Risk Management Software is gradually becoming important software for businesses. Why? Indeed, 62% of firms have already experienced a critical risk occurrence during the previous three years. According to McKinsey, 70% of top executives are aiming to use online risk management.

What is Risk Management Software?

Risk management software is a form of enterprise software that assists businesses in managing risk actively.

These tools' functions are researchable and employ current data or forecasts to assist you in identifying, evaluating, and documenting risks connected to using business operations and IT assets, communicating concerns, and effectively managing risk mitigation tasks.

Read more: Best Project Scheduling Softwares

Why Is Software Risk Management Important?

Risk management is the process of Identification, evaluation, and mitigation of risks—also referred to as threats. This might have an impact on your company's bottom line.

Internal or external risks can arise from a variety of sources, including your personnel, contractors, leadership choices, natural catastrophes, or changes in government regulations and legislation.

It would be difficult to remove all dangers. It is also hard to consider all of the potential risk factors. However, this does not exclude you from developing an informed, deliberate risk management plan to assist you avoid potential negative outcomes of risks.

Software For Risk Management Standards

User Friendly

Although it may appear obvious, it should be easy to use. There are frequently several business departments and individuals who will engage with it on a regular basis.

To ensure that the program is simple to use, take a free trial that allows you and employees of your organization to thoroughly evaluate it. You must ensure that it not only satisfies your requirements, but is also simple to use.

Extremely Secure

The most critical element of any organizational risk management software is undoubtedly security. Nowadays, practically all electronic devices are connected, and there are rising needs and expectations for data, as well as for the processing and storing it.

Your usage of the system ought to bring you calm, not anxiety. Important to be aware of how the software maintains the security, consistency, and accessibility of all of your information.

Organizational requirements

This feature is an expansion of scalability in that it adapts as your company expands and deals with new sectors, governmental entities, financial problems, etc.

Systems that do not accommodate this risk not just being costly, but also reducing their ability to remain appropriate and, as a result, reducing their self-life.

Top Risk Management Tools in 2022

ClickUp

Choose ClickUp, which gives the perfect platform for organizations of any size to track project status, manage risks, and collaborate all in one location. It has thousands of completely transparent, adjustable, and useful features.

Teams from all sectors benefit from ClickUp's functionality platform, which makes task management simple. Your ClickUp Workspace provides far more than the typical risk software solutions you might be used to, from discussing ClickUp's online Smartboards to building comprehensive wikis in its shared Docs.

Features

Dashboards
Time estimation and tracking
Relationships
Process administration
Task administration
Integrations with third-party apps
Complete workplace customisation

Risk Cloud

A unified, organized, no-code ecosystem for all of your risk and compliance operations is created by LogicGate's Risk Cloud risk management platform, which eliminates the need for files and long chains of emails.

As your ideas develop, the visual database improves functionality. It may be configured to address mission-critical concerns such as IT and 3rd risk management.

Features:

Keep up with changes in business and regulations.
Unlock the door to a risk management plan.
Risk must be quantified and communicated in the context of the company.
Reduce audit cycles by automating your GRC program.
Create a unified picture of resources, risks, and procedures.

Wrike

Wrike provides the most effective project management tool. Built for teams and businesses eager to communicate, develop, and surpass every day, it unites everybody and all activity into a fixed location to reduce complexity and enhance efficiency.

Wrike seems to be the ideal work management system a business will ever require to expand, optimize, and move quickly in a cutthroat environment.

Features:

Simple Time Tracking.
Actual Data Reporting.
Visual Timelines.
Task Management with Efficiency.
Native mobile applications.

Optial SmartStart

Optial SmartStart is a governance, risk, and compliance (GRC) system delivered via the cloud. It offers services to companies of all sizes in a variety of sectors, including manufacturing, commerce, finance, and healthcare.

Quality control, auditing, problem management, and risk evaluation and management are key components.

Using a single platform, Optial SmartStart enables users to manage their ecological, health and safety (EHS), audit, and GRC processes.

Features:

The Audit Trail.
Management of Compliance.
Management of Internal Controls.
Risk evaluation.
Problem Solving.
Management of Exceptions.

Vendor360

Vendor360 by CENTRL is an operational risk management software designed to assist you in managing supplier and 3rd risks. It includes pre-set questions for analyzing suppliers and ensuring each one conforms with regulatory criteria.

Additionally, it provides automated features to speed up the assignment and approval of documents.

Features:

Continuous Risk Assessments, Audits, and Monitoring should be automated.
Reduce the time it takes to evaluate third-party responses.
Control problems and follow through on fixes.
Make a robust application available to third parties so they can respond.

Resolver

Resolver's strong points are organization and planning. Although no risk management tool can foresee the future, Resolver knows every organization needs a solid planning basis.

Before a project begins, the software assesses demands and objectives to anticipate potential future concerns.

Features:

Risk management in the business.
Internal audits are performed.
Vendor danger.
Management of operational risks.
Audits of privacy issues and site audits.

OneTrust

OneTrust is a market-leading product that enables organizations to solidify inter-organizational trust and promotes best practices adherence. Agile procedures for third-party risk, information management, safety, ethics, and regulation are centralized by the program.

Features:

Dashboard of Activity.
API.
Integrations with third parties.
Management of Compliance.
Anonymous Comments.
Permissions and access controls.

Intellect

The QMS software from Intellect has a track record of improving quality processes and lowering quality expenses. Their apps are tailored to specific company requirements using certified quality specialists and drag-and-drop technologies.

With a contemporary and simple solution, you can provide your team with wireless monitoring, mobile applications, flexible workflow, monitoring, and reporting. This is an excellent option.

Features:

Assesments.
Risk in operations.
Evaluation of Suppliers.
Evaluation of Suppliers.

Cority

Cority provides moderate to big multinational companies with a cloud-based corporate quality control and regulation software system. It is appropriate for companies making discrete items in the automotive, aircraft and military, petroleum & gas, and medical equipment industries.

Features:

Inventory control.
Training Administration.
Managing incidents.
Controlled Auditing.
Controlled Inspection.
Statistics and reporting.

Project Risk Manager

Project Risk Manager is basically a project risk management tool. It is simple to install, configure, and operate, yet the ui capability is still extensive. To effectively evaluate possible dangers, the tool leverages pre-set impact types and rating descriptions.

Features:

Create Gantt charts that are risk-adjusted.
Each analysis' findings should be saved.
Utilize impact analysis to better efficiently assess contingency budget amounts, mitigation tactics, and resource utilization across business initiatives.

LogicManager

The cutting-edge taxonomy technology in LogicManager provides you with about 100 package alternatives to meet the demands of your organization. As an operational risk management tool, the platform takes pleasure in improving corporate efficiency.

Features:

Data analysis.
Risk administration.
Dashboards.
Alerts.
Governance of Data.
Analysis in Real Time.

nTask

nTask's straightforward UI is user-friendly, with nicely neutral colors. You may prioritize problems, evaluate possible hazards, and assign them to responsible persons for monitoring with this security risk management program.

Features:

Risk evaluation.
Filters and search.
Customization of Categorization.
Customized Risk Matrix.

AuditBoard

AuditBoard is the top platform for audit risk, report and recordkeeping. AuditBoard has received high marks from customers on Capterra, G2, as well as Gartner Peer Insights, and was originally ranked by Deloitte as being one of the quickest technology businesses in North America for the third year running.

Features:

Link Risk Insights.
Increase the Front Lines.
Increase the Impact of Your Team.

TimeCamp

TimeCamp is an online timer tool that includes a host of capabilities for evaluating basic or seemingly innocuous hazards. It gives consumers access to a complete yet simple project time tracking system and manages risks.

Features:

Timetable in graphical form.
Automation.
Dashboard for Computer Time.
Add-ons and integrations.

A1 Tracker

With functions including threat and risk monitoring, warnings, log history, risk audits, online portal, risk evaluations, and more, A1 Tracker is an easy-to-use risk management system you want to use.

Features:

Statistics & Reporting.
Activity Monitor.
Compliance Control.
Adjustable Reports.

FAQs

What are the major activities of software risk management?

The risk management method essentially covers three major types of activity.

Identifying Risk
Risk assessment
Risk Management

What are the 4 general types of risks?

Strategic danger.
Risks associated with compliance and regulation.
Financial danger.
Risk to operations.

Conclusion

As a result, the article has presented a high-level overview of the most common Risk Management Softwares. Have you ever utilized any software? Please leave a comment to tell Tanca readers about your experience.