These products won a Top Rated award for having excellent customer satisfaction ratings. The list is based purely on reviews; there is no paid placement, and analyst opinions do not influence the rankings. Read more about the Top Rated criteria.
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…
The SailPoint Identity Platform (IdentityIQ) provides enterprise-level cloud-based or installed identity and access management (IAM) software featuring single sign-on (SSO), password management, provisioning, role management, and identity intelligence for audit purposes.
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…
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…
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.
AuditBoard is a cloud-based audit management software solution from the company of the same name in Cerritos.
Launched in August, 2022 and replacing Proofpoint Archiving and Compliance, Proofpoint's Intelligent Compliance Platform offers enterprises regulatory compliance safeguards while simplifying corporate legal protection practices. The platform offers AI-powered collection, classification,…
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.
Nexis Diligence uses enriched data from a number of content sources to offer a comprehensive, 360-view of any person or company. The service includes Dun & Bradstreet® UBO data on hundreds of millions of businesses and commercial entities worldwide, for visibility into hidden connections…
Computer Services, Inc (CSI) headquartered in Paducah, offers the WatchDOG suite of financial risk management applications for banks and financial services enterprises, providing compliance news and management, regulation management, and related features.
Ventiv IRM is integrated risk management software designed to provide the insights needed to monitor and lower the user's Total Cost of Risk (TCoR). It features real-time analytics for decision support by integrating data from internal and external sources in one system while connecting…
Predict360, the flagship software solution by 360factors, 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,…
Ideagen's Enterprise Risk Management (ERM) software solution formerly known as Pentana Risk (and formerly Pentana Performance of Covalent Software, acquired in 2016) fully integrates risk management processes, from identifying and assessing risk business-wide, to assigning and monitoring…
Onspring delivers what they describe as a flexible, no-code platform for GRC, ITSM, audit, risk, compliance and business operations.
LogicManager headquartered in Boston, Massachusetts offers governance, risk management, and compliance (GRC) software.
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…
Dataminr Pulse is a Real-Time Event and Risk Detection solution for businesses, public sector, and news organization, that leverages AI to give users early indication of business-critical information about risks to people, a brand, and physical and virtual assets – so the user can…
Ncontracts in Brentwood is a provider of vendor and third-party risk managemetn solutions that aim to help banks, credit unions and mortgage lenders assess, manage, and mitigate the complete lifecycle of risk.
StandardFusion is a governance, risk management and compliance platform designed for tech-focused SMB, enterprise risk management and information security teams. StandardFusion is a Cloud-Based SaaS or on-premise platform, designed to make information security compliance simple,…
TrustLayer is an insurtech solutions company that automates insurance verification with machine learning & AI and provides real-time updates on the R3 Corda distributed ledger ecosystem.
SAP Risk Management is an enterprise risk management solution that supports risk identification, assessment, analysis, and monitoring. It can be deployed on-premise, or in the cloud.
Camms.Risk is a governance, risk and compliance management technology platform for enterprises, from CAMM (CA Technology) headquartered in Melbourne.
Living Security headquartered in Austin describes their security awareness training product as a means to engage employees with cybersecurity, as well as motivate, change and reinforce desired security behaviors. The suite includes gamified learning via online sessions and training…
Mitratech's EnterpriseInsight (formerly Procipient) lets users overcome the limitations of other Enterprise Risk Management tools. By leveraging its pre-built enterprise risk templates, the vendor states users will be able to quickly conduct risk assessments of your organization,…
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.
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.