Risk Management Software
The Qualys Cloud Platform (formerly Qualysguard), from San Francisco-based Qualys, is network security and vulnerability management software featuring app scanning and security, network device mapping and detection, vulnerability prioritization schedule and remediation, and other…
AuditBoard is a cloud-based audit management software solution from the company of the same name in Cerritos.
InsightVM is presented as the next evolution of Nexpose, by Rapid7. This Insight cloud-based solution features everything included in Nexpose, such as Adaptive Security and the proprietary Real Risk score, and extends visibility into cloud and containerized infrastructure. InsightVM…
NAVEX Global launched NAVEX One in 2020. It is described by the vendor as a complete GRC platform, providing a comprehensive set of applications and workflows integrated into a single platform, for compliance, legal, or HR professionals.
ServiceNow Governance, Risk, and Compliance provides the tools businesses use to proactively manage risk by measuring, testing and auditing internal processes. This solution helps business users ensure compliance to regulations, policies, standards and frameworks. It is available…
HighBond is a Governance, Risk Management, and Compliance Platform from Galvanize, the company formed from the merger of Rsam and ACL Services and more recently acquired by Diligent Corporation in February 2021.
Qualys Policy Compliance (PC) from Qualys in Redwood City, California is a Governance, Risk Management, and Compliance (GRC) Platform.
Riskonnect is an Integrated Risk Management platform. Riskonnect products are all connected, allowing users to navigate to review, analyze, and report from a single interface.
SpiraPlan is an enterprise agile project management solution. Some key features include: Requirements Management, Release Planning and Iteration/Sprint Planning. SpiraPlan helps users manage tasks, issues, code, and workflows. Additionally, SpiraPlan includes an enterprise risk management…
nTask is a Dallas based company focusing on task management software. Their online risk management solution enables users to identify project risks, assign risk owners, create mitigation plans, analyze with risk matrix and ensure successful project delivery.
Integrum, from Mitratech, is a software solution that aims to enable users to streamline processes, reduce risks and accelerate business growth to empower data driven decision making.
Through the Cura Enterprise Risk Management (ERM) software solution, organizations are equipped to manage risk and take advantage of opportunities relating to business strategies and objective. Cura’s Enterprise Risk Management solutions are available as standalone applications or…
DNV's Synergi Life is an EH&S (environment, health and safety) software brand. Synergi Life risk management software presents tools to manage QHSE (or HSE) non-conformances, incidents, risk, risk analyses, audits, assessments and improvement suggestions. Synergi Life's QHSE software…
Falcony (formerly Plan Brothers) enable employee involvement for issues that matter by making the process of finding, sharing, fixing and learning from issues and observations as easy as thinking about them and as rewarding as being remembered for them. Falcony is a web app that…
Omega Project Solutions (Omega 365) aims to improve project performance, particularly in complex environments where multi-discipline teams work together at various locations and project phases. They offer project personnel resources and project management software. Their Risk Management…
MasterControl Risk provides a complete view of the enterprise risk landscape. This includes all product lines, business units, procedures, quality management, and document control. The risk management software tracking and analysis features lets users identify and mitigate long-term…
Reciprocity® ZenRisk, an integrated cybersecurity risk management solution, provides actionable insights in the context of business processes to help you effectively identify, assess and mitigate IT and cyber risk. With ZenRisk, users gain the visibility needed to stay ahead of…
Sonata’s ERP integrated CTRM platform helps users to achieve better visibility on commodity sourcing & trading needs, single source-of-trade data, superior control over trading decisions and reduction of cost structure for better P & L.
Arctic Wolf® Managed Risk enables users to discover, benchmark, and harden the security environment against digital risks across networks, endpoints, and cloud environments.
Comprehensive Inspection Control System, from Omnex Systems. The solution helps to manage incoming/receiving, In-Process, and outgoing/final inspections. Mobile-enabled, it lets users collect inspection data through Mobile apps, for quicker and more accurate data analysis. Inspection…
Sphera’s PHA-Pro (Process Hazard Analysis & HAZOP Software) offers a configurable framework to help standardize and record risk assessment data and ensure proper controls are in place.
Predict360, its flagship software solution, is a Risk and Compliance Intelligence Platform augmented with Artificial Intelligence technology to predict and mitigate operational risks while streamlining regulatory compliance. Predict360 integrates regulations and obligations, compliance…
Camms.Risk is a governance, risk and compliance management technology platform for enterprises, from CAMM (CA Technology) headquartered in Melbourne.
MetricStream Enterprise and Operational Risk Management software enables a structured and systematic approach towards managing organizational risks in the business. Built on the MetricStream Platform and supported by uniform risk assessment methodologies and standards, this ERM product…
A1 Tracker is presented by the vendor as a robust & configurable risk management software offering either stand-alone or fully-integrated risk management software covering many business segments across an organization. Risk Management & Threat Assessment:Risk register for…
What is Risk Management Software?
Risk management software (RMS) is used to identify, address, manage, and resolve risks to security, operation, or compliance procedures. risk management software can detect and prioritize risks, suggest mitigation strategies, and develop remediation processes. RSM offer risk analysis and resolution to be tied to company or project objectives, strategic goals, or KPIs. Risks managed can include physical risks (i.e. natural disasters or hardware failure), technical and digital risks, financial risks, and human error risks. Many products in this category include a range of visualization and analysis tools so businesses can make informed, data-driven decisions.
RMS vs. GRC
Oftentimes, RMS and are discussed interchangeably, even by product vendors. The key difference between the categories is the focus of the product. GRC solutions are designed to help with compliance with industry standards and governmental regulation. Risk is managed by GRC platforms, but only with regards to risk aversion strategies that prevent legal or professional sanction.
RMS products, on the other hand, are geared toward risk analysis and addressing across multiple departments or operational silos with business strategy and objectives. Risk, in this way, is instead a way to measure project or organization performance. While this can include ways to avoid fines and other penalties, it can also be used to calculate positive outcomes of risk-taking activities, such as investment.
RMS vs. ERMS
Compared to traditional RMS, Enterprise Risk Management Software (ERMS) products simplify risk management for organizations and businesses with multiple integrated departments. ERMS includes more tools for both internal and external risk assessment, mitigation, and remediation that can create a macro-view of the enterprise’s risk culture. This can include tools to identify and manage risk from vendors, subcontractors, and other third- and fourth-party sources.
Small businesses and contractors may find traditional RMS to be more favorable, however, as they focus on risks associated at the project-level, and as such their price points tend to be much lower than ERMS products.
Risk Management Software Features
The most common risk management software features are:
- Risk reporting and mapping
- Risk history
- Risk prioritization
- Risk impact assessment
- Root-cause risk identification
- Strategic goal and objective linking
- Consequence linking
- Mitigation strategy development and documentation tools
- Remediation strategy development and documentation tools
- Identity access and control management
- Duplicate file and process identification and disposal
- Mitigation and risk framework templates
- Automated compliance enforcement
- Customizable dashboards
- Audit management tools
- Time tracking tools
- Remediation and correct action reporting
- Compliance documentation generation and management
- Data export tools
- Alert management
- Project management tools
- Data visualization tools
- Agility, waterfall, and hybrid methodology support
- Knowledge databases
- On-premises, cloud, and web deployment options
Risk Management Software Comparison
When choosing the best risk management software for you, consider the following:
Implementation. Introducing RMS into your workflow has a variety of considerations. This can include (but is not limited to) whether the software has on-premises installation options, the types of features included, the length of time to incorporate features and modules, training users to use the software, and integration with existing infrastructure. Make sure to account for these factors so that you do not experience issues with
Cybersecurity risk tools. If you plan to use a risk management software to assist with security, you’ll want to make sure that the product you choose has the specific cybersecurity risk management you may need. Some tools offer more advanced cybersecurity features, including vulnerability detection, malware detection and removal, role- and identity-based security, and host scanning, making them especially useful for businesses that handle sensitive data.
Industry-specific features. While most risk management software products can be used in any field, some vendors offer products with tools, software packages, or training modules geared toward risks in specific industries. For example, some products include quality, health, safety, and environment (QHSE) risk management tools, making it suitable for businesses in industries with those concerns.
There are several risk management software products with free plans, albeit with limited features compared to their paid plans. Paid plan models are usually between $2.99 and $10 per user per month at the lowest subscription tier. Some vendors may also require an onboarding or integration fee as well. Most vendors require interested customers to contact them for specific pricing. Demos and free trial periods are available.