“A 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 is beyond the reach of certain risks.
Risk management, according to TechTarget, must include the 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? The 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 solutions. 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
Risk management is necessary for earning the trust of your customers and clients. Risk assessment software can highlight potential budget busters, time-wasters, and help to plan for unexpected disasters.
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, planning for, 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 you from being blindsided by an event or disaster.
What are the types of risk management?
Techniques and types of risk management include:
- 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, the weight of the risk is transferred 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.
Risk Management Software Criteria
What are we looking for when we select risk management tools for review? Here’s a summary of my evaluation criteria:
- User Interface (UI): Is it clean and attractive?
- Usability: Is it easy to learn and master? Does the company offer good tech support, user support, tutorials, and training?
- Features & Functionality:
- Compliance Management – Does the software understand and incorporate any legal or procedural standards that your industry is obligated to follow? Risk management software usually offers compliance management features; for specialized compliance tools, have a look at my write-up on the best GRC (governance risk compliance) tools.
- Incident Navigation – Does the tool adequately plan for, track, assess, and report on each incident of risk?
- Prediction/Estimation Capabilities – Does the software have a means to accurately predict and prevent incidents before they occur?
- Reporting and analytics – Are the reporting tools robust, customizable, flexible, and visually appealing? Can they be exported into popular file types for review?
- Integrations: Is it easy to connect with other tools? Any pre-built integrations?
- Value for $: How appropriate is the price for the features, capabilities, and use case? Is pricing clear, transparent, and flexible?
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.
The Fusion Framework System is a cloud-based, operational resilience software that operates on top of the Salesforce platform. The Fusion Framework helps organizations accelerate digital transformation of their risk management and business continuity programs by integrating data, systems, people, processes, services, and more under one platform.
The tool lets you visualize your business, products, and services from a customer perspective, creating a map of day-to-day functions within your business. The dependency visualization functionality allows organizations to recognize impacts and view relationships based on risks, processes, applications, and third-parties.
The Fusion Framework adapts to changing priorities and provides context for how risk intelligence should be applied. Users can organize their process-risk-control framework within Fusion to create a robust process profile that links to risks and controls. You can complete risk assessments, track metrics across the organization, provide step-by-step guidance to manage controls, organize and document control requirements, and resolve issues.
Fusion Framework System’s integrations include Everbridge’s emergency notification system and risk intelligence, Send Word Now, Onsolve, and ServiceNow.
Pricing for Fusion Framework System is available upon request.
- Flexibility of the Salesforce platform to make quick changes
- Intuitive for end-users and administrators
- Integrates easily with different systems
- Lack of transparency on pricing
- Learning curve for customization options
- Not geared towards small businesses
StandardFusion was built to help organizations of all sizes to simplify the complexities of governance, risk, and compliance (GRC). It sets out to eliminate high costs of implementation and operation, to reduce risk and disruption before an incident occurs, and eliminate complexity wherever possible through technology and automation. Their risk management tool is enterprise-capable without the astronomical cost, making risk management and compliance more approachable and accessible for mid-sized businesses. That said, StandardFusion is one of the more versatile RM tools on the market—it’s great whether you’re new to the practice or have an experienced security team, and it can be used by SMB and enterprises.
In terms of compliance features, StandardFusion natively supports most standards straight out of the box including: IPAA, FEDRAMP, NIST, ISO, PCIDSS, SOC 2, GDPR, and CCPA. You can start by using StandardFusion as is, and then you can tailor its parameters to your organization’s needs.
The risk management features help you assess and track individual risks, mitigating actions, and their outcomes which can be quickly summarized using the report generator. Users can assess and estimate the likelihood and impact of a potential risk using one of the many included qualitative and quantitative risk methodologies or, as I mentioned earlier, users can define their own parameters for risk assessments. Additionally, users can drag and drop files to upload, automate recurring processes, perform risk assessments, create reports at the press of a button, track and monitor risks, establish mitigating controls and customize user-level parameters all within one central platform.
Something I love about StandardFusion is their simplistic and powerful interface. Mostly, navigation is straightforward and you can get anywhere you need in just a few clicks. Even users with limited knowledge of the software will get on well, thanks to an intuitive layout.
On top of that, they offer in-depth product training sessions and user guides. Technical support, in-person training, and dedicated success managers are all accessible as well.
A final standout aspect of this tool is the transparent pricing structure, which can be tough to find in an enterprise-grade tool. Pricing terms are laid out upfront with no surprises. And all plans grant users access to the full functionality of the platform, with additional included features and integrations as the plans scale.
StandardFusion has multiple existing integrations including; Jira, Confluence, Slack, OpenID, DUO, and Google Authenticator. They also offer options for single sign-on, integrations with UCF, and access to their API.
StandardFusion pricing starts at $750/two users/month.
Project Risk Manager software makes use of pre-defined impact categories and impacts rank descriptions to help the user select and rank the most appropriate impacts for each risk. Risk status is determined through evaluating the status of each mitigation applied to the risk.
Project Risk Manager excels in ease of use, as onboarding is relatively simple, the product doesn’t use too much RAM, and installation is fast and simple. Thus, they scored well in the Usability section of the evaluation.
At this time, Project Risk Manager is a desktop download application only. This could be considered a downside of the software for those who are used to working with programs in their preferred web browser or via a mobile app.
Users should keep an eye out for Project Risk Manager’s excellent ability to perform deep analysis by building a pyramid of consequential risks.
Project Risk Manager costs from $18.50/month for hosting plus $1.22/user/month and has a freemium version of the software.
Acumen Risk easily links schedule risk to cost risk to determine the impact of schedule delays on project cost estimates. The program’s Risk Advisor recommends uncertainty settings for your project activities to help fast-track risk loading, and helps define risk models’ true inputs.
The user interface for Acumen Risk (as with many Acumen products) is clean, intuitive, and informative. Even from a distance or at a brief glance, the low and high-risk areas are apparent and readable. This scored them highly in the UX consideration of the evaluation criteria.
Something Acumen Risk could improve upon is their library of support materials, which has a dedicated jumplink on their site but (at this time) only leads to three resource items—one guide, one customer story, and one webinar.
Users will enjoy Acumen Risk’s data visualization flexibility and easy access to real-time information.
Acumen Risk offers pricing upon request and has a free trial and demo.
Pims 365 is a fully integrated project management tool driving progress on critical phases in a project. Pims Risk is developed for the construction sector and combines technical and commercial data as a basis for identifying and controlling risks in the project.
Pims Risk has a flexible per-user monthly price that makes it a great choice for budget-conscious teams. Their pricing scheme is transparent without any surprise add-ons, rating them favorably in the Value for Cost segment of the evaluation.
This tool has a big focus on risk assessment but is a bit feature-lite in other areas that usually complement such protocols, like compliance management, incident management, and internal controls management.
Pims Risk costs from $27/user/month and has a free demo.
Store, sort, and manage all your governance, risk, and compliance documents in one place with TrackMyRisks—upload and share PDFs, Office docs, images, and more. Features include automatic version control, in-system notifications, and the ability to automate document expiry reminders.
TrackMyRisks particularly excels in nixing repetitive, mundane tasks and freeing up administrative time, with features like templates for easy workflow, single source documentation, and tracking notes for convenient review.
The UX/UI for TrackMyRisks could use a bit of tweaking, as certain process pathways tend to be cumbersome and difficult to navigate. The user journey has a few speed bumps, which lost them a sliver of value in the UX category of the review criteria.
Risk management experts will especially appreciate TrackMyRisks’ privacy by design and default approach to sharing and permissions on documents and tasks.
TrackMyRisks costs from $37/month and has a free demo.
The Opture GRC software links a professional Enterprise Risk Management (ERM) System with the Internal Control System (ICS) and Compliance. This enables enterprise-wide key risk figures to be calculated for all three topics and for all process and organisational structures.
A few features that Opture GRC does well are their robust, comprehensive, and flexible reporting systems as well as their intuitive and logically structured processes. Additionally, the implementation is easy and seamless.
One downside of the tool is that it is weak in its feature set for alerts/notifications as well as corrective actions (CAPA).
Data-hungry teams will enjoy the comprehensive and flexible reporting system provided by Opture, which is always something I look for in my evaluation criteria.
Opture costs from $1500/user as a one-time payment and has a free demo.
The IsoMetrix enterprise risk management solution creates a central platform for an integrated approach to managing all risks faced by an organization. With a focus on critical control management, every process in the organization is identified and assessed for risks.
A standout feature of IsoMetrix that I want to call attention to is the flexibility of the configuration options. Be sure to work with the IsoMetrix team to tailor the software directly to the risk assessment needs of your particular organization.
IsoMetrix has a steep learning curve so managers should be prepared for a lengthy onboarding process and more than a little troubleshooting at the start. Thus, they lost a few marks in the Usability section of the evaluation criteria.
All in all, I applaud IsoMetrix’s robust approach to easy board reports and annual reports, which is something any risk management team will understand.
IsoMetrix has a free demo and pricing on request.
@RISK (pronounced “at risk”) is an add-on to Microsoft Excel that lets you analyze risk using Monte Carlo simulation. @RISK shows you virtually all possible outcomes for any situation—and tells you how likely they are to occur and how to avoid them.
One of the best parts of @RISK is the software’s sturdy documentation and networking processes. If you already use the Microsoft Office Suite, @RISK is a no-brainer as an add-on, as the learning curve will be low and will complement your existing knowledge.
As an add-on to Microsoft Excel, an obvious con of the software is that you have to be a Microsoft user in order for it to work. If you don’t currently use Excel in your day-to-day, you will have to onboard two new technologies at once.
@RISK costs from $1795/year and has a free 15 day trial.
ProcessMAP helps users implement a common survey-driven methodology of risk assessment for consistency across your organization. Empower your team to collaborate to evaluate identified hazards and their impact to your organization based on user-defined measures.
ProcessMAP has a compilation of Reviqo Apps, which is a comprehensive suite of pre-configured integrations for various EHS and operational processes, from pre-startup safety reviews to ladder inspection checklists. Thus, they reviewed well in the Integrations evaluation.
One critique of the software is that a bit more flexibility by adding more incident categories would be welcomed in future updates. However, there are enough options to get the job done with a few limitations.
ProcessMAP offers pricing upon request and has a free demo.
The Best Risk Management Software For Enterprises And Midsize Businesses Summary Chart
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 a pre-built enterprise risk framework.
- Ostendio MyVCM – An integrated risk management platform for small or midsize organizations.
- 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 around 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 Solutions?
Whether you need supplier 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.