KnowRisk

KnowRisk, developed by CorProfit, is a risk management and enterprise risk management (ERM) software that aims to address the diverse needs of small to large organizations. According to the vendor, KnowRisk offers a range of features and functionalities that cater to professionals and industries involved in project management, safety management, compliance management, audit management, and financial services. This software enables businesses to effectively identify, assess, mitigate, monitor, and report on risks, promoting a proactive and strategic approach to risk management.

Key Features

Risk Identification: According to the vendor, KnowRisk allows users to capture and document potential risks and hazards using various methods such as brainstorming, checklists, and historical data. Users can assign risk owners, set risk categories and impact levels, and link risks to specific projects, processes, or activities.

Risk Assessment: KnowRisk enables users to conduct qualitative and quantitative risk assessments, assessing the likelihood and impact of risks. The vendor claims that the software can calculate risk scores and prioritize risks based on severity. Users can also generate risk heat maps and matrices for visual representation.

Risk Mitigation: With KnowRisk, users can develop risk treatment plans to address identified risks. The software allows users to assign actions and responsibilities to mitigate risks, track the progress and completion of risk mitigation actions, and monitor and review the effectiveness of risk mitigation measures.

Risk Monitoring and Reporting: According to the vendor, KnowRisk supports continuous monitoring and updating of risk information. Users can receive real-time alerts for critical risks or overdue actions. The software also offers customizable risk reports and dashboards, allowing users to analyze trends and patterns in risk data.

Compliance Management: KnowRisk provides features for managing compliance obligations and requirements. Users can link risks to relevant compliance standards and regulations, track compliance activities, and generate compliance reports and audit trails.

Incident and Issue Management: According to the vendor, KnowRisk enables users to capture and track incidents and issues related to risks. Users can assign investigation and resolution tasks, analyze root causes, and implement corrective actions. The software also allows users to monitor and report on incident trends.

Document Management: KnowRisk offers features for storing and managing risk-related documents and files. Users can organize documents in a centralized repository and control access and permissions to ensure data security. The software also provides version control and audit trails for document revisions.

Integration and Collaboration: KnowRisk can integrate with other business systems such as ERP and CRM, according to the vendor. Users can collaborate with team members through shared workspaces, enabling communication and discussion on risk-related matters. The software also allows users to import and export data in various formats for data exchange.

Workflow Automation: KnowRisk offers features for automating risk management processes and workflows. Users can define and enforce standardized risk management procedures, streamline approval processes for risk assessments and treatment plans, and reduce manual effort to improve efficiency.

User Access and Security: According to the vendor, KnowRisk provides role-based access control for user permissions. The software ensures secure authentication and password policies, data encryption, and secure transmission. Users can also rely on audit trails and activity logs for user actions.