10 Best Risk Management Software Reviewed For 2024

Alyne is a full-suite GRC platform for governance, risk, compliance, and ESG that was created to give dynamic enterprises of all sizes data-driven insights powered by AI technology.

The platform assists teams in enhancing transparency and compliance effectiveness, intuitively identifying hazards in real time, and working more productively with both internal and external stakeholders. Use automated risk identification and qualification, ready-to-use templates for controls and assessments, and relevant methods for risk quantification to save costs and accelerate time to value. It's tailored for businesses that need a comprehensive approach to risk and compliance. By focusing on the unique challenges of enterprises, Alyne provides tools that directly address and alleviate these concerns.

With Alyne, you can easily track and manage your compliance with various regulations and standards. It's got this great dashboard that gives you a real-time view of your compliance status, making it easy to spot any potential issues and address them before they become a problem. Notable among these are its detailed risk assessments that delve deep into potential pitfalls, as well as its compliance mapping that provides clarity on regulatory landscapes. It also offers actionable reports, which can be a boon for decision-makers.

Alyne's integrations include key enterprise platforms such as SAP, Salesforce, and Oracle, ensuring that data flows are coherent and uninterrupted.

Pricing is available upon request.

Hyperproof is risk management software software that provides organizations with a comprehensive solution for managing their risk and compliance programs. The platform offers a wide range of features that are designed to help organizations identify, assess, and mitigate risks across their operations. One of the key strengths of Hyperproof is its risk management functionality, which enables users to identify and prioritize risks based on their likelihood and potential impact. Hyperproof also allows users to create and manage risk profiles for different parts of the organization, and to track and report on risk mitigation activities.

Hyperproof's risk management functionality is built around a flexible risk assessment framework that allows users to tailor their risk management approach to their specific needs. The platform offers a range of risk assessment templates and frameworks, as well as the ability to create custom assessments. Users can also assign risk owners and set risk tolerance levels, which helps to ensure that risks are properly managed and monitored.

In addition to its risk management functionality, Hyperproof also offers a range of other features that support compliance and risk management. These include compliance monitoring, document management, task management, and reporting and analytics. Overall, Hyperproof provides organizations with a powerful and flexible platform for managing their risk and compliance programs, helping them to stay on top of their obligations and reduce the likelihood of negative outcomes.

Integrations include Slack, Zoom, Microsoft Teams, Jira Software, Asana, AWS, Azure, GitHub, OneDrive, Dropbox, Drive, Google Drive, and other options. You can also sign up with Zapier (may require a separate paid plan) to create your own custom, no-code integrations with other tools not yet available natively with Hyperproof. Or sign up to be a Hyperproof developer to leverage their API and integrate that way. 

Hyperproof offers pricing and a free demo upon request. 

New Relic is a complete performance monitoring and management platform. You can use it to get an all-in-one overview of your applications, infrastructure, and customer experience. The vulnerability management module is well-suited to risk and security management use cases.

The software integrates with over 500 other tools, meaning you can centralize your data in it for effective, comprehensive security management. With this data, you can identify vulnerabilities and bridge the gap between security and development. The platform's AI assistant 'Grok' can read your telemetry and identify outliers for you. You can also ask it questions, and it will find a root cause for an issue and provide you with potential code changes.

New Relic integrates with over 500 apps including AWS, Google Cloud, Microsoft Azure, Jenkins, CircleCI, Travis CI, and Slack. It also has an API you can use to build custom integrations.

New Relic costs from $49/user/month and has a free version available with feature limitations.

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 available upon request.

Corporater is a governance, performance, risk, and compliance (GPRC) software that can facilitate risk management operations for enterprise businesses. The software covers a wide range of uses, and its risk management functionality is robust. It can be used for operational risk management, third-party risk management, IT and web risk management, project and portfolio risk management, and more. This makes it an effective entity-wide risk management solution.

You can use the software to identify and manage risks across your business and assign risk ownership. It can help you conduct risk assessments, audits, and analyses, and implement strategies for risk mitigation. The software also has the capacity to manage various risk classifications, making it a good solution to be used across broad-spanning departments and teams.

To gain a better understanding of your risk management processes, you can generate reports through the software. Its risk dashboards give you an overview of the risks are being identified, risks currently being addressed, and risks that have been resolved. You can also gain a visual overview of potential risks with its opportunity and consequence heat maps.

A free personalized demo is available, and pricing is available upon request.

ManageEngine Log360 is a Security Information and Event Management (SIEM) solution designed to help organizations of various sizes address security threats. The tool provides centralized access to log-in information from multiple platforms, aiding in auditing and compliance. 

Its comprehensive suite of features for security and compliance management plays a crucial role in identifying, assessing, and mitigating risks. By offering advanced threat detection, real-time monitoring, and detailed analytics, it helps organizations manage and reduce security risks across on-premises, cloud, and hybrid environments. Additionally, its compliance management capabilities ensure adherence to industry standards and regulations.

Integrations include Microsoft Active Directory, Office 365, Google Workspace, AWS, Azure, Salesforce, Box, ServiceNow, Jira, Slack, IBM QRadar, Splunk, SolarWinds, Palo Alto Networks, Fortinet, Cisco, and Sophos.

Pricing is available upon request.

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.

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.

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.

RAIDLOG.com is a web-based enterprise risk management software for project managers with best practice fields, graphical RAID views that can be shared with stakeholders, and a detailed change tracking log. Additionally, upper-level paid plans come with more advanced features, like portfolio-level aggregation and reporting of risks, actions, issues, and decisions; a reporting plug-in; customer sentiment analysis; and AI-powered risk and issue response recommendations.

RAIDLOG.com blends easy project management with risk management features. RAIDLOG.com uses custom tags and filters to sort project data by portfolio, department, client, or deliverable. You can add project due dates and budgets and track them accordingly. Once you have a project set up to your specifications, you can navigate to the risks tab. You can manually add risks, selecting from predefined categories or defining your own via a form. 

RAIDLOG.com lets you assign an 'owner' to each risk item to better clarify who is responsible for monitoring it. You can add risk summaries, problem/impact statements, a risk 'state' (where in the lifecycle it might pop up), and custom tags for easy data sorting. Simple point-and-drag sliders let you define risk probability and impact levels on a scale of 1 to 100. Trigger data can be added if a certain action is known to provoke said risk. You can also add details for response strategy and risk management plans in this view. 

RAIDLOG.com integrates with other systems using Zapier, which may require a separate account and paid subscription.

RAIDLOG.com currently has a special product launch price of $57 annually. They have a forever free plan for up to 5 RAID logs at any time. Regular-priced paid plans start at $99/year and come with a 30-day free trial.