What is Risk Management?
Risk management software automates and centralizes risk analysis, internal data and reports, and assessments for organizations. Businesses run many risks, including:
- IT and security threats
- Mishaps with financial records, such as inaccurate audits
- Sales and deals
- Human mistakes
- Failure to comply with regulations
Risk management tools comprehensively handle all potential dangers and losses, usually combining a suite of applications that handle different aspects of risk. Common modules include vendor management, compliance management, and IT security management.
How Does Risk Management Software Help Enterprises?
Benefits of risk management tools include:
- Tracking and visualizing all risks through a customizable dashboard
- Alerting IT/security teams through email or notifications within the application
- Providing financial and auditing reports and models based on business data and realistic risks
- Helping organizations comply with regulations by tracking all requirements and updating a client when they need to meet a standard or have outstanding tasks.
Not all risk management tools will include the following, but if you’re looking to future-proof your enterprise risk software, you will benefit from these bonus features as well:
The ability to analyze vulnerabilities within company technology, including networks, web servers, software, and mobile devices. Employee compliance training, creating strong passwords, and avoiding suspicious emails can also help prevent vulnerabilities. Companies can lose a lot of money not just because they make bad financial deals, but also because their employees don’t understand the likelihood and severity of cyber attacks.
Strong disaster recovery features, such as backup plans and integration with backup platforms. Enterprises risk losing data regularly, not because they’re careless but because it happens, and good enterprise risk management (ERM) software helps companies assess where they stand to lose information. Regular backups or software integration prepare a business for disaster by adding locations where data is stored.
Assistance with complying with any regulatory standards. Enterprises have to comply with a variety of laws, and ERM software can help by laying out all expectations, tracking how enterprises meet them, and calculating the risks of non-compliance.
Top Risk Management Platforms
The following tools are eight of the most respected, versatile, and well-reviewed platforms in the risk management industry.
Best for businesses that use Salesforce products heavily
Fusion Framework System is a cloud-based risk management platform that offers business continuity and data analytics features. Fusion is highly configurable and natively integrates with CRM giant Salesforce; it’s built on Salesforce Lightning, an application development framework. Fusion integrates with other applications using app connectors like ServiceNow and Everbridge.
Fusion is ideal for large organizations that need business continuity and security management. It reduces manual administrative tasks through automated email reminders and reporting and by bringing all BC and risk management processes into a centralized platform.
- Crisis and incident management
- IT and security risk management, including data security and disaster recovery features
- Third-party vendor management
- Real-time data and metrics and different data views
- Report dashboards and automatically generated reports
- Dependency maps
- Its high flexibility requires dedicated work, which presents challenges to small businesses without IT teams
- It has a steep learning curve and can be difficult to implement
Strong solution for enterprises that need a wide variety of risk management features
LogicGate RiskCloud encompasses ERM, incident management, audit and controls management, and business continuity, offering eleven total risk solutions. LogicGate allows customers to design workflows and customize the software without needing to code or requiring heavy IT intervention.
Through RiskCloud’s compliance management, users can track regulations’ implementation progress, specific requirements, and obligations they must meet. Users receive updates about compliance laws when they change and can take compliance risk assessments.
- Customizable reporting
- Automated task and due date reminders
- Compliance task tracking for more successful and accurate audits
- Incident management
- Policy management
- Governance, risk, and compliance (GRC) features
- Easy-to-use UI and good user experience
- Many options for customizing software are difficult for inexperienced users and take considerable time
- Search function within tool is limited
For enterprises that need ongoing analysis and advice as they use a risk management tool
LogicManager is a cloud-based enterprise risk assessment and GRC software that manages a variety of client risks, such as incident and event management and business continuity. LogicManager also offers HR environment, health, and safety management and financial features, such as internal audit and fraud and financial controls management.
Where LogicManager shines is its dedication to continuous customer service after software implementation: clients receive a dedicated advisor for their business. This analyst helps businesses maximize the risk management platform long after their start date.
- Risk assessments and analysis
- Customizable reporting
- Incident management and issue escalation
- New Horizon interface, an update from flash that customers have enjoyed using
- Customizable dashboards
- Alerts and email notifications
- Report creation features are lacking and not user-friendly
- The UI is outdated and needs improvement
Good choice for organizations that want ongoing support after deploying a risk management solution
MetricStream offers integrated risk management and enterprise GRC solutions that overlap significantly in capabilities. Users can view assessment due dates and statuses as well as analytics-based reporting. MetricStream also allows users to set tasks for themselves.
MetricStream customers can categorize key risks, organizing them by department or business sector or function (such as operational, strategic, human resource, or financial). Customers also benefit from onsite implementation and ongoing support post-implementation.
- Monitoring and onboarding for third-party vendor assessments
- Performing compliance assessments and tracking compliance violations
- Audit management and streamlining
- Cybersecurity risk management
- Senior executive and board reporting features
- Difficult-to-manage workflows
- Lacking user interface
For technologically inexperienced businesses that don’t want to do any development
Risk management vendor Onspring provides true partnership and a highly customizable and configurable solution to its clients. Onspring offers compliance management and risk evaluation for nine different regulatory standards. Multiple Onspring users have cited the company’s willingness to help them improve their solutions or respond quickly to service requests.
Onspring customers receive a dedicated “Implementer,” who helps them deploy the software and begin running it successfully. Onspring’s platform is no-code, allowing non-developers and ordinary users to customize the software.
- Highly customizable and flexible platform
- Software-specific applications that users can update and customize to fit their security and compliance needs
- Audit automation and tracking
- Risk dashboards and heat maps for analytics
- Reports that are integrated with other parts of the business
- Highly responsive and supportive team
- Software is updated quarterly, which could mean new features are slow to roll out
- Dashboard columns don’t have flexible sizing, potentially obscuring data
Best for businesses searching for a security-centered risk management solution
Resolver is a cloud-based risk management solution for enterprises, particularly focused on security risks. Resolver is a solution for organizations that have the administrative resources to capitalize on its highly configurable interface and platform.
Resolver helps enterprises prepare for regulatory standards’ audit processes and certifications. It also focuses on third-party vendor management: third parties are a major security risk, since they pose risks like data breaches and compliance failures. Resolver provides customers with vendor assessments, based on data on the company.
- Incident analysis, management, and progress tracking
- Security analysis and risk assessments
- Customizable user interface
- Third-party vendor management
- Automated task management
- Fantastic staff support
- Connection issues with Officer Mobile, Resolver’s mobile app for officers and dispatchers
- Complexity of using the software
Good choice for large enterprises that want data analytics features
Data analytics giant SAS offers a portfolio of risk management solutions, including credit risk management and regulatory risk management. SAS is the go-to risk management tool for large organizations in the financial services or insurance industries. It helps enterprises with capital planning and banking data models. Its audit management uses transparent processing, so that everyone can view accurate audit data.
SAS Risk Management can also integrate with other SAS applications, such as Data Management and SAS Visual Analytics.
- Banking-specific data model that’s customizable depending on industry or enterprise-specific requirements and regulations
- Credit scoring and credit risk assessment integration
- Credit risk model building
- Data analytics features
- Assistance meeting the Pillar requirements for banks
- Regulatory report creation
SAS is expensive and not ideal for small businesses.
Ideal for organizations focused on compliance
StandardFusion is a governance, risk, and compliance-focused solution for information security teams. StandardFusion supports multiple international compliance standards, including HIPAA, GDPR, and PCI DSS. It creates a connected map between an organization’s regulatory requirements and risks.
StandardFusion offers third-party vendor assessments that test how vendors handle data management, an important security consideration. Software users can create IT security questionnaires that their vendors must fill out.
- Audit data like status, owner, and workflow state
- Vendor management features like questionnaires and reviews
- Compliance support for many regulations and standards
- Integrations with applications like Slack and JIRA
- Onboarding and implementing assistance from the support team
- Regular platform updates
StandardFusion is still in development, so it lacks some features or specifications that would make it a fully well-rounded GRC platform.