8 Risk Management Software Programs (With Features And Tips)
Updated 30 September 2022
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Businesses may invest in risk management to identify risks and take actions to avoid potential crises. Organisations that prepare action plans to handle unexpected situations are more likely to overcome operational challenges effectively, ensuring business success. Learning about software tools for risk management can help you reduce the number of unexpected events a business encounters and maximise its project outcomes. In this article, we learn about risk management software, explore some popular ones, along with their features and examine some tips to select the right one.
What is a risk management software tool?
A risk management software program is an important enterprise tool that allows organisations to manage risks. These risks are difficult to avoid, but managing them efficiently can help ensure business continuity and operational success. Software tools for risk management are of various types, ranging from tools based on predictive analytics to tools that analyse specific business processes, like identifying areas of improvement. These software tools are analytical and they assess data on different business functions, like finance, operations, human resources and information technology. These tools inform software users about potential risks that may impede the achievement of pre-defined business goals.
Risk management programs present data on dashboards and point out critical areas of business operations that require corrective actions. Users of these software tools can expand their analyses by exporting detailed reports from these tools and conducting an in-depth evaluation of the business activities that need a course correction. They can also evaluate data about business areas that are functioning as per the expectation to ensure that users can replicate the best practices. A user-friendly interface is an important attribute of a good risk management program as it allows users to read data conveniently.
Related: What Does A Risk Manager Do? (How To Become One And Skills)
8 Software tools for risk management and their features
Here are eight risk management programs that you may consider using:
LogicManager is a cloud-based risk management solution that allows you to keep an enterprise-level view of risks. This software stores accurate and actionable data in one centralised platform, which you can scale based on an organisation's needs. You can detect vulnerabilities across key business areas and plan corrective actions. The real-time risk intelligence offered by this software tool enables you to make better decisions and improve business performance. You can even schedule automated tasks, reminders, alerts and insightful reports in this software to communicate with other stakeholders within the organisation conveniently and can improve workflow effectively.
2. Archer Enterprise and Operational Risk Management
Archer Enterprise and Operational Risk Management offers different solutions, like operational and enterprise risk management, information technology risk management and public sector risk management. Using this software's top-down risk assessment functionalities, you can perform a risk assessment on new products and services, business processes and mergers and acquisitions. With this software, you can execute automated risk assessment campaigns using pre-built forms. You can easily configure this tool and its advanced workflow creation provides you with the flexibility to create processes in-house. It offers solutions to businesses operating in different sectors and has a strong user community and services expertise.
3. IBM OpenPages
Large and mid-sized companies operating in the finance, services, manufacturing and healthcare sectors can use this software to improve business growth. It is a powerful integrated governance, risk and compliance (GRC) platform that allows companies to manage risks and regulatory requirements during operations. It is available as a cloud-based solution, which makes it easier to access from anywhere at any time. Its salient features are GRC workflow, workflow editor, user management, automated dashboards and reporting. It may be useful to consider that new users might need some time to get used to this platform's user interface (UI).
Related: How To Become A Risk Analyst (Skills And Qualifications)
4. ServiceNow Governance, Risk and Compliance
Service Now is a cloud-based GRC platform that offers its users strong product functionality and performance. This software solution provides risk managers with ease of access, given you can use it on both mobile and desktop devices. Key capabilities of this platform are incident management, risk and control assessment, risk mitigation action planning and risk qualification and analytics. It allows easy integration of existing compliance platforms to the ServiceNow platform. This software also offers a continuous surveillance feature and lets you set alarms on identifying risks per your input parameters.
5. SAP Risk Management
You can deploy the SAP Risk Management program on-premise or on-cloud. It provides you with detailed insights into the risk drivers that may affect business continuity. With this solution, you can understand the risk and controls needed to meet strategic business objectives. Risk analysis, risk identification, risk monitoring and fast deployment are key capabilities of this software tool. Using this software, you can set up guided workflows and involve other stakeholders in the risk management process. SAP's advanced analytics capabilities allow risk managers to monitor application data from internal and external systems in real-time.
6. Oracle Risk Management and Compliance
Oracle Fusion Cloud Risk Management and Compliance program is a security and audit solution that tracks user activity and helps you with meeting compliance regulations through automation. This software utilises artificial intelligence (AI) technology and allows risk managers to prevent fraud and error by continuously monitoring transactions and sensitive enterprise resource planning (ERP) data. Using this software tool, you can secure user access and data, automate risk and compliance activities, ensure audit-ready processes and build a risk-intelligent work culture.
7. Ramco EAM
Ramco Enterprise Asset Management (EAM) is a cloud-based, feature-rich software tool that supports different maintenance strategies, like preventive, corrective and predictive maintenance. This software may find application in companies that operate heavy machinery, as monitoring the performance of machinery and planning maintenance activities is essential to ensure efficiency in operations. Internet of things (IoT) technology powers this solution where sensors placed on machines and physical assets transmit data about their working performance. You can access this data on mobile devices, which allows you to take prompt corrective measures from anywhere.
Workiva risk management program offers risk managers real-time risk management capabilities. Using this software tool, you can integrate data across risk assessments, controls and audits, which enables you to make more informed and real-time decisions. It simplifies tracking and managing assessment feedback, which strengthens the risk management process. With the risk environment always evolving for businesses, it also allows you to accommodate additional risks and related data. Its clean user interface (UI) and powerful data dashboards ensure a user-friendly experience. Workiva services businesses in different industries, like banking, higher education, insurance and energy.
Related: What Is Management? Definition, Functions And Levels
Tips to select the right risk management software
Here are some tips to help you select the right risk management programs for your business:
Define software requirements
Different software solutions come with distinct features. Selecting one based on business requirements helps you subscribe to a service that fulfils the organisation's criteria for risk management and compliance. If your requirement is for user access management, then selecting a software tool that focuses on optimising access management may prove effective. This way, you subscribe and pay for software features that you require specifically, instead of subscribing to a software program that offers a wide range of features that may not be useful to you.
The success of an enterprise depends on how well you prepare it to face potential threats. Subscribing to reliable risk management programs is important to ensure the organisation's business operations continue efficiently. Before deciding to invest in a software tool, consider researching the company and the software. Read peer and industry reviews online to learn more about the reliability and pros and cons of the software to make an informed decision.
Evaluate data capabilities
With a software program that utilises AI and machine learning (ML), you may utilise advanced analytics to improve your risk management efforts by determining patterns and opportunities. These advanced analytics often help you make data-driven decisions and achieve business outcomes. You may also use this information to improve processes that are experiencing performance issues.
Schedule a demo
An easy-to-use interface allows you to be more productive. An intuitive design of software helps you and the team learn it quickly and work on it efficiently. Critical features of a risk management program, like workflow management and report generation, are easily discoverable and understandable in excellent software tools. If a program does not simplify these features, you and your team may require more time analysing data. Consider requesting a demo of the software before purchasing.
Please note that none of the companies, institutions or organisations mentioned in this article are associated with Indeed.
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