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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. 1. Alyne — Best for enterprise risk and compliance management capabilities
  2. 2. Fusion Framework System — Best risk management software for dependency visualization
  3. 3. Hyperproof — Best for planning & performing risk audits
  4. 4. StandardFusion — Best risk management software for mid-market
  5. 5. Corporater — Best integrated risk management software for enterprises
  6. 6. New Relic — Best within an all-in-one observability platform
  7. 7. ProcessMAP — Best risk management software for integration options
  8. 8. TrackMyRisks — Best for automation capabilities
  9. 9. RAIDLOG.com — Best for building out custom risk categories & stragies
  10. 10. @RISK — Best for Microsoft Office users

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.

What Is Risk Management Software?

Risk management software is a type of technology that helps organizations identify, assess, mitigate, and monitor various types of risks that could potentially affect their business operations. It provides a systematic approach to managing risks by streamlining processes, centralizing information, and facilitating collaboration among stakeholders.

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

Alyne

Best for enterprise risk and compliance management capabilities

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.



Pricing available upon request

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.

This is an aggregated rating for this tool including ratings from Crozdesk users and ratings from other sites.
4.5 32

Free demo available

Pricing upon request

3

Hyperproof

Best for planning & performing risk audits

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. 

This is an aggregated rating for this tool including ratings from Crozdesk users and ratings from other sites.
4.6 76

Free demo

Pricing upon request

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.

This is an aggregated rating for this tool including ratings from Crozdesk users and ratings from other sites.
4.8 18

14-day free trial

From $1500/month

5

Corporater

Best integrated risk management software for enterprises

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.

Free demo available

Pricing upon request

6

New Relic

Best within an all-in-one observability platform

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.

This is an aggregated rating for this tool including ratings from Crozdesk users and ratings from other sites.
4.3 415

Free version available

From $49/user/month

7

ProcessMAP

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.

This is an aggregated rating for this tool including ratings from Crozdesk users and ratings from other sites.
4.1 26

Free demo

Pricing upon request

8

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.

This is an aggregated rating for this tool including ratings from Crozdesk users and ratings from other sites.
4 2

Free demo

From $37/month

9

RAIDLOG.com

Best for building out custom risk categories & stragies

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.

This is an aggregated rating for this tool including ratings from Crozdesk users and ratings from other sites.
3.5 2

30-day free trial

$99/year (special: $57/year)

10

@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

Need expert help selecting the right Risk Management Software?

We’ve joined up with Crozdesk.com to give all our readers (yes, you!) access to Crozdesk’s software advisors. Just use the form below to share your needs, and they will contact you at no cost or commitment. You will then be matched and connected to a shortlist of vendors that best fit your company, and you can access exclusive software discounts!

Best Risk Management Software Comparison Chart

Here is a table where you can compare all the tools we just covered in the overviews.

Tool Free Option Price
1
Alyne

Best for enterprise risk and compliance management capabilities

Not available

Pricing available upon request Visit Website
2
Fusion Framework System

Best risk management software for dependency visualization

Free demo available

Pricing upon request Visit Website
3
Hyperproof

Best for planning & performing risk audits

Free demo

Pricing upon request Visit Website
4
StandardFusion

Best risk management software for mid-market

14-day free trial

From $1500/month Visit Website
5
Corporater

Best integrated risk management software for enterprises

Free demo available

Pricing upon request Visit Website
6
New Relic

Best within an all-in-one observability platform

Free version available

From $49/user/month Visit Website
7
ProcessMAP

Best risk management software for integration options

Free demo

Pricing upon request Visit Website
8
TrackMyRisks

Best for automation capabilities

Free demo

From $37/month Visit Website
9
RAIDLOG.com

Best for building out custom risk categories & stragies

30-day free trial

$99/year (special: $57/year) Visit Website
10
@RISK

Best for Microsoft Office users

15 days free trial

From $1795/year Visit Website

Other Risk Assessment Software Options

Here are a few more tools that did not make the top list but are worth your consideration.

  1. IsoMetrix

    Best for drag and drop capabilities

  2. Acumen Risk

    Best for user experience and usability

  3. Pims Risk

    Best for planning risk responses

  4. Opture

    Best risk reporting features

  5. 6clicks

    Best AI-powered RMS

  6. Project Risk Manager

    Best for customizable system parameters

  7. cammsrisk

    Best for risk management template library

  8. ClickUp

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

  9. Wrike

    Best for team collaboration

  10. Resolver

    Data to understand risk, make data-driven decisions, and navigate impact.

  11. LogicGate

    Automate GRC processes with our library of customizable process apps.

  12. Procipient

    A user-friendly ERM-GRC solution with a pre-built enterprise risk framework.

How I Picked The Best Risk Management Software

What are we looking for when we select risk management tools for review? Here’s a summary of my evaluation criteria:

User Interface (UI)

The user interface needs to be user-friendly, clean and attractive. The tool will be used to make important risk assessments that impact the project and the last thing you need is a bad UI that makes it difficult to see things.

Usability

The tool needs to be intuitive to use. Therefore, I look at how the tool supports you in mastering it through tutorials, training videos, customer support, checklists, and guides.

Integrations

I look at all the ways in which the software can connect to other cloud-based tools. Therefore, I look for any pre-built integrations, custom integration options through APIs, and third-party connectors like Zapier.

Pricing

Pricing is always a factor to consider when selecting a tool. Especially when you look at enterprise options. Therefore, I look at pricing per month on monthly plans. Additionally, I give you information on free versions, free trials you can access and any other relevant information.

Risk Assessment Software FAQ

Find answers to common questions other people ask about this topic.

risk management software logos list

What's Next?

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.

Related tool lists:

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 20 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. Ben's a Certified Scrum Master, PRINCE2 Practitioner and productivity nut.

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