Risks are an inescapable part of doing business, and the stakeholders should always keep the risks involved in their work at the forefront of their minds. Businesses have to handle many types of risks that could potentially damage profits and the business's reputation.
Financial risk management, legal liabilities, governance, and regulatory compliance management, and strategic and operational risks can all affect a company's profits and reputation — if not managed effectively.
This is why the majority of the organizations these days are leaning towards digital solutions to identify, reduce the impact of, and effectively manage risks.
With the help of proper risk management software in place, you will be able to manage your risks in a way that's both cost-effective and efficient- better than a static risk management software approach.
Businesses leverage this software to track company-wide risks, adhere to compliance management requirements, manage operational risks, and more.
Many software tools are available in the market that can help you improve your risk management. However, choosing the right one for your business is not low-hanging fruit.
This article will provide you with a list of the best risk management software, as well as an overview, benefits, pricing details, and my take on each solution.
What is the Best Risk Management Software?
1. nTask
Manage everyday risks in real-time with nTask. The ideal solution for investing in risk management software for small businesses, nTask enables you to collaborate, plan, analyze and manage tasks in your day-to-day work.
Users can assign tasks, create progress reports, create repeating tasks, share files, attach files to tasks, and create checklists with nTask. Users can use Gantt Charts to keep track of project schedules.
Additionally, nTask integrates with Google Calendar and Outlook, providing meeting and calendar management functionality.
Highlights
- Set up unlimited Kanban boards with nTask and make sure everyone is aware of the workflow. The Kanban boards empower users to increase team efficiency, focus & maintain the project's transparency. Use the built-in Kanban board templates to speed up the process.
- A self-generating risk assessment graph and risk matrix by the software makes risk analysis seamless. You can see which risks are the most common. Combine this information with the probability of each risk occurring, so you can prioritize your plan of attack on what needs addressing first.
- The NTask Gantt Chart tool lets you see your projects in a new light. The easy-to-use Gantt chart tool streamlines project creation and visualization so that you can perform progress tracking of the project in a simplified form.
- nTask offers several ways to manage timesheets, from an automated timesheet for employees to manual timesheet management for project managers. In addition, the nTask automatic web timer saves time by allowing all team members to work from one unified platform.
- With the NTask meeting management feature, you can schedule a meeting from the convenience of a web browser. Then, link the meeting to a task, set a plan, communicate decisions about the time and location of a meeting, and also ensure that recurring meetings occur as expected right within the software.
Pricing
- nTask offers the following pricing plans:
- Basic: $0 per user per month best for individual users
- Premium: $3 per user per month, suitable for small and medium-sized businesses
- Business: $8 per user per month, aimed at large-scale organizations.
- Enterprise software plan: Reach out to customer support for enterprise plans.
My Take
Compared to other software or web applications, nTask has a lower price and is one of the best risk management software for small businesses. So if you are starting and want to set up risk management software on a limited budget, nTask is the way to go.
Moreover, it is an all-in-one project management tool, so you'll be getting a comprehensive range of features for seamless team collaboration.
The company offers a free 14-days trial version on premium and business plans to get started.
2. Resolver
Resolver is an innovative risk management software that can optimize risk management efforts at any size business across countless industries. Rather than a black hole of disorganized information that's impossible to sift through, Resolver's risk management software simplifies the entire process.
For example, this allows you to immediately see whether your risk register has gaps and quantify the impact of your risk mitigation plans. In addition, the cloud-based saas solution software lets you manage risks holistically, with the flexibility to connect risks to incidents and quantify the impact.
Highlights
- Effective risk management software that connects all critical business processes to assist the risk team in defending the organization but gathering and evaluating that data can be complex if a company has numerous owners in different locations.
- It gives active risk managers a single platform to view all of their risks. First, make data-driven recommendations that will have a positive influence on the bottom line. Then, concentrate your efforts on the risks and controls that have the most significant impact on the company.
- Good data and a flexible risk reporting engine are required for high-quality risk reports. With an easy-to-use end-user interface, you can increase adoption across the enterprise.
- To develop the reports needed to make the appropriate information available to the right people at the right time, you'll need a complete picture of all your data in one location. Then, with complete insight into your organization, you can better understand your risk and make data-driven decisions.
- When an evaluation is due or pending, automate workflows to notify risk owners. Improve internal processes by disseminating best practices.
Pricing
Resolver has yet to release pricing information. To obtain a demo and a detailed quote, you'll need to contact the Resolver team.
My Take
Resolver's software is trusted by over 1000 of the world's leading corporations. Risk Management Software from Resolver connects risks to incidents, allowing for risk assessment of what might happen to be linked to what happened.
Tasks should be made more accessible. Data collection and risk reporting can be automated. Financial institutions, healthcare, academic institutions, utilities, manufacturers, hospitality, high tech, retail, and other industries and business needs use Resolver.
3. 6clicks
6clicks offers a comprehensive risk and compliance operating system that transforms the way businesses manage their security, privacy, manage risk, and compliance capabilities.
A curated or customized material library, an award-winning mobile app, and an AI engine with a pioneering risk intelligence social network are all part of the solution. In addition, 6clicks provides a low-cost Risk and Compliance Operating System that is simple to use for direct customers and partners.
Highlights
- Access to world-class risk libraries, allowing you to incorporate legally specified hazards into your risk register.
- Within the 6clicks interface, you may customize every step of the risk identification, risk assessment, and management process.
- Allow 6clicks to handle the heavy lifting on your conventional risks, freeing your resources for more critical business risk assessment process.
- Feel secure in your company's ability to handle any crisis that may emerge.
- Consultants, advisors, systems integrators, and managed service providers can join a partner program to assist them in developing their products and gain experience in 6clicks.
- It contains a vast integrated resource library that allows you to access our comprehensive and best-practice digital assistance from various recognized authorities and industry-leading organizations.
Pricing
- Available for a 14-day free trial (No Credit Card required)
- $9,000/year for a Startup plan
- $25,000 per year for a Growth plan
- $60,000 per year for a Enterprise plan
My take
6clicks was created to assist you in establishing trust with all of your stakeholders regulatory.
Risk management, audit and risk assessment, risk-based news and events, control & policy management, asset & compliance management registers, compliance & attestations, vendor management, and artificial intelligence are just a few of the important aspects.
4. Integrum
Integrum is a software company that specializes in business risks optimization and management.
Integrum's award-winning product suite has been altering the lives of enterprises and individuals, allowing them to realize their full potential by converting data into data-driven decisions. Integrum's products are designed to help businesses expand more efficiently.
Highlights
- Create a risk profile for each of your customers so you can stay ahead of the game and provide protection before problems emerge.
- You'll be able to see all of your data in one place, allowing you to keep everything up to date and always have the most recent version.
- Configurable SMARTForms make risk management easier by allowing you to create your own unique and responsive forms for your firm.
- Easy-to-understand dashboards that highlight what matters most, so you'll be notified as soon as data changes.
Pricing
You'll need to request a demo, in this case, to obtain a tour of the program and additional information about the price model.
My take
Integrum claims highly flexible capabilities that can be tailored to match any need. Incident management and investigation management, risk and control, and audit management and inspection management are key QHSE Risk and Compliance management components.
In addition, controlled document management and training and e-learning support are all included in the compliance management tools.
5. Qualys
Qualys is the most reputable provider of cyber security solutions on the globe. They make it simple for anyone to connect to, run, and manage their infrastructure securely from any cloud.
Whether you are or what country you operate in, their patented scanning technology rapidly detects weaknesses in all of your systems.
You can finally view your entire digital footprint with Qualys, so you know precisely what has to be fixed to protect yourself from hackers, malware, and data breaches.
Highlights
- Continuously and automatically scan your hybrid environment for vulnerabilities and major infrastructure flaws.
- Real-time alerts for zero-day attacks, stolen assets, and network irregularities.
- Focus on what's most important in your entire organization with the most up-to-date threat intelligence, enhanced correlation, and powerful machine learning.
- Vulnerability and catastrophic misconfiguration detection, so you don't be caught off guard.
Pricing
Even though there are no costs stated on their website, you can try this service for free for 30 days. You can also use it indefinitely to see if it's the correct fit for your requirements.
My take
Qualys PM can discover and distribute missing fixes to your assets, whether they're on-premises, on mobile devices, roaming, or in the cloud.
Qualys Patch Management, based on the world's best cloud-based security and compliance platform, frees you from traditional software's significant cost, resource, and deployment issues.
6. Fusion Framework System
Fusion Framework System is the most reputable security cloud provider in the world. Their main goals are to provide visibility, automate protection, and ensure compliance management in physical and virtual environments.
They also use some of the top cloud storage services, which has helped them develop significantly over time. Their cutting-edge technology gives businesses real-time visibility into their data center assets, including vulnerabilities, configuration settings, and large-scale changes.
Highlights
- Find and solve flaws in your company before they become problems so that you can get rapid, accurate, and objective risk assessments on the status of your company.
- Concentrate on day-to-day operations as the system implements a strategic plan to improve firm readiness.
- Reduce the danger of financial risk, legal repercussions, and damage to your reputation.
- Improve the customer experience by always delivering on time what you promise.
- Have confidence in knowing you're ready for anything your day-to-day operations throw at you.
Pricing
You may witness the Fusion Framework System in action by requesting a demo on their website. They pledge to respond to all questions within 24 hours after receiving them.
My take
The Fusion Framework makes it simple, visual, and interactive to assess every area of your business, allowing you to spot single points of project failure, project risks, and the next steps you need to take to limit their impact.
7. StandardFusion
For technology-focused Information security teams, StandardFusion is an integrated risk management software and GRC solution (Governance Risk management and Compliance).
They give you the tools to identify, assess, and treat risks so that your firm can fulfill both internal and external compliance standards.
StandardFusion was created with a variety of business sizes in mind: it's simple to use and provides results quickly, regardless of the size of the company.
Highlights
- Spend less time tinkering with technology and more time mapping compliance requirements to concrete actions.
- Know what you need to accomplish before it's due — tickets may be managed automatically, preventing you from missing crucial deadlines.
- Have risk, audit, and compliance management all in one location so you can keep track of your compliance obligations from risk identification to completion.
- You'll be notified when audits are due, giving you plenty of time to gather the materials you'll need.
Pricing
Standard Fusion offers the following pricing options:
- Starter: 750 dollars per month (plus $2,500 in onboarding fees).
- Professional: $1,700/month (plus $5,000 for onboarding).
- Enterprise: $3,500 per month (plus an onboarding fee of $8,000).
- $8,000 per month for Enterprise+ (plus a dedicated implementation).
My take
Independent researchers have ranked StandardFusion as one of the finest GRC solutions. Contact us today to find out how we can assist you in better managing your GRC.
Having an easy user experience and top-ranked customer service, built for information security teams at any sized enterprise, large or small, to easily manage operational risk management, audits, and vendors
What is risk management software?
Risk management software is a form of business software that aids in the proactive management of risk it's basically risk management tools.
Many of these tools are analytical in nature, and they rely on existing data or estimates to assist human decision-makers in identifying risk and preventing future catastrophes.
A comprehensive risk management software allows a company to analyze all of the hazards that it confronts. Risk management software also looks at the link between risks and the potential for them to have a cascade effect on an organization's strategic goals.
Because of its emphasis on predicting and understanding risk management across a company, this holistic approach to risk management software is sometimes referred to as enterprise risk management.
Wondering what is enterprise risk management? Enterprise risk management (ERM) highlights the necessity of managing positive risk in addition to focusing on internal and external threats.
Positive risks are possibilities that, if seized, could boost a company's value or, on the other hand, harm it if not taken. Indeed, the goal of any risk management software is to retain and add to corporate value by making informed risk management decisions, not to remove all risk.
Every business faces the possibility of unanticipated, damaging occurrences that could cost it money or force it to close. Companies disrupted by born-digital powerhouses such as Amazon and Netflix can relate to the dangers of not taking risks.
This risk management software provides a thorough introduction to the fundamental concepts, criteria, tools, trends, and arguments that drive this fast-paced industry.
Throughout the post, there are references to other TechTarget articles that provide more in-depth information on the issues discussed, so be sure to click on them to learn more.
What is the significance of risk management?
Risk management has never been more critical risks than it is right now. Because of the increasing pace of globalization, the risks that modern firms face have become more complicated.
New hazards emerge on a regular basis, many of which are tied to and caused by the now-ubiquitous usage of digital technology. Risk specialists have labeled climate change a "threat multiplier."
The coronavirus pandemic, which began as a supply chain concern for many firms, swiftly grew into an existential threat, affecting employees' health and safety, business processes, consumer interactions, and brand reputations.
Businesses quickly adjusted their strategies in response to the pandemic's threats. However, they will have to deal with new dangers in the future, such as how or if to bring employees back to work and what should be done to make their supply networks less sensitive to crises.
Process of risk management
Many bodies of knowledge have been developed in the risk management discipline that detail what firms must do to manage risk.
The ISO 31000 standard, Risk Management — Guidelines, developed by the International Organization for Standardization (ISO), is one of the most well-known sources.
The ISO's five-step risk management approach includes the following steps, which can be implemented by any type of organization:
1. Determine the dangers.
2. Examine each one's possibility and impact.
3. Prioritize risks based on the company's goals.
4. The risk conditions should be treated (or responded to).
5. Keep an eye on the numbers and make adjustments as needed.
Although the processes are simple, risk management committees should not underestimate the amount of time it will take to complete the process. For starters, it necessitates a thorough awareness of the organization's inner workings.
The ultimate goal is to create a set of processes for recognizing the risks that the organization faces, their likelihood and impact, how each relates to the maximum risk that the organization is willing to accept, and what measures should be taken to preserve and improve organizational value.
When assessing risks, keep in mind that, by definition, anything is only a risk if it has an impact, according to Witte.
According to the NIST Interagency Report (NISTIR 8286A) on recognizing cybersecurity risk in ERM (enterprise risk management), for a negative risk management scenario, the following four components must be present:
- a valued item or resources that could be harmed;
- a source of threatening action that would act against that asset;
- a preexisting condition or vulnerability that allows that threat source to act;
- and some detrimental consequences of the threat source exploiting that vulnerability.
While the NIST criteria are for controlling negative risks, they can also be used to manage positive risks.
What are some of the advantages and drawbacks of risk management software?
There are numerous advantages to effectively managing risks that could have a negative or positive impact on capital and earnings. Even for firms with well-developed governance, risk, and compliance systems, it poses issues.
The advantages of risk management software
- Increased risk-aware culture throughout the organization;
- increased confidence in organizational objectives and goals because the risk is factored into strategy;
- better and more efficient compliance with regulatory and internal compliance mandates because compliance is coordinated;
- improved operational risk management efficiency through more consistent application of risk processes and controls;
- improved workplace safety and security for employees and customers;
- and a competitive differentiator in the marketplace.
Some of the problems that risk management software teams might expect to face
- Expenses rise at first because risk management software strategies often necessitate costly software and services.
- Business units must devote time and money to comply with the rising emphasis on governance.
- Reaching an agreement on the severity of a risk and how to treat it can be a tough and contentious process that can result in risk analysis paralysis.
- It's tough to persuade CEOs of the need for risk management without being able to provide actual numbers.
How to create and implement out the best risk management software strategy
A risk management plan outlines how a company will deal with risk. It outlines elements such as the organization's risk approach, risk management teams' roles and duties, risk management resources, policies, and procedures.
According to Witte, ISO 31000's seven-step procedure is a helpful roadmap to follow. The following is a list of its components:
1. Communication and consultation are essential
Because developing risk awareness is such an important aspect of risk management, and active risk manager must also devise a strategy for communicating the organization's risk policies and procedures to employees and other stakeholders. This phase establishes the tone for all risk choices.
Anyone who is interested in how the organization takes advantage of positive risks while minimizing negative risks is invited to attend.
2. The context is being established
This phase necessitates determining the organization's risk appetite and risk tolerance, or the extent to which risk can differ from risk appetite. Business objectives, company culture, regulatory legislation, political environment, and so on are all multiple factors to consider.
3. Identification of potential dangers
This step identifies the risk scenarios that could affect the organization's ability to do business in a favorable or negative way. As previously stated, the resulting list should be kept up to date in a risk registry.
4. Analyze the risks
To help categorize risks, the likelihood and impact of each risk are examined. A high-probability event, such as an employee calling in ill, has little or no influence on most businesses.
An earthquake is an example of a low-probability risk with a significant impact, depending on the region.
Many businesses' qualitative approaches to assessing the possibility and impact of risks could benefit from a more quantitative study.
5. Risk assessment
Risk assessment of risk identification is to assess risks. This is where businesses decide how to respond to the threats they face. One or more of the following techniques can be used:
- Risk avoidance refers to an organization's efforts to avoid, withdraw from, or avoid being involved with a potential risk.
- Risk mitigation is when a company takes steps to reduce or eliminate risk.
- Risk sharing or transfer occurs when an organization enters into a contract with a third party (such as an insurer) to cover some or all of the costs of a risk that may or may not occur.
- Risk acceptance: A risk is accepted without action if it falls within the organization's risk appetite and tolerance.
6. Treatment for risk
This stage entails putting the agreed-upon controls and processes in place and verifying that they perform as expected.
7. Monitoring and evaluation
Are the controls operating as they should? Is it possible to make them better? Monitoring operations should track key performance indicators (KPIs) and seek key risk indicators (KRIs) that could lead to a strategy shift. Monitor risks are the best option to prevent risks.
Best practices in risk management
ISO 31000's 11 risk management principles are a useful place to start for any business that wants to follow risk management best practices.
A risk management program, according to ISO, should achieve the following goals:
- Produce value for the firm;
- be an important part of the broader organizational process;
- factor into the overall decision-making process of the company;
- openly address any uncertainties
- be systematic and structured;
- be based on the best available information;
- be adapted to the project;
- consider human aspects, including potential errors;
- be transparent and all-encompassing;
- be adaptive to change;
- and be continuously monitored and improved.
Risk Management Software FAQ
Q: What are the three stages in the risk management processes?
A: "Risk assessment and analysis, risk evaluation, and risk treatment are the three phases of the risk management process."
Q: What are the five different kinds of risk management software?
A: "Avoidance, retention, sharing, transferring, and loss prevention and reduction are the core approaches for risk management."
Q: What is the purpose of risk management software?
A: "Risk management software is a form of business software that aids in the proactive management of risk."
Q: What are the risk management processes in 5 steps?
A: "Any effective risk management applications process has five steps.
- Identify the risk.
- Analyze the risk.
- Prioritize the risk.
- Treat the risk.
- Monitor the risk data."
Conclusion
Finally, risk management is an essential component of every organization's long-term success. You can leverage your workforce more efficiently while offering a reasonable return on investment if you can identify, prioritize, and eventually design strategies to mitigate or transfer these risks.
The first step toward a better knowledge of where to spend your efforts finding the risk management software suited for you and your organization.
I hope this post has provided you with a better knowledge of how the correct risk management tool may help you identify and prioritize operational risk management issues better.
