vRisk

According to the vendor, vRisk is a SharePoint-based Risk Management Software developed by Visualize Risk, LLC. This solution aims to assist risk managers, risk analysts, insurance professionals, enterprise risk management (ERM) professionals, and board members in managing risks. vRisk supports COSO and ISO 31000 ERM standards, allowing users to identify, assess, prioritize, and respond to risks in the context of their objectives. The software is said to offer flexibility and customization options for creating multiple heat maps with different filtering criteria or visual characteristics.

Key Features

Risk Register & Heat Map: vRisk supports COSO and ISO 31000 ERM standards, enabling users to identify risks in the context of their objectives. It allows for the assessment, prioritization, evaluation against tolerance levels, determination, and implementation of risk responses. The vendor claims that it also facilitates communication, consultation, monitoring, and improvement of risk management processes.

Drag & Drop Risk Placement: vRisk allows users to easily place risks within the risk register onto the heat map. By clicking and dropping the risk code into the desired location, the software captures the X and Y axis values for risk placement. Users can also move risks within the risk heat map by dragging and dropping them to new locations.

Highly Configurable: The Risk Heat Map (Risk Matrix) in vRisk has a clean layout suitable for board briefings or enterprise risk management committee meetings. The software offers flexibility with numerous display options, allowing users to customize and create multiple heat maps with different filtering criteria or visual characteristics.

Snapshot & Compare: According to the vendor, vRisk allows users to take snapshots of risks at any point in the risk mapping process, preserving a point-in-time reference for risk placements. By comparing snapshots with the current heat map placements, users can analyze the directional changes. The software also provides the ability to export displays for use in presentations.

Insurance Program Chart: vRisk supports Layered and Quota Share Placements, enabling users to enter basic coverage information and automatically generate a program chart, also known as a "mud map." The program chart is drawn to scale, and users can adjust the relative vertical scale using a slider. Multiple charts can be created using the same coverage database, and different filters can be applied to show specific coverages or programs.