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10 Best Risk Management Software For Enterprises & Midsize Orgs

The Best Risk Management Tools

Here’s a shortlist of the best risk management tools:

  1. Wrike

    Best for team collaboration

  2. Fusion Framework System

    Best risk management software for dependency visualization

  3. ClickUp

    Hyper-customizable spaces with color coding that will make you identify risks at a glance.

  4. StandardFusion

    Best risk management software for mid-market

  5. TrackMyRisks

    Best for automation capabilities

  6. Acumen Risk

    Best for user experience and usability

  7. Project Risk Manager

    Best for customizable system parameters

  8. @RISK

    Best for Microsoft Office users

  9. cammsrisk

    Best for risk management template library

  10. IsoMetrix

    Best for drag and drop capabilities

Below you’ll find an overview of each of the 10 best risk management software, with screenshots, feature overviews, and pricing.

“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.

Related Read: How Much Does Enterprise Project Management Software Cost?

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:

  1. User Interface (UI): Is it clean and attractive?
  2. Usability: Is it easy to learn and master? Does the company offer good tech support, user support, tutorials, and training? 
  3. Integrations: Is it easy to connect with other tools? Any pre-built integrations?
  4. Value for $: How appropriate is the price for the features, capabilities, and use case? Is pricing clear, transparent, and flexible?

Risk Management Key Features

Here are a few things you must have in any good risk management solution.

  • 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 regulatory 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, as well as provide insights that can aid in decision-making related to each risk?
  • Reporting and analytics – Are the reporting tools robust, customizable, flexible, and visually appealing? Can you build dashboards and heat maps to assess risk? Can they be exported into popular spreadsheet or other file types for review by any stakeholders involved?
risk management software logos list

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Overviews of the Best Risk Management Software

Here’s a brief description of each of the best risk management systems that are featured on this top 10 list.

1

Wrike

Best for team collaboration

Wrike is an award-winning risk management software trusted by over 20,000 companies in 140 countries worldwide and suitable for any size team. Wrike enables managers and teams to easily visualize project risk in a number of ways, from custom reports to sophisticated marketing analytics. Estimate, predict, and mitigate project risk with a range of pre-made templates that can help streamline the process and protect your bottom line.

Wrike’s custom reports and analytics will allow you to easily forecast potential risk so your team can adjust course and plan accordingly. Wrike’s dashboards are highly visual, offering instantly digestible information to inform risk management solutions. Minimize revenue loss, adjust your portfolio quickly, and use the latest machine learning technology to get detailed alerts and insights so you can react quickly.

With a simple user interface, Wrike helps managers envision upcoming projects, easily see what risks need mitigation, and manage resources to account for shortfalls. The most customizable and configurable risk management software on the market, Wrike enables cross-departmental collaboration in real-time, helping teams communicate potential risks and work together to solve them. While Wrike is very user-friendly, you can also avail of the dedicated help center with interactive training, videos, a ‘getting started’ guide, and a thriving community.

With Wrike’s powerful combination of 400+ integrations, you’ll be able to access even more information to inform your risk management solutions. Users can communicate and collaborate to solve problems as they arise with integrations to Microsoft, Dropbox, Slack, and more.

Start free with Wrike, no matter how big your team is. Or, try a free 14-day trial of Wrike’s more advanced features and customization. Paid plans start at $9.80/user/month.

14-day free trial

From $9.80/user/month

2

Fusion Framework System

Best risk management software for dependency visualization

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.

Custom Pricing

3

ClickUp

Hyper-customizable spaces with color coding that will make you identify risks at a glance.

ClickUp is a project management tool that has time tracking, resource management, task management, and reporting features, among others. So, why are we adding it to the risk management category? Because of its high level of customization and powerful dashboards.

Any risks your project faces or could face can be recorded in a list view. This list can live inside your project space or folder and be constantly updated so you know of any threats to your project goals. The secret? Color-coding.

Use drop-down and priority fields to build a colorful way to quickly identify risk and reduce project delays and other mishaps.

ClickUp offers native integrations with Slack, G Suite, Dropbox, and many more tools, as well as over 1,000+ integrations through Zapier.

ClickUp is free with limited storage for an unlimited number of users. Paid plans start at $5/user/month and offer a free trial.

Free plan available

$9/user/month

4

StandardFusion

Best risk management software for mid-market

StandardFusion is an end-to-end Risk Management platform built to deliver the visibility, centralization, and collaboration that organizations need to mitigate information security risk and enable information security teams to drive revenue growth.

The platform is made up of six core solutions (Risk, Compliance, Audit, Vendor, Policy, and Incident), each built to be highly configurable with centralized data so that users have visibility across all their risk and compliance programs at any stage, and at any moment, produce an evidencable report to satisfy audits and stakeholders.

The old stigma of Risk Management, Compliance, and Information Security teams hindering growth, slowing productivity, impeding creativity, and generally getting in the way of everyone doing their job is gone. StandardFusion is empowering Information Security teams more than ever to proactively manage risk, grow revenue, speed up productivity, and gain new business.

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 start at $1250 for 3 users/month.

14-day free trial

Flexible pricing tiers starting at $1500/month

5

TrackMyRisks

Best for automation capabilities

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.

Free demo

From $37/month

6

Acumen Risk

Best for user experience and usability

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.

Free trial and demo

Pricing upon request

7

Project Risk Manager

Best for customizable system parameters

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.

From $18.50/month

8

@RISK

Best for Microsoft Office users

@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.

15 days free trial

From $1795/year

9

cammsrisk

Best for risk management template library

Cammsrisk gives you the tools to align risk seamlessly with your organization’s corporate plan. Cammsrisk will allow you to report actual incidents and near misses as they happen, conduct investigations, determine their impact and monitor them until the case is closed.

The best part about Cammsrisk is how user-friendly it is, allowing new users to intuitively navigate the interface, create/add new users, upload company data, and add more tasks with minimal help or training. The software reviewed well in Usability for this reason.

A few critiques to note are that A) the reporting and analytics graphics are lacking, most would definitely need a touch up before presenting them to stakeholders or upper management, and B) a few too many pop-up notifications, like every time you save/update a risk entry.

Cammsrisk offers pricing upon request and has a free demo.

Free demo

Pricing upon request

10

IsoMetrix

Best for drag and drop capabilities

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.

Free demo

From $34000 as a one-time payment

Need expert help selecting the right Risk Management Software?

We’ve joined up with the software comparison platform Crozdesk.com to assist you in finding the right software. Crozdesk’s Risk Management Software advisors can create a personalized shortlist of software solutions with unbiased recommendations to help you identify the solutions that best suit your business's needs. Through our partnership you get free access to their bespoke software selection advice, removing both time and hassle from the research process.

It only takes a minute to submit your requirements and they will give you a quick call at no cost or commitment. Based on your needs you’ll receive customized software shortlists listing the best-fitting solutions from their team of software advisors (via phone or email). They can even connect you with your selected vendor choices along with community negotiated discounts. To get started, please complete the form below:

Best Risk Management Software Comparison Chart

Tool Free Option Price
1
Wrike

Best for team collaboration

14-day free trial

From $9.80/user/month Visit Website
2
Fusion Framework System

Best risk management software for dependency visualization

Not available

Custom Pricing Visit Website
3
ClickUp

Hyper-customizable spaces with color coding that will make you identify risks at a glance.

Free plan available

$9/user/month Visit Website
4
StandardFusion

Best risk management software for mid-market

14-day free trial

Flexible pricing tiers starting at $1500/month Visit Website
5
TrackMyRisks

Best for automation capabilities

Free demo

From $37/month Visit Website
6
Acumen Risk

Best for user experience and usability

Free trial and demo

Pricing upon request Visit Website
7
Project Risk Manager

Best for customizable system parameters

Not available

From $18.50/month Visit Website
8
@RISK

Best for Microsoft Office users

15 days free trial

From $1795/year Visit Website
9
cammsrisk

Best for risk management template library

Free demo

Pricing upon request Visit Website
10
IsoMetrix

Best for drag and drop capabilities

Free demo

From $34000 as a one-time payment Visit Website

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.

  1. Essential ERM – Dynamically rank your risks in an intuitive drag and drop environment.
  2. LogicGate – Automate GRC processes with our library of customizable process apps.
  3. Resolver – Data to understand risk, make data-driven decisions, and navigate impact.
  4. Procipient – A user-friendly ERM-GRC solution with a pre-built enterprise risk framework.
  5. Ostendio MyVCM – An integrated risk management platform for small or midsize organizations.
  6. Onspring Risk Management Software – Evaluate risks in terms of impact, likelihood, and velocity, and use this information to prioritize.
  7. Logic Manager – Generate dashboards for audit, business continuity, compliance, SOX, and more.
  8. Keylight – Gain insights and context around how risks align with your business objectives.
  9. Refinitiv Connected Risk – Apply data analytics to assess your risk and controls using a flexible assessment engine.

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 financial risks, legal risks, operational risks, security risks (including cybersecurity), 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 or vulnerability 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 at the enterprise-level. ERM systems can help by plotting potential risks, calculating potential costs, keeping a database of risks, and more. These systems might be delivered as a SaaS or through an on-premise solution.

Who Uses ERM Systems?

ERM systems can be used by any type of enterprise that encounters risks that require mitigation on a regular basis. Organizations in industries with strict regulations, such as healthcare or financial services, also benefit from ERM software.

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:

  1. Part of risk management is navigating bugs, so try the Best Bug Tracking Tools to identify and track issues.
  2. If you are having trouble keeping your resources in order, try the 10 Best Resource Management Software.
  3. Looking to get organized on a new level? Try our list of the Best Gantt Chart Makers for your projects.

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.

By Ben Aston

I’m Ben Aston, a digital project manager and founder of thedpm.com. I've been in the industry for more than 15 years working in the UK at London’s top digital agencies including Dare, Wunderman, Lowe and DDB. I’ve delivered everything from film to CMS', games to advertising and eCRM to eCommerce sites. I’ve been fortunate enough to work across a wide range of great clients; automotive brands including Land Rover, Volkswagen and Honda; Utility brands including BT, British Gas and Exxon, FMCG brands such as Unilever, and consumer electronics brands including Sony.

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