Dive into all you should know about risk management and the best available risk management tools and software.
What is Risk Management?
Risk management encompasses the identification, assessment and response to risks to the capital and earnings of an organization. These risks stem from a multitude of sources, such as financial uncertainties, technology issues, legal liabilities, strategic management errors, mishaps and natural disasters.
Risk management assesses the relationship between risks and the potential impact they could have on the goals of an organization.
Why is Risk Management Important?
Effective risk management helps control future outcomes as much as possible by acting proactively rather than reacting to situations as and when they arise. It helps minimize both the possibility of a risk occurring and its potential impact. Enterprise risk management (ERM) is a holistic approach to managing risks.
The goal is not to eliminate risks altogether but to take calculated risk decisions that preserve and add to enterprise value. By implementing risk management techniques, an organization can discover which risks are worth taking.
What is a Risk Management Plan?
A successful risk management plan helps an organization assess the entire range of risks it faces. It is a written document that details the risk management process of an organization, including all risk assessment, analysis, tolerance and mitigation considerations. A risk management plan should be linked with organizational strategy.
To intertwine them, risk management leaders should first define the risk appetite of an organization.
Also read: IoT Adds Complicated Layer to Risk Management
Best Risk Management Software
Risk management tools help organizations reduce exposure to operational and enterprise risks through (more) effective management of data, thereby minimizing losses and improving quality. Find below the best enterprise risk management software, in no particular order.
ServiceNow Governance Risk and Compliance
ServiceNow’s Governance Risk and Compliance (GRC) platform enables you to improve business resilience, obtain real-time visibility, increase productivity, and communicate effectively.
Key Differentiators
- A unified data environment empowers risk-based decisions across the enterprise.
- You can use business continuity management and continuous monitoring to drive action and minimize business disruption.
- Boost productivity with consumer-like user experiences, artificial intelligence (AI) and automated, cross-functional workflows.
- Dynamic dashboards integrate risk and resilience data and help effectively convey your risk posture.
- You can continually monitor for compliance and manage and automate policy lifecycles.
- An intelligent chatbot assistant helps resolve issues faster.
- Other capabilities include vendor risk management, operational risk management, operational resilience, and privacy management.
Pricing: Contact a ServiceNow representative for a custom quote.
LogicManager
LogicManager’s ERM software helps simplify developing, improving and reporting on your business risk program and enables better business decisions.
Key Differentiators
- The risk management software helps house accurate, actionable data in a single centralized, scalable platform.
- With pre-built, configurable risk libraries, you can detect business vulnerabilities and assign control activities to them.
- With real-time risk intelligence, you can make informed business decisions.
- Using taxonomy technology, you can uncover dependencies and relationships across departments.
- With accessible to-do lists, track your risk management responsibilities with ease.
- With out-of-the-box, objective and editable risk assessments, you can identify the most critical risks across the organization.
- Automated tasks, reminders and alerts help engage the concerned people in every step of your risk management program.
- With custom dashboards, risk control matrices, top risk summaries and out-of-the-box heat maps, you can deliver meaningful and engaging reports.
Pricing: Request a free demo today. Contact the LogicManager sales team for product pricing.
RSA Archer Suite
Archer Suite by RSA (Security) is a single suite that has the adaptability, breadth and depth to mature any risk program and manage multiple dimensions of risk.
Key Differentiators
- Information technology (IT) and security risk management helps compile a complete view of technology-related risks across your organization.
- You can present a consolidated view of risks across the organization by compiling data from siloed risk repositories.
- Manage risks and the complete third-party governance lifecycle from performance monitoring to engagements and relationships.
- You can prioritize audit activities based on business priorities and risk assessment.
- You can manage crisis events and communications, catalog and resolve operational incidents, and prepare for business and IT disruptions.
- Bring together information from several regulatory bodies into a solitary, searchable repository.
- Public sector risk management helps meet the special requirements of risk management in governmental institutions.
Pricing: Contact sales.
IBM OpenPages with Watson
IBM OpenPages with Watson is fueled by AI and serves as the foundation for an organization’s ERM by merging compliance initiatives and organization-wide risk into a single, consolidated management solution.
Key Differentiators
- Drive GRC with a task-focused, modern user interface (UI) to complete tasks.
- A GRC virtual assistant provides 24/7 support.
- AI expertise promotes efficiency and accuracy in incident reporting and helps translate documents across over 50 languages.
- Comprehensive REST APIs help achieve data integration.
- IBM Cognos Analytics provides predictive insights into the state of risk across your organization.
- You can automate GRC processes in a matter of minutes.
- The solution can be deployed on any cloud through IBM Cloud Pak for Data.
- You can scale to tens of thousands of users.
Pricing: There are five available OpenPages bundle pricing plans. Talk to an IBM GRC expert today to find the right fit for your organization.
Also read: Why Is Risk Management Important?
MetricStream Enterprise GRC Solution
MetricStream Enterprise GRC Solution is built on the MetricStream Platform and enables a collaborative, holistic approach to GRC by cutting across organizational silos.
Key Differentiators
- The solution enables a streamlined, pervasive approach to risk management.
- You can plan and execute an effective disaster recovery and business continuity program.
- With the solution, you can manage a variety of compliance requirements in an integrated way, including cases and surveys, regulatory engagements and cross-industry regulations.
- You can streamline internal audit processes.
- Obtain a 360-degree view of business performance, compliance and third-party risks.
- The solution provides support for regulatory notifications, advanced risk analytics, real-time reporting and mobility.
Pricing: Contact MetricStream for pricing information.
HighBond
Developed by Diligent (previously Galvanize), HighBond is an enterprise governance solution that creates stronger risk management, security, assurance, and compliance. You can organize activities in a centralized workflow and aggregate data for real-time reporting and decision-making.
Key Differentiators
- A holistic, centrally managed view of your risk balance sheet helps concerned team members monitor strategic risk.
- You can streamline project management.
- With HighBond, you can automate remediation workflows for records that are flagged.
- Robust reporting capabilities include custom report creation, dashboards, storyboards and one-click reports.
- You can streamline audit planning and centrally manage the audit workflow.
- The solution enables you to integrate analytics and manage, track, and report issues.
- You can organize and manage regulatory policies and requirements centrally.
- Assess and monitor compliance and report on compliance status.
- You can import data from Microsoft Excel to construct risk and control libraries.
Pricing: Contact the sales team for pricing details.
Refinitiv Connected Risk
Refinitiv Connected Risk is a GRC solution that connects internal and external information from different sources to help aid in strategic business decision-making while providing a complete view of the risks that matter.
Key Differentiators
- The solution provides offerings to help with IT risk management, business continuity management, vendor risk management, AML risk management and gifts and entertainment.
- You can tailor workflows and automate monitoring capabilities.
- Manage alerts with detailed and interactive charts, reviews, updates and approvals that are viewable through configurable screens.
- You can streamline data from legacy solutions.
- Advanced mapping joins sources of information and brings together data sets in varying taxonomies and formats.
- You can use the provided toolkit to customize the solution to specific needs. This helps reduce investment and operational costs.
Pricing: Fill out a simple form to request product pricing details.
LOCKPATH
Developed by NAVEX Global, LOCKPATH is an integrated risk management solution for risk and compliance. The platform provides six robust products to support your risk management necessities, in a single platform.
Key Differentiators
- Third-party risk management helps you identify, comprehend and manage risks brought by third parties.
- You can develop and maintain a sustainable continuity program for the business and business-prioritized plans that strengthen business resiliency and minimize the impact of disruptions.
- Establish and govern agile compliance, risk, and data privacy programs.
- Enhance operational resiliency and fortify process safety management.
- Strengthen IT compliance and governance efforts while simplifying the identification, comprehension, and monitoring of all kinds of risks to your organization.
- LOCKPATH offers operational risk management capabilities as well.
Pricing: Contact sales to determine how much LOCKPATH costs.
LogicGate Enterprise Risk Management
LogicGate Enterprise Risk Management is an ERM solution that helps turn risk management into opportunity management by transforming your risk strategy from reactive to proactive.
Key Differentiators
- Risk Cloud is a cloud-based solution with a suite of pre-built applications to help transform the manner in which you manage GRC processes.
- With Enterprise Risk Management on Risk Cloud, you can address the most pressing risks first.
- Conduct risk assessments to rate the potential impact and likelihood of risks.
- You can organize risks from all workstreams.
- Obtain enterprise-wide risk alignment.
- Risk Cloud’s Enterprise Risk Management: COSO application comes with vulnerability, velocity, likelihood and pre-configured risk impact scoring guidance to help you assess residual and inherent risk scoring in accordance with the Committee of Sponsoring Organizations (COSO) guidance.
Pricing: You can request a product demo today. Contact the LogicGate sales team for pricing.
BWise GRC Platform
Developed by SAI Global, BWise GRC Platform is an enterprise GRC solution that helps businesses control reputational and financial risks, along with the risk of non-compliance.
Key Differentiators
- You can create, execute, and maintain risk assessments to determine the risk status, report on progress, audit universe and audit coverage.
- Annual audit plans can be governed at a managerial level.
- With real-time, drillable dashboards, you can obtain a detailed, 360-degree view of the risk management program.
- You can automate the regulatory compliance process, thereby saving on time and effort.
- With the Internal Control Solution, you can reduce the exposure to risk and obtain insights and greater transparency into the internal control program.
- Rich data feed management to transform, retrieve and access data from a variety of third-party sources, such as SCCM, Nexthink, Nessus and Qualys.
Pricing: Contact the sales team for product pricing details.
Choosing Risk Management Tools and Software
Explore each of the mentioned risk management software in great detail and purchase one that most aptly meets the requirements of your organization. That said, we strongly recommend ServiceNow’s Governance Risk and Compliance (GRC), LogicManager’s ERM solution, and IBM OpenPages with Watson – the solutions are laden with features and highly rated.
Read next: How to Prevent Third-Party Vulnerabilities
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