The Best Risk Management Software For Enterprises And Midsize Businesses

“Risk is an undesirable event, a probability function, a variety, an expected loss,” says Paul Slaggert, former Director of Executive Education in the Mendoza College of Business at the University of Notre Dame.

To manage risk, careful planning and consideration are needed. No company, organization, or individual is beyond the reach of certain risks.

Risk management, according to TechTarget, must include the establishment of context, risk identification, risk analysis, risk assessment and evaluation, risk mitigation, risk monitoring, and communication and consultation. Those are a lot of components to navigate yourself. That’s why many organizations rely on global risk management solutions and enterprise management software to assist them.

But how do you decide what risk management information system will work best for your project? The first step is to research what tools are out there and see what risk enterprise management solution has the components you need to meet your internal goals.

This article will help you quickly compare and evaluate the best risk assessment software and other IT risk management. In this post, I’ll share with you the best tools for composite risk management and explore some enterprise risk management frameworks. To help with this, I have highlighted a few of the best global risk management solutions so that you can figure out how to manage risk.

Quickly Compare & Evaluate The 10 Best Risk Management Solutions

Vendor risk management is necessary for earning the trust of your customers and clients. Risk assessments software can highlight potential budget busters, time-wasters, and help to plan for unexpected disasters.

The Best Risk Assessment Tools

Here’s a shortlist of the best risk management tools:

1. StandardFusion
2. Project Risk Manager
3. Acumen Risk
4. Pims Risk
5. TrackMyRisks
6. Opture
7. IsoMetrix
8. @RISK
9. ProcessMAP
10. cammsrisk

Business Risk Analysis FAQ

Here is a brief risk software FAQ before we jump into the breakdown of each tool:

What is risk management?

Risk management is the process of predicting, assessing, logging, and navigating potential and active risks that could affect your product’s financial or physical well being. Risk management assessment surveys everything from monetary risks, legal risks, product safety risks, economic uncertainty, accidents or disasters, and more. Compliant risk management can protect you from being blindsided by an event or disaster.

What are the types of risk management?

The types of risk management techniques are:

• Avoidance — The potential risk is averted by negating the activity or plan that might inflame said risk.
• Mitigation — The risk is accepted as necessary but steps are taken to reduce its impact and cause the least damage.
• Transfer — Working with a third party, usually an insurance company, transfers the weight of the risk away from the business at hand.
• Acceptance — If the expected profit outweighs the expected risk, the level of risk may simply be accepted as a necessary evil.

What is enterprise risk management (ERM)?

ERM stands for enterprise risk management, which is the process by which a company or organization plans, organizes, and executes actions according to what path will be least risky to their capital and earnings.

What is an ERM system?

ERM software is software or a set of tools that can help an organization estimate, plan for, measure, and mitigate risks. ERM systems can help by plotting potential risks, calculating potential costs, keeping a database of risks, and more.

What are the benefits of risk management?

Put simply: risk management protects a company’s bottom line by mediating items that might cause harm to their capital and earnings.

What are some open source ERM software options?

If you are looking for open source ERM software, you can try: SimpleRisk, Eramba, SourceForge, Open Source Risk Engine, Open Risk, and more.

Not looking for corporate risk management? Check out our other lists of top project management software and tools:

1. Part of risk management is navigating bugs, so try the Best Bug Tracking Tools to identify and track issues.
2. If you are having trouble keeping your resources in order, try the 10 Best Resource Management Software.
3. Looking to get organized on a new level? Try our list of the Best Gantt Chart Makers for your projects.

Risk Management Software Criteria

What are we looking for when we select risk management tools for review? Here’s a summary of my evaluation criteria:

1. User Interface (UI): Is it clean and attractive?
2. Usability: Is it easy to learn and master? Does the company offer good tech support, user support, tutorials, and training?
3. Features & Functionality:

• Compliance Management — Does the software understand and incorporate any legal or procedural standards that your industry is obligated to follow? Risk management software usually offers compliance management features; for specialized compliance tools, have a look at my writeup on the best GRC (governance risk compliance) tools.
• Incident Navigation — Does the tool adequately plan for, track, assess, and report on each incident of risk?
• Prediction/Estimation Capabilities — Does the software have a means to accurately predict and prevent incidents before they occur?
• Reporting and analytics — Are the reporting tools robust, customizable, flexible, and visually appealing? Can they be exported into popular file types for review?

4. Integrations: Is it easy to connect with other tools? Any pre-built integrations?

5. Value for $: How appropriate is the price for the features, capabilities, and use case? Is pricing clear, transparent, and flexible.

Keep reading to see the full article of The 10 Best Risk Management Solutions

Originally published at https://thedigitalprojectmanager.com/ on May 26, 2020.