Best Risk Management Software and Solutions

What is Risk Management Software?

Risk management solutions, or 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.

Risk Management Solutions vs. Governance, Risk & Compliance (GRC)

Oftentimes, RMS and Governance, Risk & Compliance (GRC) Platforms 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.

Risk Management Software 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 Solution Comparison

When choosing the best risk management solution for your use case, 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.

Pricing Information

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.