Risk Management Software

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Showing 1 - 20 of 354 products
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Showing 1 - 20 of 354 products

TeamMate+ Audit

TeamMate+ Audit is a cloud-based audit management tool for businesses of all sizes to improve the visibility, efficiency and consistency of internal audits across the departmental and organizational levels. TeamMate+ allows audito...Read more

4.22 (45 reviews)

Essential ERM

Essential ERM is a secure web-based Enterprise Risk Management system. Easy-to-use screens and innovative visual features engage business unit managers, executives and board members. Essential ERM is an excellent catalyst to launc...Read more

4.63 (16 reviews)

Smart IP&O

Smart IP&O is a cloud-based and on-premise solution that lets businesses manage processes related to inventory planning, demand forecasting, supply chain management and more. Hosted on the Amazon Web Services (AWS) platform, it le...Read more

4.00 (1 reviews)

ManageEngine Log360

Log360 is a SIEM or security analytics solution that helps you combat threats on premises, in the cloud, or in a hybrid environment. It also helps organizations adhere to compliance mandates such as PCI DSS, HIPAA, GDPR and more. ...Read more

4.60 (10 reviews)

Nintex Promapp

Nintex is a workflow management solution that caters to a variety of industries including energy, health and life sciences, financial services and government. It is suitable for departments such as customer services, human resourc...Read more

3E Protect

3E Protect is a health and safety management solution that helps businesses across healthcare, pharmaceutical, petrochemical and other industries manage associated safety data sheets (SDS) to reduce incidents across departments. T...Read more

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Nlyte DCIM

Nlyte Data Center Infrastructure Management (DCIM) is designed to help businesses plan, manage and automate the entire infrastructure lifecycle including data centers and hybrid-cloud resources. It enables administrators to foreca...Read more

4.35 (23 reviews)

Falcony

Falcony is a cloud-based application fit for mobile and tablet use. It can be used by businesses of all sizes. This tool is made to improve facilities/property management. It allows users to customise audit templates and score ran...Read more

4.71 (31 reviews)

AlternativeSoft

AlternativeSoft is a financial risk management software designed to help allocators, consultants, fund managers, and third-party fund marketers create portfolios and manage asset selection processes. Administrators can import fund...Read more

4.57 (14 reviews)

Mine PrivacyOps

With Mine PrivacyOps, companies can improve their privacy management and increase trust in their brands. Businesses can leverage the platform's integrations and automations to optimize their data infrastructure, handle data privac...Read more

4.53 (19 reviews)

Software pricing tips

Read our Risk Management Buyers Guide

Subscription models

  • Per employee/per month: This model allows you to pay a monthly fee for each of your employees.
  • Per user/per month: Users pay a monthly fee for users—normally administrative users—rather than all employees.

Perpetual license

  • This involves paying an upfront sum for the license to own the software and use it indefinitely.
  • This is the more traditional model and is most common with on-premise applications and with larger businesses.

Rated best value for money

Optial SmartStart

Optial SmartStart is a cloud-based governance, risk and compliance (GRC) solution. It serves businesses of all sizes in industries such as banking, insurance, manufacturing and retail. Primary features include compliance managemen...Read more

5.00 (1 reviews)

Intellect

Intellect provides a flexible enterprise Quality Management Software (eQMS) solution and platform designed to meet any FDA and ISO compliance requirements, as well as digital transformation goals. Built on the Intellect Compliance...Read more

4.53 (53 reviews)

Malwarebytes Endpoint Protection

MalwareBytes Endpoint Security is designed to provide businesses with layered threat defense, including "zero hour" exploit protection. Light on system resources and highly scalable, it can be managed from a single console....Read more

Sofvie

Sofvie is a web-based collaborative intelligence platform designed to enhance communication and risk management in the workplace. The platform offers various tools for data collection, record management, hazard monitoring, custom ...Read more

4.71 (17 reviews)

Ondato

Designed specifically for financial institutions such as banks and lenders, Ondato provides identity verification and authentication tools, as well as compliance management features. The cloud-based platform is based on the KYC (K...Read more

4.67 (3 reviews)

Splunk Enterprise

The Splunk Enterprise platform allows users to process and index most forms of data in their native format. It includes data indexing tools, which enable users to locate specific data across large data sets. The software is d...Read more

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Q-Pulse

Q-Pulse is a governance, risk and compliance (GRC) solution for the manufacturing, health care and airline industries. The solution enables organizations to manage their processes and take preventive action. Q-Pulse provides on-pr...Read more

4.27 (51 reviews)

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ZenGRC

ZenGRC is a cloud-based and on-premise governance, risk and compliance (GRC) management solution. It serves businesses of all sizes in any industry, including technology, retail, consumer goods, health care and finance. Primary fe...Read more

4.46 (24 reviews)

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AuditBoard

AuditBoard transforms how audit, risk, and compliance teams manage today’s dynamic risk landscape with a modern, connected platform that engages the front lines, surfaces the risks that matter, and drives better strategic decision...Read more

4.68 (53 reviews)

1 recommendations

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VendorINSIGHT

EnterpriseInsight is a SaaS platform that helps users manage business risk. With configurable pre-built risk frameworks, it overcomes the complexities of implementing and updating other ERM-GRC platforms. The interface is equipped...Read more

4.49 (49 reviews)

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Popular Risk Management Comparisons

Buyers Guide

Last Updated: December 17, 2021

What is Risk Management software?

Risk management software is a set of tools that help companies prevent or manage critical risks that all businesses face, including finance, legal, and regulatory compliance and strategic and operational risks.

Risk management software can help organize and track your risks, so you can prioritize tasks needed to manage and/or overcome the various risks you face. But what type of risk management software do you need? We're here to help you figure that out.

Here's what we'll cover:

Common Features of Risk Management Solutions
Benefits of Adopting Risk Management Software
Risk Management Tools Buying Tips for New Buyers

Common Features of Risk Management Solutions

Even the simplest risk management software tools include numerous components.

Core Features of Risk Management Software
Risk identification Identifies and records risks your business faces. Defines the risks for a repository or allows you to choose from a pre-established risk dictionary.
Risk assessments Assigns simple ratings to risks or enables you to develop detailed classifications based on multiple factors defined by individual business units.
Monitoring and testing Defines key risk indicators (KRIs) and records the effectiveness of risk management processes.
Reporting and dashboards Monitors risks and solutions with easy-to-understand visual reporting and dashboards.
Regulatory compliance Ensures your risk management processes meet all necessary regulatory compliance by defining and tracking processes and required compliances.
Issue management Manages the execution of key risk-based projects. Ensures critical risk management issues are identified and accounted for.
Document management Allows you to collaborate and share documents and reports in real time. Houses a knowledge base for new and curious employees.

Risk management solutions support businesses throughout the risk life cycle, from identification to assessment and on to monitoring and potentially eradication. The first line of defense is risk identification and assessment. It's here that you'll identify the risks facing your business. This could be as simple as inputting regulations and compliances, or it might take some digging and thinking to determine what your pressing risks are—which leads into the next step: assessment.

Once you have identified risks, it's time to assess their potential impact and prioritize them accordingly. Assessment can mean assigning your risks a simple rating within a given scale of severity (e.g., 1 - 5, with 1 being a low risk and 5 being a high risk). More detailed assessments can provide a risk score that takes many variables into account. Regardless of the complexity of the assessment, completing this step enables you to use your risk management tools to monitor risks and test your ability to manage and work through them.

Issue management is a key feature used in day-to-day operations surrounding risk testing and other related projects. Key capabilities within issue management include task assignment, workflow monitoring and automatic notifications and reminders for deadlines and communications.

Benefits of Using Risk Management Software

A properly utilized risk management system will enable you to operate more efficiently. The awareness that comes with proactively and systematically monitoring critical risks will help you overcome any potential setbacks or downtime in your business.

Specific benefits of adopting risk management tools include:

  • Creating a proactive, risk-aware culture. Systematically identifying and addressing risks will lead to a risk-aware business culture that operates more strategically.
  • Staying organized throughout risk life cycle. Inputing newly identified risks into the system allows you to monitor them constantly throughout their life cycle.
  • Assigning accurate risk scores for easy prioritization. You can assess and assign scores to each identified risk based on numerous variables for easier prioritization.
  • Improving workflows for monitoring and working through risks. Leverage issue management and task tracking to easily assign responsibility for each stage of risk monitoring.
  • Leveraging risk reporting, analytics and metrics. Monitor the status of each risk and its progression toward escalation or eradication and see the real business impact that risk management has on your organization.

Risk Management Tool Buying Tips for New Buyers

Risk management systems have many benefits to offer your business, but that doesn't mean all risk tools are right for you. Choosing the risk software that's going to drive your business to greater success is no easy feat. There are a ton of risk management software vendors itching to get your business, so move carefully when navigating the vendor landscape.

The following recommendations will help you stay the course and choose the best risk management solution for your business. They come from a cross-industry software buyer survey we conducted to determine effective tactics for choosing the best software for your unique business. The most recommended tactics from the survey are:

  • Do your due diligence researching risk management offerings. If you're new to risk management or risk management software tools, read up on what's available in the market. Talk to peers in the space who are using risk software to get their take on the system they currently use.
  • Identify where, why and how your current risk management practices fail. When you do eventually start reaching out to vendors and setting up demos, you'll need to identify key areas of improvement that software can help with. Don't just look for the system with the most or "coolest-looking" features—look for the one that's best equipped to help your business' top pain points.
  • Read all the risk management software reviews you can get your hands on. As simple as it sounds, reading user reviews from your peers in the risk management space can provide a wealth of info into how individual systems work. Whereas vendors tend to try and overwhelm you with marketing jargon, reviews cut straight through to give you a clear picture of the software's pros and cons.