Risk Management Software and Solutions

TrustRadius Top Rated for 2023

Top Rated Products

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Qualys TruRisk Platform

Qualys TruRisk Platform (formerly Qualys Cloud Platform, or 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…

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(1-25 of 410)

1
Qualys TruRisk Platform

Qualys TruRisk Platform (formerly Qualys Cloud Platform, or 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…

2
SailPoint Identity Platform

SailPoint Identity Security for the cloud enterprise manages risk from the explosion of technology access. The solution gives businesses visibility while automating and accelerating the management of all user identities, entitlements, systems, data and cloud services.

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Rapid7 InsightVM

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…

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4
ServiceNow Governance, Risk, and Compliance

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…

5
AuditBoard

AuditBoard is a cloud-based audit management software solution from the company of the same name in Cerritos.

6
NAVEX One

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.

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Donesafe

Donesafe is Health, Safety and Environment software that connects a management system from workers in the field to the management team in the boardroom, Donesafe was acquired by Health & Safety Institute (HSI) in February 2020.

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Diligent One Platform

Diligent One Platform offers a unified solution for Governance, Risk, and Compliance (GRC) management, providing a comprehensive overview of risks and insights in one place.

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Proofpoint Intelligent Compliance

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,…

10
Intelex

Intelex’s Environment, Health, Safety and Quality (EHSQ) applications are used to effectively manage all aspects of an organization’s quality program, as well as track safety data, and manage sustainability. It is designed to help manage, track and report quality-related metrics…

11
Nexis Diligence

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…

12
Ventiv IRM

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…

13
CSI WatchDOG

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.

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Predict360 by 360factors

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,…

15
Ideagen Risk Management

Ideagen's Enterprise Risk Management (ERM) software solution (formerly known as Pentana Risk) fully integrates risk management processes, from identifying and assessing risk business-wide, to assigning and monitoring mitigation plans, all the way through to reporting and defining…

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Onspring

Onspring delivers what they describe as a flexible, no-code platform for GRC, ITSM, audit, risk, compliance and business operations.

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Sphera PHA-Pro

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.

18
LogicManager

LogicManager headquartered in Boston, Massachusetts offers governance, risk management, and compliance (GRC) software.

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Fusion Risk Management

Fusion Risk Management headquartered in Chicago aims to redefine business continuity, risk management, and disaster recovery programs with the Fusion Framework System. With it, the vendor states that users can leverage dynamic data to track and monitor risks, align key strategic…

20
SpiraPlan

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…

21
Dataminr Pulse

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…

22
Verosint
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Verosint’s online fraud detection and prevention platform helps digital businesses to serve customers with less friction and stronger account security. Verosint presents itself as a team of anti-fraud agents, data scientists, identity experts and risk and cybersecurity professionals…

23
Base Operations

Base Operations helps companies keep their people and operations secure with what they present as granular, street-level threat intelligence. With it, users can investigate important locations on-demand to identify the threats that matter most and provide data-backed recommendations…

24
Consent2Go
0 reviews

Consent2Go is a platform that equips schools to plan incursions, excursions, manage compliance and maintain medical records with confidence, from the company of the Australian company of the same name. The platform presents a solution for managing parent communication, updating student…

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Xcursion
0 reviews

Xcursion is a risk services for schools, that helps school staff focus on and manage foreseeable program risks so that the school can improve safety and run better educational programs. It is a mobile toolkit for teachers and coaches that helps them to proactively manage student…

Learn More About 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.

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Frequently Asked Questions

What does risk management software do?

Risk management software products identify, analyze, prioritize, and mitigate risks to businesses. Risk management strategies can be tied to objectives, performance, or strategy as defined by the business.

What are the benefits of using risk management software?

Risk management software allows users to create data-driven risk mitigation and resolution strategies using a range of simplified tools. They can also be used for greater visibility into risks of possibly beneficial actions, such as investments or contracting services.

How much does risk management software cost?

There are some free risk management software product plans with limited features. Common subscription plans range between $2.99 and $10 at the lowest subscription tier, although most products require users to discuss pricing options with the vendors. Free demos and trials are common.