Why use risk management software?
“Risk is an undesirable event, a probability function, a variety, an expected loss,” says Paul Slaggert, former Director of Executive Education in the Mendoza College of Business at the University of Notre Dame. In order to manage risk, careful planning and consideration are needed. No company, organization, or individual are beyond the reach of certain risks.
Risk management, according to TechTarget, must include: establishment of context, risk identification, risk analysis, risk assessment and evaluation, risk mitigation, risk monitoring, and communication and consultation. Those are a lot of components to navigate yourself. That’s why many organizations rely on global risk management solutions and enterprise management software to assist them.
But how do you decide what risk management information system will work best for your project? First step is to research what tools are out there and see what risk enterprise management solution has the components you need to meet your internal goals.
This article will help you quickly compare and evaluate the best risk assessment software and other IT risk management. In this post, I’ll share with you the best tools for composite risk management and explore some enterprise risk management frameworks. To help with this, I have highlighted a few of the best global risk management solutions so that you can figure out how to manage risk.
Quickly Compare & Evaluate The 10 Best Risk Management Solutions
Vendor risk management is necessary for earning the trust of your customers and clients. Risk assessments software can highlight potential budget busters, time wasters, and help to plan for unexpected disasters.
The Best Risk Assessment Tools
Here’s a shortlist of the best risk management tools:
- Project Risk Manager
- Acumen Risk
- Pims Risk
Business Risk Analysis FAQ
Here is a brief risk software FAQ before we jump into the breakdown of each tool:
What is risk management?
Risk management is the process of predicting, assessing, logging, and navigating potential and active risks that could affect your product’s financial or physical well being. Risk management assessment surveys everything from monetary risks, legal risks, product safety risks, economic uncertainty, accidents or disasters, and more. Compliant risk management can protect your from being blindsided by an event or disaster.
What are the types of risk management?
The types of risk management techniques are:
- Avoidance – The potential risk is averted by negating the activity or plan that might inflame said risk.
- Mitigation – The risk is accepted as necessary but steps are taken to reduce its impact and cause the least damage.
- Transfer – Working with a third party, usually an insurance company, transfers the weight of the risk away from the business at hand.
- Acceptance – If the expected profit outweighs the expected risk, the level of risk may simply be accepted as a necessary evil.
What is enterprise risk management (ERM)?
ERM stands for enterprise risk management, which is the process by which a company or organization plans, organizes, and executes actions according to what path will be least risky to their capital and earnings.
What is an ERM system?
ERM software is software or a set of tools that can help an organization estimate, plan for, measure, and mitigate risks. ERM systems can help by plotting potential risks, calculating potential costs, keeping a database of risks, and more.
What are the benefits of risk management?
Put simply: risk management protects a company’s bottom line by mediating items that might cause harm to their capital and earnings.
What are some open source ERM software options?
If you are looking for open source ERM software, you can try: SimpleRisk, Eramba, SourceForge, Open Source Risk Engine, Open Risk, and more.
Not looking for corporate risk management? Check out our other lists of top project management software and tools:
- Part of risk management is navigating bugs, so try the Best Bug Tracking Tools to identify and track issues.
- If you are having trouble keeping your resources in order, try the 10 Best Resource Management Software.
- Looking to get organized on a new level? Try our list of the Best Gantt Chart Makers for your projects.
Overviews of the Best Risk Analysis Software
Here’s a brief description of each risk management system that is featured on this top 10 list.
1. Project Risk Manager – Customisable system parameters, unlimited projects and risks, risk occurrence and action alerts, and more.
2. Acumen Risk – A tool that links schedule risk to cost risk, importing schedules and assigning uncertainty, risk logging, and more.
3. Pims Risk – A qualitative tool to help you describe, log, and communicate risks and plan risk responses by developing options and actions.
4. TrackMyRisks – Document expiry reminders, unlimited permissioned users, tagging and notifications, document revision history, and more.
5. Opture – Enterprise risk management system with intuitive software, risk reports, data input quality control, detailed analysis options, and more.
6. IsoMetrix – An enterprise risk management solution that can be easily configured through a simple drag and drop process and other flexibilities.
7. @RISK – Calculates thousands of possible future outcomes, works with Excel and Project models, produces cost estimations, and more.
8. ProcessMAP – A survey-driven methodology of risk assessment, document and preserve plans, automatically follow up on tasks, and more.
9. cammsrisk – An enterprise risk management system with pre-configured risk, incident and hazard management templates and more.
10. Highbond – RiskBond is an integrated risk management software that identifies, assesses, responds to, and monitors your enterprise risks.
Other Risk Assessment System Options
Here’s a few more that didn’t make the top list. If you need additional suggestions for handy corporate risk solutions, check these out.
- Essential ERM – Dynamically rank your risks in an intuitive drag and drop environment.
- LogicGate – Automate GRC processes with our library of customizable process apps.
- Resolver – Data to understand risk, make data-driven decisions and navigate impact.
- Procipient – A user-friendly ERM-GRC solution with pre-built enterprise risk framework.
- Ostendio MyVCM – An integrated risk management platform for small or midsize organizations.
- StandardFusion – Use their integrated threat library to identify applicable risks.
- Onspring Risk Management Software – Evaluate risks in terms of impact, likelihood and velocity, and use this information to prioritize.
- Logic Manager – Generate dashboards for audit, business continuity, compliance, SOX, and more.
- Keylight – Gain insights and context into how risks align with your business objectives.
- Refinitiv Connected Risk – Apply data analytics to assess your risk and controls using a flexible assessment engine.
What Do You Think About These Risk Management Software?
Whether you need suppliers risk management, information risk management, legal risk management, or any number of risk navigation tools out there – there’s something on the market for you.
Have you tried out any risk analysis tools listed above? What do you use for risk control? Have you worked with many risk management companies in the past? We would love to hear your thoughts in the comments below.
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