Risk Management Software
Risk is a big part of our life and work. It can relate to money, decision making, new methods or strategies. There are many aspects connected with risk. And risk management is one of the most important elements to consider when running a project. But not only. We should know how to deal with risk in order to achieve success.
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There are many methods and practices of risk management. Some are more innovative, others are less. And everybody chooses different type depending on their preferences, approach to work, and area of expertise. There are also tools which help in managing risk and one of them is risk management software.
Project managers, companies, or even individuals decide to use them so that they can evaluate their performance in terms of exposure to danger. Such a tool can be advantageous in determining how far a company can go with the project and where’s the boundary which shouldn’t be crossed.
Today we present the list of 10 best risk management software which can help your business avoid failure, improve the efficacy, and, most of all, enable you to always monitor and manage the risk of your projects.
TimeCamp is not only a simple time tracking tool. Beside the function of tracking your employees’ work hours it also enables you to manage tasks and projects. Then why is it on the list of top 10 risk management software? Because with its specific features it can help you easily assess the risk your projects carry:
- The financial risk – you can easily see whether the budget assigned to particular tasks is being exceeded. If so, you can simply cut it and change it anytime you need to.
- The time risk – when you see that the time you allocated to a task, project, or a person is above the limit and you know it’ll need more time to be finished, you will easily prolong it without the risk of losing all the hard work.
- The project’s failure risk – thanks to assessing project’s progress and state, you can see if your employees are effectively managing it. If you notice this progress indicates risk, you can delegate the tasks to other people.
ProcessGene is a cloud-based solution. It’s a tool focused particularly on managing the risk, including such aspects of it as identifying, assessing, analyzing, mitigating and monitoring risks of different types. Thus, it is perfect for a company which needs a simple yet extensive risk management software. But it not only monitors risk, it also makes work easier thanks to taking care of all the processes connected with risk management. ProcessGene helps a company to accomplish goals, taking into consideration risk related to them. And by that, it eliminates any possible obstacles. Here are some of the main features of the tool:
- Critical heat-maps that monitor risk and assess capability.
- Tracking and diagnosing progress of the risk management program.
- Relating risks to relevant business processes, systems and organizations.
- Defining and linking KRIs to processes or risks.
- Recording and categorizing loss events.
- Managing loss prevention activities.
- Managing opportunities vs. risks
- Generation of reports for boards of directors, auditors, and regulators.
- A powerful searching and reporting module.
- Email-based notifications and alerts.
3. A1 Tracker
A1 Enterprise software is a web-based tool which significantly enhances the work of risk management by storing all the data on the web-based tool. This software is perfect for you if you’re looking for an individual risk management plan, customized specifically to your company. The administrators of A1 Tracker, based on your needs, make a special plan depending on their strategies and experience but also on your company’s vision and performance. The main features:
- A complete suite of online tools to aid in mitigating risks.
- complex analysis of many variables. It also covers a wide range of risk management protocols.
- Risk management tools for tracking risk at many levels in the organization.
- Web-based threat assessments → organization can receive real-time threat reports as observed by risk reports from different locations.
- Performance-driven results.
- Risk notifications, risk reporting with charts, graphs, and location reporting.
Another cloud-based software, Qualys “helps businesses streamline their security and compliance solutions and build security into their digital transformation initiatives – for greater agility, better business outcomes, and substantial cost savings.” And it couldn’t be put more simply. Qualys is a comprehensive platform with a friendly interface. On Qualys’ cloud, you can store all the risk information, manage it, and reduce it. However, this software is a great cyber risk management so it may not be that efficient if you want to focus only on project risk management. Here are its main features:
- Sensors provide constant visibility.
- All data is analyzed in real-time.
- Alerts notify you immediately if a threat appears.
- Easy, customizable dashboard available for you wherever you are.
CheckIt is a great solution for anybody who wants to transfer paper-based information onto the computer. This software uses OCR (Optical Character Recognition) to create your electronic database. It enables you to gather all documents necessary for audits or inspections and, above all, mitigate any risks emerging from such procedures. CheckIt is widely used by many corporations and serves as a great tool for managing and reporting any issues concerned with the risk relating to company’s performance but it also keeps all the data secure. Among the main features of CheckIt there are:
- Web-based solution for a wide range of audit/inspection activities.
- Data entry from paper, browser and the Checkit app (iOS & Android) with optical character recognition (OCR) technology for scanning and digitizing paper-based inspections.
- Automated and configurable corrective actions and notifications.
- Configurable, user-specific dashboard reporting.
- Standard & custom reporting tools, predictive analytics reporting.
- Reporting by site, business unit or corporate-wide
- Analyzing and report data online or export to PDF, Excel or CSV formats
- Adding photos, signatures etc. to audits (browser or the Checkit app)
- Easily integrates with other ERP platforms for data sharing and Single Sign On (SSO).
ZenGRC is a really simple tool. Thus, if you’re looking for a software which will help you specifically manage risk, asses it, analyze, and mitigate, without any additional features, ZenGRC will be a good solution. And you don’t have to worry about all the information in your programs because this tool helps you keep it safe. It also makes your and your team’s work more efficient as it automizes the processes. The main features include:
- Detecting real-time risk and managing it on a daily basis.
- Communicating with stakeholders.
- Comprehensible dashboard.
- Incorporating multiple frameworks, standards, and regulations.
- Map controls across frameworks, standards, and regulations.
Quite new, founded in 2015, the software is a perfect solution if you are concerned only with managing projects’ risk and its development. RiskGap has a simple and easy-in-use interface and is a great help in managing project risk. And in its simplicity, this software is a great aid in assessing the risk. Here are the best features:
- All team is involved in risk assessment.
- The use of real project parameters (cost and time).
- Integration with project management system.
- Constant analysis of risk and prevention.
- Risk map visualization.
What’s really great about this tool is the fact that its features are in compliance with the ISO 9001:2015 standard. And this feature distinguishes Isolocity from its competitors. Thanks to that you can be sure that the risk management in your company aims at the highest standards. Also, you don’t have to worry about your projects’ failure because when you use Isolocity, the software takes care of the risk assessment, analysis, mitigation, and helps you to find the best solutions for your work.
It has all basic features of risk management software, similar to those specified in previous tools. It is clear, easy-to-use, with dashboard providing important information. Moreover, tracking any types of audits or inspections is much easier with Isolocity.
This tool complies not only with FDA regulations but also with ISO quality standards. And here, similarly to Isolocity, you can make sure that the risk management in your projects is professional and effective. But! MasterControl Risk Analysis helps you in recovering the documents you might have lost during stressful project management situation. It restores them all and you can easily go back to work. This is a feature not many tools have, if any at all, and here are some other features:
- Electronic document management software automates document routing, escalation, and document approval.
- InfoCard metadata is linked directly to documents.
- Document change control facilitates and tracks all changes to a document.
- Analytics and reporting functionality.
- A web-based platform.
- Integrated quality management (CAPA, deviations, nonconformances, etc.).
- Integration with other applications such as employee training, BOM, supplier management, etc.
If you need professional business planning with consulting the risks it may carry, ARM (Active Risk Manager) is a good tool for you. It doesn’t only help you plan your business but also makes sure you pay attention to the risk management. ARM helps organizations identify, analyze, control, monitor, mitigate and report on risk across the enterprise. It is a simple tool, accessible to all your employees so that everyone can contribute to the company’s growth and mitigating risks. Main features:
- Risk assessment.
- Provision management which helps control the early drawdown of contingency funds on projects and programs leading to on-budget project delivery.
- Advanced risk scoring and analysis display in risk heatmaps that help prioritize risk mitigation activities at a project, program, department or enterprise level.
- Direct and indirect loss management functionality enhances profit margins through targeted reduction of losses.