The Best Risk Management Tools
Here’s a shortlist of the best risk management tools:
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:
- 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?
- 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?
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?
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.
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.
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.
Best risk management software for integration options
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.
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.
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.
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.
Best for planning risk responses
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.
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.
Best AI-powered RMS
6clicks was founded in 2019 and has offices in the United States, United Kingdom, India, and Australia. It was built for businesses of all shapes and sizes and is also used by advisors with a world-class partner program and white label capability available.
6clicks is an easy way to implement your risk and compliance program or achieve compliance with ISO 27001, SOC 2, PCI-DSS, HIPAA, NIST, FedRamp, and many other standards.
Hundreds of businesses trust 6clicks to set up and automate their risk and compliance programs and streamline audit, vendor risk assessment, incident and risk management and policy implementation. You can easily import standards, laws, regulations, or templates from their massive content library and use AI-powered features to automate manual tasks.
That offer tools for asset management, a content library, audits & assessments, incident playbooks, obligation management, compliance registers, risk management, compliance mapping, policies & control sets, task & project management, reporting & analytics, and workflow automation.
6clicks integrates with over 3,000 third-party apps to connect your whole tech stack; these include but are not limited to Thinkific, Google Analytics, Intercom, Intruder, Panurgy, Mailparser, Jira Service Desk, OpsGenie, Todoist, ServiceNow, Zendesk, Freshservice, Twilio, monday.com, Oracle, GitHub, HelloSign, Power BI, and Slack.
6clicks costs from $4800/year with a $450 onboarding fee and offers a 14-day free trial.
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.
Need expert help selecting the right Risk Management Software?
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Best Risk Management Software Comparison Chart
Freemium version available
|From $9.80/user/month||Visit Website|
14-day free trial
|Flexible pricing tiers starting at $1500/month||Visit Website|
|Pricing upon request||Visit Website|
|From $37/month||Visit Website|
|From $18.50/month||Visit Website|
Free trial and demo
|Pricing upon request||Visit Website|
|From $27/user/month||Visit Website|
15 days free trial
|From $1795/year||Visit Website|
14 days free trial
|From $4800/year||Visit Website|
|Pricing upon request||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.
- 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 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:
- 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.
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.