10 Best Risk Management Software of 2024

Risk is defined as the likelihood of an event and its outcome. Most of the time, these risks are considered harmful elements. The categories of risks are: 

• Strategic Risk - Example: a new competitor entering the market. 
• Compliance and Regulatory Risk - Example: New government policies. 
• Financial Risk - Example: Rise of interest rate of loans. Financial risk management software is used to take care of such risks. 
• Operational Risk - Example: Theft 

Risk management in software engineering is the process in which you identify threats, monitor their status, conduct internal audits and manage the risks to mitigate any damage to the company or organization. The most popular means of addressing these risks is through risk management software development. 

Risk management software is an enterprise tool that aids companies in managing their risk through data analytics and visualization. GRC tooling is how GRC tools are used to manage operations and ensure a company's compliance and risk standards are met. Before selecting a risk management software for your organization, read the following blog to learn about the best risk management software in the market. Look for IT Service Management courses online to gain IT service management skills and launch your career in the industry. 

Considerations for Risk Management Software

• What risks are you looking to take care of, and how? 
• Is the software compatible with the existing technical systems and infrastructure? 
• How long is the implementation process, and how is it implemented (installation or hosted)? 
• What support features and resources does the client get with the software? 
• Any past case study where the software mitigated the current Risk Management challenges elsewhere? 

Top Risk Management Software

Here are some of the best risk management system software used to analyze risks. There are not many free or open-source risk management software found on the web, and usually, some amount is charged to use them. 

1. iDOC 

iDOC is an efficient risk management platform and project risk management tool that controls and automates the documentation processes. The process includes distribution, standard operating procedures, organization policies, work instructions, etc. This tool offers excellent visibility in the documentation process in an organization. 

Some of the essential features of iDoc are as follows: 

• Ability to perform root cause analysis. 
• Corrective and preventive actions (CAPA) 
• Business process control 
• Change Management and Training Management 

If you want to know about the tool's pricing, you need to contact the iComply Life Science Solutions team. 

2. ShieldRisk 

ShieldRisk is a third-party vendor risk management software that uses artificial intelligence to manage risks. The tool enables the evaluation of advisors and auditing projects with more accuracy and faster speed. It also offers an in-depth analysis report of vendor security issues. 

Some of the important features of ShieldRisk are as follows: 

• Audit Management 
• Incident Management 
• Risk Assessment 
• Operational Risk Management 
• Legal Risk Management 

If you want a detailed quote, you need to get in touch with the Shieldbyte Infosec team. 

3. Benchmark ESG | Gensuite 

Benchmark ESG | Gensuite offers an enterprise risk management software known as Benchmark Risk Compliance. This tool is an all-inclusive solution for commencing an ESG risk mitigation project and helping the organization to be secure from fines, losses and negative business impacts. This tool is ideal for medium or large-sized institutions in the field of manufacturing, construction, defense, agriculture, etc. 

Some of the other important features of Benchmark ESG | Gensuite are as follows: 

• Audit Planning and Management 
• Compliance Management 
• Ability to create dashboards. 
• Corrective and Preventive Actions (CAPA) 

If you want to see a demo or get a detailed quote, you need to get in touch with the Benchmark Risk Compliance team. Before subscribing to a paid version, you can also use this risk management software's free trial version. Benchmark ESG | Gensuite offers another tool called Benchmark Stewardship which is a supplier risk management software. 

4. TeamMate Audit 

TeamMate Audit is an integrated risk management software and audit management system. It helps organizations manage all aspects of the auditing process and identify and evaluate risks. This tool is best suited for organizations that are looking to improve the management of their internal auditing department. 

Some of the essential features of TeamMate Audit are as follows: 

• Mobile Accessibility 
• Audit Planning and Management 
• Ability to create dashboards. 
• Compliance Management 
• IT and Legal Risk management 
• Corrective and Preventive Actions (CAPA) 

If you want to get a detailed quote, you need to get in touch with the Wolters Kluwer team. 

5. Corporater Business Management Platform 

Corporater Business Management Platform contains risk management software tools that help the companies assess risks and monitor the efficiency of the risk mitigation activities.  

Some of the other features of this tool are as follows: 

• Ad hoc Reporting 
• Budgeting and Forecasting 
• Compliance Tracking and Management 
• Corrective and Preventive Actions (CAPA) 
• Ability to create dashboards. 

If you want to see a demo or get a detailed quote, you need to get in touch with the Corporater Business Management Platform team. 

6. 3E Protect 

3E Protect is a risk manager tool that offers instant access to the chemical inventory and the relevant safety data. This tool is considered one of the most efficient and affordable Environmental, Health and Safety (EHS) Management. 

Some of the essential features of 3E Protect are as follows: 

• Mobile Accessibility 
• Inventory Management 
• Ability to create dashboards. 
• Compliance Management 
• Training Management 

If you want to get a detailed quote, you need to get in touch with the 3E team. You can also use this risk management software's free trial version for 2 weeks before paying for a subscription. 

7. Nlyte DCIM

Nlyte DCIM is an IT risk management software that helps in the automation, management and mitigation of risk related to critical infrastructure. It helps identify, manage and report risks associated with IoT assets and risk management in software engineering. 

Some of the crucial features of Nlyte DCIM are as follows: 

• Data Storage Management 
• Asset Tracking and Lifecycle Management 
• Audit trail and management 
• Compliance Tracking and Management 
• Contract Management  
• Cost tracking 

If you want to get a detailed quote, you need to get in touch with the Nlyte Software team. 

8. Essential ERM 

Essential ERM is one of the best enterprise risk management tools and supply chain risk management software that help mitigate strategic risks, report analysis, and create heat maps. It is well suited for organizations such as consulting firms, health care institutions, banks, etc. 

Some of the important features of Essential ERM are as follows: 

• Mobile Accessibility 
• Operational and Legal Risk Management 
• Audit and Incident Management 
• Ability to create dashboards. 
• Workflow Management 

The price of using the Essential ERM software starts at $299 per month. You can also try a free version of the tool before subscribing to a paid plan. 

9. Runecast Analyzer 

Runecast Analyzer is a risk analysis software that helps save the operations and security teams money and time by enabling a dynamic approach to IT operations management.  

Some of the essential features of Runecast Analyzer are as follows: 

• Namespace Management 
• Ability to perform root cause analysis. 
• Provides a secure data storage. 
• Compliance Management 
• Data aggregation and analysis 

If you want to get a detailed quote, you need to get in touch with the Runecast Solutions team. It also has the provision of a free trial version. 

10. Accountable

Accountable is a risk management software revolutionizing risk management and compliance management processes. It emphasizes the accountability stages within the company to improve the privacy and security infrastructure.  

Some of the important features of Accountable are as follows: 

• Audit Management 
• Incident Management 
• Documentation Management 
• Mobile Accessibility 
• Policy creation and library  

The Accountable tool has a flat rate pricing model, starting at $199 per month. You can also try a free version of the tool before subscribing to a paid plan. Check out ITIL course online to leverage ITIL techniques in IT and digital services. 

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Benefits of Risk Management Software 

The benefits of efficient risk management software and supplier risk management software are as follows: 

• Identifying Risks Swiftly and Effectively: Risk management software helps all collaborators be on the same page, ensuring quick identification of threats. 
• Maximization of Resources: This involves implementing formal policies for all activities and understanding the resources necessary to ensure the safety of the organization’s interests. 
• Automated Allocation of Risk Mitigation Tasks: Once a project is commenced, the risk management tool will automatically evaluate the risks and allocate mitigation measures to relevant collaborators. 
• Automated monitoring of the workflow structure: The tool will monitor and track each task and activity once the workflow has been defined for common issues. It helps in saving lots of precious time and effort. 
• Centralization of data in a convenient and secure location: The risk management applications help to store all the data in a secure location (physical drive or cloud) rather than maintaining a library full of physical documentation. 

Conclusion 

Risk management is an essential aspect of a project lifecycle. It involves the identification of threats, monitoring their status, conducting internal audits and managing their risks to minimize the impact on the organizational assets. This blog discusses some of the top risk management software available online. Enroll in a TOGAF training and certification to learn more about the Open Group Architecture Framework that helps standardize the architecture implementation for large computer systems.