7 Best Risk Management Software of 2021 (Ranked & Compared)
They say that the more risk you take, the more you earn.
While this might hold true in life, it’s not always the case in business.
Better business decisions involve entrepreneurs that are calculated risk-takers – such risks have a better chance of working out in your favor.
For this reason, there are a lot of risk management software companies out there that promise complex solutions to manage key risks, but with so much choice, it can be hard to figure out which is the best one for your needs.
Using business planning software is crucial to move in the right business direction and know which actions to take during the day-to-day – however, your plans need to factor in the right amount of risk management.
In this article, we’ll talk about the best risk management software available in the market right now based on their features, customer satisfaction data, price points, and more.
Let's get right into helping you find the best software for your needs.
The following are my top picks for the best risk management software.
It is ideal when it comes to streamlining a small business, ensuring that everyone is on the same page in terms of risk management.
- Easily manage your tasks on Kanban boards so that everyone knows what has to be done, who is responsible for each task, and where items are in the workflow.
- Visually analyze your business with beautiful charts so you can find bottlenecks or even predict outcomes.
- Streamline the use of project risk planning software, task management software, and other necessary tools to make your business run successfully.
- Feel confident knowing that you can get everything done in time for deadlines so that you never miss a beat.
nTask is comprised of 4 different payment plans:
- Basic: Free Forever
- Premium: $2.99 per user per month
- Business: $7.99 per user per month
- Enterprise: You'll need to contact them to get a quote
Compared to some of the other software that we’ll review, these packages are much more affordable, which means that nTask might be a good introduction to risk control in a small business.
Resolver is a company that specializes in mitigating risk for companies. Resolver equips growing enterprises with a clear picture of their risk, enabling them to make quick and effective decisions.
These decisions help move their business forward while ensuring their people and assets are protected. This is done by offering the most comprehensive enterprise-level security software suite available today.
- Prevent security breaches so that you can focus on growing your business
- Monitor risks and compliance costs, and keep your customers safe with rapid threat detection and response
- Report on security risks via compliance information to track your progress allowing you to systematically manage all risk areas across the business
- Easily perform a gap analysis against industry standards so that you can prioritize your efforts
You'll have to get in touch with the Resolver team to request a demo and get a detailed quote.
Integrum is a global leader in business optimization and management software. Integrum has been transforming the lives of businesses and individuals with its award-winning product suite, enabling organizations to tap into their potential by turning data into information-backed decisions.
Integrum’s solutions are designed to help companies grow more efficiently through automation, process enhancements, improved visibility, and control of information flow across the enterprise.
It empowers workers in the field of management science by helping them to manage business conditions in real-time.
It's also a scalable, flexible, powerful solution when it comes to risk management.
- Build a risk profile for each of your customers so that you can stay proactive and offer protection before problems arise
- You will be able to see the data you need in a single dashboard so that you keep all your data up-to-date and always have the most current version of it.
- Risk management is made easier with configurable SMARTForms, which let you design your own personalized and responsive forms for your company
- Easy to understand dashboards that show what matters most so that you'll be alerted immediately when data changes.
This is another case where you'll need to request a demo to get a tour of the software and more information about the pricing model.
Qualys is the world’s most trusted provider of cyber security solutions. They make it easy for anyone to securely connect, run and manage their infrastructure anywhere on any cloud.
Their patented scanning technology instantly finds vulnerabilities in all your systems—no matter where you are or what country you operate.
With Qualys, you can finally see your whole digital footprint so you know exactly what needs fixing to protect against hackers, malware, and data breaches.
- Vulnerability and critical misconfiguration detection so that you stay on top of any potential risks
- Continually and automatically scan your worldwide hybrid environment for vulnerabilities and serious infrastructural malfunctions.
- Get notifications of zero-day threats, stolen assets, and network anomalies in real-time.
- Use the most up-to-date threat intelligence, advanced correlation, and sophisticated machine learning to focus on what's most critical in your business.
Though there are no prices listed on their website, you can try this solution for 30 days with no limits. You can also use it with unlimited scope to understand if it's the right fit for your needs.
Fusion Framework System is the world's most trusted security cloud company. Their focus is on delivering visibility, automating protection, and ensuring compliance across physical and virtual spaces. They also use some of the best cloud storage services, which have driven their substantial growth over the years.
Their innovative technologies provide enterprises with real-time insights into their data center assets, including vulnerabilities, configuration settings, and changes at scale – helping these enterprises achieve resiliency faster while reducing risk exposure.
The Fusion Framework System Platform provides a simple solution that takes care of all the necessary features.
It continuously performs risk monitoring when it comes to threats, delivers vulnerability management, helps automate patching, empowers employees to control access rights, applies the right risk mitigation policies, and assures regulatory compliance.
- Uncover and fix weaknesses in your business before they become problems so that you receive quick, factual, and objective risk assessments on the state of your business.
- Focus on day-to-day business activities while the system executes a thoughtful plan to improve company readiness.
- Reduce the risk of financial losses, legal penalties, and brand damage.
- Improve customer experience by delivering what you promise on time every time.
- Have peace of mind knowing that you're prepared for anything your day-to-day operations throw at you.
You can see the Fusion Framework System live and in action by requesting a demo on their website. They promise to follow up on any queries within 24 hours from the time of submission.
6clicks is your Operating System for Risk and Compliance. They make it easy to manage risk registers, run risk reviews, assign owners, define treatment plans, and more to get you audit-ready and in control faster than ever before.
Their software is a one-stop-shop for all things involving governance, risk, and compliance. With their intuitive interface that's designed with simplicity in mind, they've made it easier than ever to stay on top of your data security standards.
In addition to being regulatory compliant, 6clicks also helps you stay aligned with industry standards by making it simple to implement an information security management system (ISMS).
- Access to world-class risk libraries so that legally mandated risks are factored into your risk register.
- Customize every step in the risk identification, assessment, or management process – all within the 6clicks interface.
- Free up resources for more important business risk assessment projects by letting 6clicks do the heavy lifting on your standard risks.
- Feel confident in your company's preparedness for any situation that may arise.
Keeping in mind that different organizations have different needs when it comes to their size and security requirements, 6Clicks offers 3 plans.
- Startup: $4,800 per year (plus $450 onboarding fee)
- Growth: $18,000 per year (plus $950 onboarding fee)
- Enterprise: Prices given during a live call
StandardFusion is an integrated risk management software and GRC solution for technology-focused Information security teams.
They provide you with the tools to identify, assess, and treat risks to help your company meet compliance requirements both internally and externally.
StandardFusion is designed with different sized businesses in mind – it's easy to use, and gets results fast, irrespective of the size of the business.
- Spend less time struggling with tech tools so that more of your compliance requirements are mapped to actionable tasks.
- Know what you need to do before it's due – tickets can be managed automatically, so you don't miss important deadlines.
- Have risk, audit, and compliance management all in one – so that you check the status of your compliance requirements from identification to completion in one place.
- Be notified when audits are due, giving you time to pull together what is needed for audit readiness.
With 4 different tiers of pricing and features, you are sure to find the right solution for your business needs.
These are the pricing models offered by Standard Fusion:
- Starter: $750 per month (plus $2500 onboarding)
- Professional: $1700 per month (plus $5000 onboarding)
- Enterprise: $3500 per month (plus $8000 onboarding)
- Enterprise+: $8000 per month (plus a dedicated implementation)
Risk Management Software is a type of software that helps to identify, assess and treat the risks in an organization.
This software can be used for technology-focused information security teams as a supplement (or the sole solution) to traditional risk management processes.
Alternatively, it can also be used by non-technical risk managers who need to keep track of the risks identified and how they are assessed and responded to.
These software tools focus on automating common compliance tasks like identifying risks, monitoring for changes, and reporting on audits.
They come with preloaded content that is relevant to certain regulations—like PCI DSS or ISO/IEC 27001, but many companies customize these tools so they can track specific regulations or industry standards within their organization.
For example, some organizations will use a tool like this to help them comply with HIPAA regulations (in addition to using an Electronic Medical Records system).
A risk management methodology involves a process that identifies risks that may affect your company's goals.
This process also involves assessing those risks so their impact on such goals can be determined as well as developing plans for responding to those risks should they materialize.
This process includes protecting against the risk, reducing its impact if it does occur, or transferring or avoiding it together.
Let’s have a look at a concrete example. Imagine you’ve spent the last few weeks looking at a list of the best online business bank accounts, deciding which one offers you the best features based on your requirements.
By using risk management software, you’ll be able to get confirmation that the bank you’ve chosen is indeed the right choice and that you will not be blindsided further down the line as you’re using this bank’s services.
If you did end up being blindsided, you might end up having to pay exorbitant fees to fulfill your obligations.
This is just one simple example that is pretty easy to understand. However, the complexity when dealing with business risks is usually much higher and less straightforward.
Now expand this concept across an entire organization. Think about how many departments, people, processes, machines, etc. there are inside an organization. Then think about the risks associated with each department, process, and machine.
Risks can be as simple as a person forgetting to follow a simple company policy, or they could be much more serious – like data breaches and financial issues.
Risk management software is designed to:
Get everyone on the same page to easily track all of your workflow items – from identification of risk through remediation completion – so everyone is aware of what needs to be done next.
This allows you to identify risks early so you can spend more time working on more important business items that move the needle.
Risk management is only one part of good governance. But, in the current environment of intense corporate responsibility – it's more important than ever to have a robust risk management program in place.
Maximizing resources is all about being efficient. It's also about being able to track everything that is going on within your organization.
It's not just about having formal policies for everything under the sun. It's also about understanding what you need to do to ensure your organization is safe and secure.
Once a task has been started, a great risk management software will be constantly evaluating what is happening and automatically reassigns the tasks when either the risk is resolved or the risk changes status.
This means that there is no more forgetting what needs to be done next.
This aspect of a good system can also save time and ensure nothing slips through the cracks. If something needs your attention – it will be delivered to you, along with all relevant information so you can move forward on the issue at hand.
This helps maintain transparency across the organization so no one feels they are being singled out or left in a dark place.
If there is a set process that has been defined for any issues that arise – then this type of software will allow you to define each step in the process and have the system automatically track each step as it is completed.
Automating this process can save you time and energy – freeing up resources to focus on other areas that need attention.
Great software will allow you to seamlessly integrate with existing systems (like customer relationship management software, project management software, etc.) or allow you to create new workflows based on the needs of the business.
This level of flexibility makes it easier for any business to take advantage of risk management software regardless of their organization's size or industry.
For example, if your company uses a lot of custom applications, a risk management software will allow the end-user to connect those applications within the workflow so they know what needs to be done next regardless of what software it's coming from.
This would all be done while mitigating any critical risks that might arise from such integrations.
Instead of having boxes and folders filled with paper reports, sticky notes on monitors, and whiteboards filled with information (and god knows what else) – a great risk management system will allow you to centralize all the relevant information into one place: Your computer.
Having everything centralized allows you to get a quick snapshot of where your organization stands while also allowing more time for other things that need attention.
By implementing risk management software solutions, you should be able to increase the efficiency of your workforce across all areas by freeing up resources for other tasks. This should help reduce costs and improve overall productivity so everyone wins in the long run.
Before giving an answer, it’s important to remember that Identifying the right operational risk management tools is a challenge. There are hundreds of options and they all seem to do it slightly differently than one another. As such, defining the most popular can be challenging.
Some risk management software tools are more popular than others though. In addition to the above, a few more popular ones include Atlassian, Cisco Umbrella, IBM Resilient, Microsoft 365 Risk Management Software, and Threatscape.
Of course, this isn't an exhaustive list – but it's a good starting point for anyone looking to find out what is available in the marketplace.
This question depends on your organization's needs. If you already have an established workflow, then choosing the right system will allow you to take advantage of these existing systems or even create new workflows based on your specific needs.
The next step would be deciding how much control you need over these processes because risk management software varies greatly in this area. For example, some solutions will allow you to fully customize everything (down to the last detail) while others only allow for limited customization.
Once you've identified your needs and found an appropriate software solution – it's just a matter of getting everyone on board with using it.
Inviting employees to be part of the process is important because it can provide valuable insight into how things work within different departments. This information helps identify potential risks that may not have been otherwise considered.
Several organizations are even implementing gamification techniques that reward participation by allowing employees to earn badges or other types of recognition that help increase and excel the overall engagement.
This is especially important when organizations are trying to implement new workflows or tasks that require adaptation to existing processes.
By empowering employees with this type of risk management software, they're able to ease the transition by taking advantage of everything the solution has to offer (and having fun while doing it).
As previously mentioned, there is a wide variety of risk management solutions on the market. However, most fall into one of two categories:
1. Open Source Risk Management Software – Open source options are free to use and also allow for additional customization depending on your needs. These types of tools are typically inexpensive and allow you to focus more resources on other areas within your organization.
2. Commercial Risk Management Solutions – Commercial solutions tend to be more costly even when they have a lower up-front cost because prices increase when additional modules or addons are purchased.
However, these tools often provide quicker deployment times as well as increased performance which helps improve efficiency throughout a workflow.
The choice between open-source or commercial is ultimately up to what your organization values more. If you're looking for the best security solutions regardless of price, then a commercial solution might be what's right for you.
On the other hand, if time and cost are less important factors but you still want a good product – an open-source solution just might do the trick.
There are many top risk management software available on the market. Most of them are designed to help you identify existing risks, prioritize them accordingly, and ultimately develop ways to mitigate or transfer those risks into opportunities.
When it comes to functionality, there are many features that are important in risk management. Some SaaS companies integrate compliance programs, incident management, GRC software, ERM software, payroll software, and other important features as part of their risk management platform.
The user interface is also something to consider. User-friendly drag and drop features definitely help when it comes to an easy user experience but might not be crucial depending on who will be using such software.
At the end of the day, it depends on the sector in which the software will be used.
For instance, a healthcare organization requires different metrics to be assessed than a development company when it comes to monitoring risks, and as such the risk data that needs to be analyzed will differ.
There are many risk management processes but there are 5 major steps you should be familiar with :
1. Risk Assessment – The first step is to identify existing risks – whether they're internal or external.
This often happens through brainstorming sessions where employees can provide valuable insight into how their respective departments function. This can help identify areas of potential risk.
2. Transfer – One of the most common ways for organizations to mitigate or transfer these risks is by entering into a contract with an insurance company.
This helps protect both parties involved by transferring this legal responsibility onto another party who's better qualified to handle it.
However, this approach does come at a cost so it's important to weigh the costs/benefits aspects of implementing this type of risk management solution.
3. Risk Prevention – Implementing processes and procedures is another way to help reduce or prevent risks from occurring in the first place.
This includes using software that's able to track specific operational risk data points. An organization can then leverage these into actionable insights that lower overall risk levels.
4. Internal Audit – Internal audits will allow your organization to test your controls by hiring outside parties who are independent enough to provide valuable feedback on where your process/procedures may be falling short.
Having this “outside” perspective allows you to identify areas where you might be lacking necessary tools, resources, etc.
5. Remediation/Prevention – The final step is where you take everything you've learned and develop ways to remediate or prevent these risks from occurring again.
As part of this step, it's important to look at what caused the risk in the first place and think about how you can apply those learnings into your new mitigation plan.
In conclusion, risk management is a critical part of any organization's ongoing success.
Being able to identify, prioritize, and ultimately develop ways to either mitigate or transfer these risks allows you to leverage your workforce more efficiently while providing a proper return on investment for your business.
To recap, here are my top choices for the best risk management software:
- nTask: Best for seamless small businesses collaboration within risk management parameters
- Resolver: Best for an easy-to-use risk management solution that takes your enterprise to new heights
- Integrum: Best for using data to power your decisions
- Qualys: Best for going from prevention to detection to response quickly
- Fusion Framework System: Best for simplifying complex risk management tasks in your business
- 6clicks: Best for becoming audit-ready faster than ever before
- StandardFusion: Best for risk, audit, and compliance management – all in one tool
Finding the risk management software that's right for you and your organization is the first step toward better understanding where to focus your efforts. After all, you can't manage what you don't know.
I hope this article has helped give you a better idea of how having the right risk management tool can help identify and prioritize operational risks more effectively.
This puts you in a stronger position to make better decisions and ultimately increase your overall ROI in your business.