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Ventiv IRM
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
ManageEngine DataSecurity Plus
ManageEngine DataSecurity Plus
ManageEngine DataSecurity Plus is a comprehensive software that enables businesses to manage data visibility and security. With this powerful tool, you can effortlessly audit and monitor file server activities, receiving real-time...Read more about ManageEngine DataSecurity Plus
LogicGate Risk Cloud
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
Onspring
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
Optial SmartStart
Optial SmartStart
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 managemen...Read more about Optial SmartStart
Accountable
Accountable
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 ass...Read more about Accountable
Camms.Risk
Camms.Risk
Camms.Risk is a best-practice, cloud-based risk management solution. The solution provides a comprehensive integrated approach to governance, risk and compliance and encompasses risk management, compliance management, incident rep...Read more about Camms.Risk
Resolver
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
Cority
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
Enablon Risk Management
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
ZenGRC
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 about ZenGRC
AuditBoard
AuditBoard
AuditBoard is the leading cloud-based platform transforming audit, risk, and compliance management. More than 40% of the Fortune 500 leverage AuditBoard to move their businesses forward with greater clarity and agility. AuditBoa...Read more about AuditBoard
VendorInsight
VendorInsight
EnterpriseInsight is a SaaS platform that helps users manage business risk. With configurable pre-built risk frameworks, it overcomes the complexities of implementing and updating other ERM-GRC platforms. The interface is equipped...Read more about VendorInsight
Essential ERM
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 about Essential ERM
StandardFusion
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
Risk Warden
Risk Warden
Risk Warden is a cloud-native platform that helps you manage all your risk and compliance effectively and efficiently under a single platform. It allows you to visualise and control your compliance and risk across your...Read more about Risk Warden
IsoMetrix
IsoMetrix
IsoMetrix is a leading integrated risk and compliance management software developer that provides cutting-edge solutions for environmental, social, and governance (ESG), as well as environment, health, and safety (EHS) management....Read more about IsoMetrix
A1 Tracker
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
LogicManager
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 about LogicManager
NAVEX IRM (formerly Lockpath)
NAVEX IRM (formerly Lockpath)
Recognized as a Leader in the Gartner® Magic Quadrant for both IT Risk Management and IT Vendor Risk Management, NAVEX IRM brings visibility to risks frequently managed in disparate sources. It aggregates internal data points from...Read more about NAVEX IRM (formerly Lockpath)
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Buyers Guide
Last Updated: March 16, 2023Efforts 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.