat...Read more about Ventiv IRM

4.0 (5 reviews)

Safetica

Safetica provides DLP solutions to secure sensitive data and be compliant with regulations. Customers can choose from on-prem (Safetica ONE) and cloud-native (Safetica NXT) solutions. Safetica NXT (cloud-native) Safetica NXT is a...Read more about Safetica

KYC Portal

KYC PORTAL is a fully configurable Client Lifecycle Management solution that provides a single, centralized, secure repository with fully customizable parameters, fields, rules, and user rights. The platform ensures that all data ...Read more about KYC Portal

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

3E Protect

3E Protect is a health and safety management solution that helps businesses across healthcare, pharmaceutical, petrochemical and other industries manage associated safety data sheets (SDS) to reduce incidents across departments. T...Read more about 3E Protect

No reviews yet

SpiraPlan

SpiraPlan provides a complete Enterprise Program & Portfolio Management System in one package, that can manage your project's requirements, releases, risks, resources, documents, baselines, tasks, and defects/issues in one environ...Read more about SpiraPlan

Hyperproof

Hyperproof is an on-premise and cloud-based compliance management solution that helps businesses conduct audits, assess risks and handle compliance programs. It comes with an administrative dashboard, which enables professionals t...Read more about Hyperproof

Benchmark Gensuite EHS

Benchmark Gensuite's platform of digital solutions helps your company strengthen the foundation of its EHS, Sustainability & ESG program minimizing risk, enhancing safety programs, improving compliance and performance, and deliver...Read more about Benchmark Gensuite EHS

Naq Cyber

Naq Cyber is an automated healthcare compliance platform enabling healthcare innovators to bring solutions to the market by automating compliance with the frameworks required to grow. Naq's automated platform streamlines complia...Read more about Naq Cyber

5.0 (3 reviews)

AdminDroid Office 365 Reporter

AdminDroid is a full-fledged reporting tool that reports on all major Microsoft 365 services such as Exchange Online, SharePoint Online, OneDrive, Teams, PowerBI (Audit), and more. The product provides 1800+ reports with AI-powere...Read more about AdminDroid Office 365 Reporter

No reviews yet

IntelligenceBank GRC

IntelligenceBank is a cloud-based Digital Asset Management (DAM) solution that helps businesses to streamline marketing processes. The solution gives users a way to control, centralize, create and distribute brand assets in the cl...Read more about IntelligenceBank GRC

5.0 (1 reviews)

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

Learn More

Cority

Cority offers a cloud-based, enterprise quality management and compliance software solution for midsize to large global manufacturers. It is suitable for manufacturers that operate in industries such as automotive, aerospace and d...Read more about Cority

Learn More

Enablon Risk Management

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 bui...Read more about Enablon Risk Management

4.0 (1 reviews)

ERA EH&S Software

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...Read more about ERA EH&S Software

Buyers Guide

Last Updated: March 16, 2023

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.