30+ Essential Risk Management Tools for 2024  

Looking to fortify your organization’s resilience and thrive in today’s dynamic landscape? Dive into our comprehensive guide spotlighting the top-notch risk management tools! 

In this article, we will discover innovative solutions that empower businesses to navigate uncertainties, ensure compliance, and drive sustainable growth. 

Elevate your risk strategies with these 36 cutting-edge tools revolutionizing risk management practices!

We will cover:

• The list of tools
• What is risk management?
• What is the best risk management tool?
• Types of risk management
• Benefits of risk management tools

Process Street

Process Street streamlines risk management by offering customizable checklists, facilitating the identification and mitigation of potential hazards. Its user-friendly interface allows for easy collaboration, ensuring thorough risk assessment and control implementation. With automation features and integration capabilities, it enhances efficiency and provides a comprehensive approach to risk management processes.

Key features:

• Checklist automation: Create and automate dynamic checklists for recurring processes.
• Conditional logic: Customize workflows with conditional logic based on responses.
• Collaborative workflows: Facilitate team collaboration on tasks and processes.
• Integration capabilities: Seamlessly integrate with tons of apps and tools.
• Task assignment: Assign and track responsibilities within processes.
• Data collection: Gather and store data through forms within checklists.
• Reporting and analytics: Generate insights with analytics on process performance.
• Version control: Maintain and track versions of checklists for auditing.
• API access: Connect with other applications through APIs.
• Document storage: Attach and manage documents relevant to processes.

Pros:

• Intuitive interface makes it user-friendly.
• Offers secure data handling and storage.
• It has a mobile application.
• Custom automated workflows can be made with AI.
• It has lots of premade risk assessment templates to choose from.

Cons:

• There is no free plan.

Pricing: Process Street pricing page.

Workiva

Workiva stands tall as a versatile cloud-based solution, revolutionizing collaborative work processes. Renowned for its intuitive interface and comprehensive capabilities, it empowers teams to streamline data, reports, policy and compliance tasks effortlessly. 

Key features:

• Cloud-based platform: Provides a centralized cloud platform for collaborative work.
• Document management: Streamlines document creation, editing, and sharing.
• Data integration: Allows integration and management of diverse data sources.
• Collaborative editing: Enables real-time collaboration on documents and spreadsheets.
• Workflow automation: Automates processes for efficiency and consistency.

Pros:

• Facilitates compliance with regulatory requirements.
• Facilitates compliance with regulatory requirements.
• Tracks document versions for accuracy and auditing.
• Ensures data security with customizable access controls.

Cons:

• Because it’s not dedicated policy management software, it is missing certain features others have.

Pricing: Workiva pricing page.

MyComplianceOffice

MyComplianceOffice is a compliance management solution fostering a culture of integrity and transparency. It aids businesses in mitigating risks and adhering to regulations seamlessly. With its user-centric design, MyComplianceOffice empowers organizations to navigate compliance challenges effectively, ensuring ethical and compliant operations.

Key features:

• Risk assessment: Identifies and evaluates potential risks within the organization.
• Policy management: Centralizes policies, ensuring employees adhere to regulations.
• Incident reporting: Enables reporting and tracking of compliance-related incidents.
• Workflow automation: Automates compliance processes for efficiency.
• Regulatory monitoring: Monitors regulatory changes and updates.

Pros:

• Provides training modules and tracks certifications.
• Maintains a record of compliance activities for audits.
• Manages compliance-related cases and investigations.
• Stores and organizes relevant documents securely.

Cons:

• The UI is clunky, which makes it difficult to navigate at first.
• It lags when there are new updates.

Pricing: MyComplianceOffice pricing page.

NAVEX One

NAVEX One is a comprehensive ethics and compliance software prioritizing streamlined risk management and reporting. It centralizes compliance processes by using intuitive workflows and analytics. NAVEX One allows organizations to uphold ethical standards and mitigate risks effectively.

Key features:

• Incident reporting: Allows reporting and tracking of compliance incidents.
• Policy management: Centralizes and manages compliance policies and procedures.
• Training and awareness: Provides compliance training modules and tracking.
• Risk management: Identifies, assesses, and manages compliance risks.
• Audit management: Facilitates compliance audits and tracks findings.

Pros:

• Offers anonymous reporting channels for concerns.
• Manages and tracks compliance-related cases and investigations.
• Stores and organizes policy documentation securely.
• Automates routine compliance tasks for efficiency.

Cons:

• It’s less customizable compared to similar products.
• Licensing is pricey and may be too expensive for smaller businesses.

Pricing: NAVEX One pricing request.

StandardFusion

StandardFusion is a compliance management platform focusing on simplifying regulatory adherence. It streamlines compliance processes by emphasizing flexibility and efficiency. StandardFusion aids organizations in navigating intricate compliance frameworks seamlessly, ensuring robust governance and risk management effortlessly.

Key features:

• Policy management: Manages and tracks compliance policies and procedures.
• Risk assessment: Identifies, evaluates, and manages potential risks within the organization.
• Task management: Organizes and manages compliance-related tasks and deadlines.
• Audit management: Facilitates compliance audits and tracks findings.
• Incident reporting: Allows reporting and tracking of compliance incidents.

Pros:

• Monitors and tracks compliance with regulations and standards.
• Stores and organizes compliance documents securely.
• Automates compliance processes for efficiency.
• Has robust access control to keep sensitive compliance data safe.

Cons:

• There is limited customization in emails.
• Some users have reported problems with editing documents.

Pricing: StandardFusion pricing page.

Protecht

Protecht is a robust risk management and compliance solution focused on fortifying organizational resilience. It prioritizes risk identification and mitigation and empowers businesses to navigate complexities and ensure a secure and compliant operational landscape.

Key features:

• Risk assessment: Identifies, assesses, and manages potential risks within the organization.
• Incident management: Allows reporting and tracking of incidents for compliance.
• Compliance management: Tracks adherence to regulations and standards.
• Risk registers: Manages and tracks risks and controls within the organization.
• Workflow automation: Automates risk and compliance processes for efficiency.

Pros:

• Facilitates audits and tracks findings for compliance purposes.
• Manages and tracks compliance policies and procedures.
• Offers training modules to enhance risk awareness.
• Stores and organizes risk and compliance-related documents securely.

Cons:

• There is no pricing information available on the website.
• It takes time for new users to learn.

Pricing: Protecht demo request.

JumpCloud

JumpCloud is a cloud directory platform focused on identity and access management. Renowned for its agility, it centralizes user authentication and device management. By emphasizing flexibility and security, JumpCloud empowers businesses to manage and secure identities across diverse IT environments seamlessly.

Key features:

• Directory services: Centralizes user identity management across devices and applications.
• Single sign-on (SSO): Provides one-click access to multiple applications with a single set of credentials.
• Multi-factor authentication (MFA): Adds an extra layer of security for user logins.
• Device management: Manages devices and enforces security policies across platforms.
• User lifecycle management: Manages user provisioning, deprovisioning, and modifications.

Pros:

• Controls and monitors privileged user access.
• Offers secure authentication services for network access.
• Integrates with other applications through APIs for seamless functionality.
• Tracks and ensures compliance with industry regulations.

Cons:

• Importing new users is difficult.

Pricing: JumpCloud pricing page.

Modulo

Modulo stands as a robust governance, risk, and compliance (GRC) solution, prioritizing holistic risk management. It allows organizations to navigate complex regulatory environments seamlessly. By emphasizing comprehensive risk strategies and actionable insights, Modulo ensures resilient, compliant, and secure operations.

Key features:

• Risk assessment: Identifies, assesses, and manages organizational risks.
• Compliance management: Tracks and ensures compliance with regulations and standards.
• Incident management: Allows reporting and tracking of incidents for compliance.
• Policy management: Manages and tracks compliance policies and procedures.
• Audit management: Facilitates audits and tracks findings for compliance purposes.

Pros:

• Stores and organizes compliance-related documents securely.
• Provides insights into risk and compliance performance.
• Organizes and manages compliance-related tasks and deadlines.
• Manages permissions for access to sensitive compliance data.

Cons:

• There is no pricing information on the website.

Pricing: Pricing request available on landing page (scroll down).

SAI360

SAI360 is a GRC platform, emphasizing proactive risk management and compliance. Renowned for its adaptive approach, it navigates intricate regulatory landscapes effortlessly. By prioritizing comprehensive risk strategies and insights, SAI360 empowers organizations to ensure robust governance and compliance, fostering resilient operations.

Key features:

• Risk assessment: Identifies, assesses, and manages organizational risks.
• Compliance management: Tracks and ensures compliance with regulations and standards.
• Incident management: Allows reporting and tracking of incidents for compliance.
• Policy management: Manages and tracks compliance policies and procedures.
• Document management: Stores and organizes compliance-related documents securely.

Pros:

• Facilitates audits and tracks findings for compliance purposes.
• Automates GRC processes for efficiency.
• Provides insights into risk and compliance performance.
• Organizes and manages compliance-related tasks and deadlines.

Cons:

• There is no free trial or free version.
• Creating customized workflows can be tedious for some users.

Pricing: SAI360 demo request.

nTask

nTask embodies seamless task management, fostering collaboration and productivity within teams. It offers a robust platform that simplifies project coordination and boosts efficiency. With a user-centric design, it prioritizes streamlined workflows, allowing teams to focus on achieving their goals effortlessly.

Key features:

• Task management: Create, assign, and organize tasks efficiently within projects or teams.
• To-do lists: Compile lists of tasks or actions needed, categorizing them by priority or due dates.
• Time tracking: Monitor time spent on tasks and projects, aiding in productivity analysis.
• Gantt charts: Visualize project timelines, dependencies, and progress.
• Team collaboration: Facilitate communication and cooperation among team members.

Pros:

• Assess and mitigate potential risks associated with projects, enhancing overall project success rates.
• Manage project expenses and budgets, monitoring costs for better financial control.
• Efficiently allocate and manage resources across different projects.
• Set task priorities to focus on critical activities and ensure timely completion.

Cons:

• It isn’t the most intuitive.
• It can be difficult to locate certain features.

Pricing: nTask pricing page.

Resolver

Resolver is a robust enterprise risk management solution that empowers organizations to identify, assess, and mitigate risks effectively. Its platform fosters a culture of proactive risk mitigation by providing comprehensive insights, enabling informed decision-making, and facilitating streamlined collaboration across teams for resilient and secure operations.

Key features:

• Incident management: Capture, track, and analyze incidents to ensure a swift and effective resolution process.
• Risk assessment: Evaluate and quantify risks using various methodologies to prioritize mitigation strategies.
• Compliance management: Monitor regulatory compliance and ensure adherence to industry standards and requirements.
• Audit management: Plan, conduct, and track risk audits efficiently within the organization.
• Investigations: Conduct thorough investigations into incidents or irregularities.

Pros:

• Manage cases, incidents, or issues seamlessly through a centralized system.
• Identify underlying causes of problems to prevent recurrence.
• Store, organize, and manage policies and important documents securely.
• Establish and monitor internal controls to prevent and detect risks.

Cons:

• Version updates disrupt operational efficiency.

Pricing: Resolver demo request.

CURA

CURA provides comprehensive governance, risk, and compliance (GRC) solutions, enabling organizations to streamline processes, ensure regulatory adherence, and enhance operational resilience. Their platform fosters a culture of proactive risk management, facilitating informed decision-making and driving sustainable growth through integrated GRC strategies and technologies.

Key features:

• Regulatory intelligence: Keep updated with changes in regulations and standards.
• Action tracking: Track actions taken to address risks or compliance issues.
• Business continuity planning: Develop strategies for business continuity during crises.
• Risk management: Identify, assess, and mitigate risks across the organization.
• Compliance management: Ensure adherence to industry regulations and standards.

Pros:

• Plan, execute, and track internal and external audits.
• Create, update, and communicate policies and procedures.
• Access real-time insights and generate customizable reports.
• Centralized storage, version control, and access permissions for documents.

Cons:

• Information sharing is a little slow.
• There is no mobile version.

Pricing: CURA demo request.

TimeCamp

TimeCamp is an efficient time tracking tool that optimizes productivity and workflow management. Its intuitive platform meticulously tracks tasks, offering insights into time allocation for improved efficiency. With a focus on accurate reporting and analysis, TimeCamp empowers individuals and teams to streamline operations and maximize productivity effortlessly.

Best for: Workflow management.

Key features:

• Automatic time tracking: Precise tracking of work hours and activities.
• Project and task tracking: Categorization of tasks into projects and sub-tasks.
• Productivity reports: Insights into time spent, productivity levels, and trends.
• Timesheets: Detailed breakdown of time spent on different tasks.
• Team management: Collaboration features for team members and project coordination.

Pros:

• Generates invoices based on tracked billable hours.
• Monitors and manages team attendance and work hours.
• Integrates with various productivity tools, like Airtable and Monday.

Cons:

• Users report occasional glitches in tracking accuracy.

Pricing: TimeCamp pricing page.

Synergi Life

Synergi Life stands as a robust solution for holistic risk and QHSE (Quality, Health, Safety, and Environment) management. It integrates data across an organization, fostering proactive risk mitigation, compliance adherence, and operational excellence. With intuitive tools, it empowers informed decision-making, driving sustainable business practices and resilience.

Key features:

• Corrective and preventive actions (CAPA): Implement actions to rectify issues and prevent recurrence.
• Environmental management: Manage environmental impact assessments and compliance.
• Hazard identification: Identify and assess workplace hazards for mitigation.
• Supplier and contractor management: Assess and manage risks associated with external partners.
• Emergency response planning: Develop and manage plans for emergency situations.

Pros:

• Track and measure QHSE-related KPIs.
• Manage permissions and access levels for data security.
• Capture, track, and investigate incidents for resolution.
• Track actions taken to address incidents, risks, or non-compliance.

Cons:

• There is no pricing information available anywhere on the website.

Pricing: Synergi Life contact page.

Integrum

Integrum is a comprehensive software solution known for its versatile capabilities in managing quality, risk, compliance, and environmental health and safety (EHS) matters.

Key features:

• Safety observations: Report and manage safety observations and near-misses.
• Training management: Plan, schedule, and track employee training programs.
• Performance monitoring: Monitor and analyze KPIs related to quality and safety.
• Environmental management: Manage environmental impact assessments and compliance.
• Hazard identification: Identify and assess workplace hazards for mitigation.

Pros:

• Assesses and manages risks associated with external partners.
• Integrates with other systems and tools for enhanced functionality.
• Captures, documents, and investigates incidents across the organization.

Cons:

• Reports are difficult to make.

Pricing: Integrum demo request.

A1 Tracker

A1 Tracker is an enterprise software renowned for its versatility in streamlining diverse business processes. It provides comprehensive solutions for risk management, compliance, vendor management, and claims administration. Its user-friendly interface and customizable modules empower organizations to optimize operations and achieve seamless workflow management.

Key features:

• Claims administration: Handling and processing insurance or legal claims efficiently.
• Vendor management: Assessing and managing risks associated with suppliers and vendors.
• Incident reporting: Capturing and documenting incidents for investigation.
• Contract management: Tracking and managing contracts throughout their lifecycle.
• Audit management: Planning, conducting, and tracking internal and external audits.

Pros:

• Ensures adherence to industry regulations and standards.
• Tracks and manages organizational assets and inventory.
• Schedules and tracks employee training programs.
• Tailors modules to suit specific business needs.

Cons:

• The UI is poorly designed.
• You have to set up a demo to get pricing information.

Pricing: A1 Tracker demo request.

Qualys

Qualys is a leading cloud-based security and compliance platform trusted by businesses worldwide. It offers comprehensive vulnerability management, continuous monitoring, and robust security assessments. Its scalable and user-friendly approach empowers organizations to fortify their cybersecurity posture and maintain regulatory compliance seamlessly.

Key features:

• Vulnerability management: Identifying, prioritizing, and addressing vulnerabilities across assets.
• Asset inventory: Comprehensive visibility and tracking of IT assets across networks.
• Continuous monitoring: Real-time monitoring of security and compliance posture.
• Threat protection: Detecting and responding to threats promptly.
• Patch management: Automating patching processes to secure systems against known vulnerabilities.

Pros:

• Evaluates systems against industry standards and regulatory requirements.
• Assesses and secures web applications for vulnerabilities.
• Analyzes network security configurations for potential risks.
• Assesses and secures cloud infrastructure and services.

Cons:

• The task scheduling feature is limited.
• None of the features can be used offline.

Pricing: Qualys demo request.

SAS

SAS, a leader in analytics software, empowers organizations through innovative solutions in data analytics and business intelligence. Renowned for its advanced analytics tools and scalable platforms, SAS offers comprehensive solutions that enable data-driven decision-making, fostering growth and transformation across industries worldwide.

Key features:

• Text analytics: Analyzes unstructured text data for insights.
• Business intelligence: Delivers insights through dashboards and reports.
• Risk management: Offers tools for risk assessment and mitigation.
• Fraud detection: Detects anomalies and potential fraudulent activities.
• Decision optimization: Optimizes decision-making processes using analytics.

Pros:

• Utilizes advanced statistical methods and machine learning algorithms.
• Efficiently handles large and complex datasets.
• Provides highly accurate and reliable results.
• Implements strong security measures for data protection.

Cons:

• Dependency on SAS ecosystem might limit flexibility.
• Licensing structure might be complex and restrictive for some users.

Pricing: SAS pricing page.

Safesite

Safesite offers a user-friendly mobile app for real-time incident reporting, safety audits, and hazard identification in construction sites. Its intuitive platform fosters proactive safety cultures, empowering teams to mitigate risks, ensure compliance, and prioritize employee well-being through streamlined safety protocols and data-driven decision-making.

Key features:

• Incident reporting: Capture and report incidents in real-time for prompt resolution.
• Safety inspections: Conduct safety audits and inspections efficiently.
• Hazard identification: Identify and mitigate workplace hazards systematically.
• Safety observations: Report safety observations or near-misses for proactive measures.
• Safety meetings: Schedule, document, and track safety meetings.

Pros:

• Assigns and tracks safety-related tasks and action items.
• Conducts risk assessments and prioritizes mitigation strategies.
• Implements and tracks corrective actions for safety improvements.
• Conducts surveys to assess and improve safety culture.

Cons:

• It’s only useful for the construction industry.
• You have to sign up to receive pricing information.

Pricing: Safesite signup page.

RiskOptics (formerly Reciprocity)

RiskOptics is a risk management platform renowned for its dynamic risk assessment capabilities. It offers robust solutions tailored to diverse industries, optimizing risk identification, analysis, and mitigation strategies. Its sophisticated analytics and user-centric approach empower organizations to make informed decisions, fortify resilience, and drive sustainable growth.

Key features:

• Change management: Manage changes within the organization to mitigate risks.
• Vendor risk management: Assess and manage risks associated with vendors or suppliers.
• Root cause analysis: Identify underlying causes of risks for effective solutions.
• Risk monitoring: Continuously monitor risks and their potential impact.
• Incident tracking: Capture and track incidents related to identified risks.

Pros:

• Identifies potential risks across various aspects of the business.
• Evaluates risks based on impact and likelihood for prioritization.
• Develops a plan of action to reduce or eliminate identified risks.
• Tailors risk management frameworks to specific needs.

Cons:

• There is no free trial or free plan.
• Users have reported poor customer support.

Pricing: RiskOptics pricing request.

Omega365 (formerly PIMS)

Omega365 serves as a comprehensive enterprise solution, recognized for its versatile functionalities in risk management and compliance. Tailored to diverse industries, it offers dynamic risk assessment, proactive compliance measures, and robust analytics, empowering organizations to fortify resilience, ensure regulatory adherence, and drive sustainable growth.

Key features:

• Compliance management: Ensuring adherence to industry regulations and standards.
• Incident tracking: Capturing and monitoring incidents related to identified risks.
• Audit management: Planning and conducting internal and external audits.
• Document management: Securely storing and managing risk-related documents.
• Change management: Managing organizational changes and their impact on risk.

Pros:

• Evaluates potential scenarios for risk impact assessment.
• Develops strategies to maintain operations during risk responses.
• Identifies underlying causes of risks for creating risk profiles.
• Ensures adherence to industry regulations and standards.

Cons:

• There is no pricing information available on the website.

Pricing: Omega365 contact page.

MasterControl Risk Analysis

MasterControl Risk Analysis stands as a pivotal solution, offering dynamic risk assessment and management tools. It empowers organizations to proactively identify, evaluate, and mitigate risks. Through its robust analytics and customizable approach, it fosters informed decision-making, ensuring compliance and operational resilience.

Key features:

• Workflow automation: Automating processes to streamline risk analysis.
• Vendor risk management: Assessing and managing risks associated with vendors.
• Business continuity planning: Developing strategies for continuity during disruptions.
• User access controls: Managing permissions and access levels for security.
• Scenario analysis: Evaluating potential scenarios for risk assessment.

Pros:

• Manages and tracks risk-related employee training programs.
• Plans and conducts risk-related audits.
• Evaluates risks based on impact and likelihood.

Cons:

• The software is complex by nature.
• Java and Adobe have to constantly be up to date in order for it to work properly.

Pricing: MasterControl Risk Analysis contact page.

Opture ERM

Opture ERM is a comprehensive enterprise risk management solution known for its adaptive approach in mitigating risks across industries. Through intuitive analytics and tailored strategies, it enables proactive risk identification, assessment, and mitigation. Its user-centric design fosters resilience and informed decision-making, ensuring sustainable business growth.

Key features:

• Document management: Securely storing and managing risk-related documents.
• Change management: Managing changes and their impact on risk.
• Root cause analysis: Identifying underlying causes of risks for effective solutions.
• Key risk indicators (KRIs): Monitoring indicators of emerging risks.
• Workflow automation: Automating processes to streamline risk management.

Pros:

• Ensures adherence to industry regulations and standards.
• Evaluates risks based on impact and probability
• Offers customized dashboards to display relevant risk-related information.

Cons:

• There is no free plan.

Pricing: Opture ERM contact page.

Predict360

Predict360 represents a dynamic predictive analytics solution, leveraging data-driven insights for proactive decision-making. Renowned for its adaptive capabilities across industries, it empowers organizations to forecast trends, anticipate outcomes, and strategize effectively. Through its predictive prowess, it enables agile responses, fostering resilience and sustainable growth.

Key features:

• Data integration: Collating and integrating diverse data sources for analysis.
• Predictive modeling: Building models to forecast future trends or outcomes.
• Machine learning algorithms: Employing algorithms for pattern recognition and predictions.
• Time series analysis: Analyzing data sequences to identify trends over time.
• Forecasting: Predicting future values or events based on historical data.

Pros:

• Conducts statistical tests and analyzes on data sets.
• Identifies potential fraudulent activities or patterns.
• Offers recommendations or actions based on predictions.
• Presents insights through charts, graphs, and visual representations

Cons:

• They offer no free trial or free plan.

Pricing: Predict360 demo request.

ARC Cyber Risk Management

ARC Cyber Risk Management stands as a robust solution, offering tailored cyber risk strategies across industries. Recognized for its adaptive approach, it fortifies digital resilience through proactive risk assessments and mitigation. Its dynamic framework empowers organizations to safeguard assets, ensuring compliance and fostering a resilient cybersecurity posture.

Key features:

• Risk assessment: Identifying and evaluating cyber risks across systems and networks.
• Threat intelligence: Gathering and analyzing data to identify potential threats.
• Vulnerability scanning: Scanning networks for potential vulnerabilities.
• Incident response: Handling and responding to cybersecurity incidents promptly.
• Endpoint security: Securing endpoints like devices and applications.

Pros:

• Monitors systems and networks for potential security breaches.
• Provides cybersecurity training for employees.
• Develops and manages security policies.
• Implements measures to prevent data breaches.

Cons:

• The UI is poorly designed.

Pricing: ARC Cyber Risk Management briefing request.

Optial Risk Management

Optial Risk Management delivers a comprehensive risk management solution known for its adaptive capabilities across industries. Renowned for proactive risk identification and mitigation, it fosters a resilient approach to compliance and governance. Through intuitive tools, it empowers organizations to make informed decisions and drive sustainable growth.

Key features:

• Change management: Managing changes and their impact on risk.
• Root cause analysis: Identifying underlying causes of risks for effective solutions.
• Risk identification: Identifying potential risks across operations or projects.
• Risk assessment: Evaluating risks based on impact and probability.
• Risk mitigation: Developing strategies to reduce or eliminate identified risks.

Pros:

• Monitors indicators of emerging risks.
• Manages and tracks risk-related employee training programs.
• Captures and monitors incidents related to identified risks.

Cons:

• There is no mobile application.

Pricing: Optial Risk Management demo request available on landing page.

OneTrust

OneTrust stands as a leading privacy, security, and data governance platform, lauded for its comprehensive solutions. Renowned for its adaptive compliance strategies, it empowers organizations to navigate complex regulatory landscapes. Through robust tools and proactive approaches, it ensures data integrity, fostering trust and sustainable operations.

Key features:

• Data mapping: Visualize and document data flows across the organization.
• Consent management: Manage and track user consents for data processing.
• Cookie consent: Collect and manage user consent for website cookies.
• Privacy impact assessments (PIA): Assess and mitigate privacy risks associated with data processing activities.
• Data subject requests: Manage and respond to requests from data subjects (e.g., GDPR’s Right to Access).

Pros:

• Manages and responds to data breaches and security incidents.
• Manages and ensures compliance during international data transfers.
• Automatically discovers and classifies sensitive data within the organization.
• Assesses and manages risks associated with third-party vendors and suppliers.

Cons:

• Integrating it with other systems is a challenge.

Pricing: OneTrust demo request.

Isometrix

Isometrix is an integrated risk management platform known for its adaptability. Recognized for proactive risk identification and mitigation, it empowers organizations to streamline operations, ensure compliance, and foster a culture of resilience. Through intuitive tools, it drives sustainable growth and operational excellence.

Key features:

• Vendor risk management: Assessing and managing risks associated with vendors.
• Business continuity planning: Developing strategies for continuity during disruptions.
• Scenario analysis: Evaluating potential scenarios for risk assessment.
• Training management: Managing and tracking risk-related employee training programs.

Pros:

• Plans and conducts internal and external audits.
• Captures and monitors incidents related to identified risks.
• Develops strategies to reduce or eliminate risks.

Cons:

• It takes time to manually input data.

Pricing: Isometrix contact page.

Fusion Framework System

Fusion Framework System stands as a dynamic solution, revered for its adaptive approach in managing complex business risks. Renowned across industries, it fortifies resilience by enabling streamlined risk assessments, proactive mitigation, and compliance adherence. Through intuitive tools, it drives operational excellence and sustainable growth strategies.

Key features:

• Incident tracking: Capturing and monitoring incidents related to identified risks.
• Audit management: Planning and conducting internal and external audits.
• Dashboard and reporting: Accessing real-time insights and generating reports.
• Document management: Securely storing and managing risk-related documents.
• Change management: Managing changes and their impact on risk.

Pros:

• Monitors indicators of emerging risks.
• Offers customized dashboards to display relevant risk-related information.
• Automates processes to streamline risk management.
• Evaluates risks based on impact and likelihood.

Cons:

• There is a steep learning curve for new users.

Pricing: Fusion Framework System demo request.

GOAT Risk

GOAT Risk offers an innovative risk management platform celebrated for its adaptability. It allows organizations to fortify resilience, ensure compliance, and drive sustainable growth. Its user-centric approach and intuitive tools foster a culture of informed decision-making.

Key features:

• Risk identification: Identifying potential risks across operations or projects.
• Risk assessment: Evaluating risks based on impact and probability.
• Risk mitigation: Developing strategies to reduce or eliminate identified risks.
• Compliance management: Ensuring adherence to industry regulations and standards.
• Incident tracking: Capturing and monitoring incidents related to identified risks.

Pros:

• Evaluates potential scenarios for risk assessment.
• Offers excellent customer support.
• The onboarding process is fast and painless.
• Manages and tracks risk-related employee training programs.

Cons:

• There is no archive feature.
• There are no options for geographical categorization.

Pricing: GOAT Risk pricing page.

AuditBoard

AuditBoard is a governance, risk, and compliance platform lauded for its adaptability. It revolutionizes processes, fostering comprehensive risk assessments, compliance, and streamlined governance. Renowned for its intuitive tools, it empowers businesses to navigate complexities, fortify resilience, and drive sustainable growth through informed decision-making.

Key features:

• Regulatory change management: Track and address regulatory changes.
• Training management: Manage and track employee compliance training programs.
• Compliance management: Ensure adherence to regulations and standards.
• Audit management: Plan, execute, and track internal and external audits.
• Control testing: Assess the effectiveness of internal controls.

Pros:

• Develops, tracks, and manages company policies.
• Assesses and mitigates risks associated with vendors.
• Captures and manages incidents for investigation.

Cons:

• Software updates sometimes cause operational disruptions.

Pricing: AuditBoard demo request.

Risk Cloud

Risk Cloud is a dynamic risk management platform renowned for proactive risk identification and mitigation. It empowers organizations to fortify resilience, ensure compliance, and drive sustainable growth. Its user-centric approach and intuitive tools foster a culture of informed decision-making.

Key features:

• KRIs: Monitoring indicators of emerging risks.
• Workflow automation: Automating processes to streamline risk management.
• Vendor risk management: Assessing and managing risks associated with vendors.
• Business continuity planning: Developing strategies for continuity during disruptions.
• User access controls: Managing permissions and access levels for security

Pros:

• Manages changes and their impact on risk.
• Securely stores and manages risk-related documents.
• Captures and monitors incidents related to identified risks.

Cons:

• The reporting functionality is limited.

Pricing: Risk Cloud demo request.

Riskonnect

Riskonnect is an innovative risk management solution that manages risk identification, mitigation, and compliance. Through intuitive tools and a comprehensive approach, it empowers organizations to navigate complexities, ensure compliance, and drive sustainable growth strategies.

Key features:

• Compliance management: Ensuring adherence to industry regulations and standards.
• Incident tracking: Capturing and monitoring incidents related to identified risks.
• Audit management: Planning and conducting internal and external audits.
• Dashboard and reporting: Accessing real-time insights and generating reports.
• Risk mitigation: Developing strategies to reduce or eliminate identified risks.

Pros:

• Evaluates risks based on impact and likelihood.
• Identifies potential risks across operations or projects.
• The project-supporting features are robust.
• Highly customizable.

Cons:

• Some of the UI is a bit clunky.
• There is no free trial.

Pricing: Riskonnect demo request.

Zebsoft

Zebsoft stands as a pioneering risk management solution, prized for its proactive risk identification and mitigation. It allows organizations to fortify resilience, ensure compliance, and drive sustainable growth. Through intuitive tools and agile methodologies, it fosters informed decision-making and operational excellence.

Key features:

• Change management: Managing changes and their impact on risk.
• Root cause analysis: Identifying underlying causes of risks for effective solutions.
• KRIs: Monitoring indicators of emerging risks.
• Workflow automation: Automating processes to streamline risk management.
• Vendor risk management: Assessing and managing risks associated with vendors.

Pros:

• Allows users to access real-time insights and generate reports.
• Plans and conducts internal and external audits.
• Offers webinars and video training.
• Very useful for quality management.

Cons:

• Its integration capabilities are limited.
• There is no free plan.

Pricing: Zebsoft demo request.

Enactia

Enactia represents a dynamic compliance and risk management solution celebrated for its adaptability across industries. It empowers organizations to fortify resilience and drive sustainable growth. Through intuitive tools and comprehensive strategies, it fosters a culture of informed decision-making.

Key features:

• Risk assessment: Evaluating risks based on impact and probability.
• Risk mitigation: Developing strategies to reduce identified risks.
• Compliance tracking: Monitoring adherence to industry regulations.
• Incident management: Capturing and addressing risk-related incidents.
• Audit trails: Maintaining records of actions for compliance purposes.

Pros:

• Securely stores and manages compliance-related documents.
• Allocates tasks related to compliance and risk.
• Works well for small businesses.

Cons:

• There is no free plan.

Pricing: Enactia pricing page.

Lendflow

Lendflow stands as a versatile financial technology platform acclaimed for its adaptive solutions in lending operations. It empowers businesses through innovative tools, streamlining processes, and enhancing access to tailored financial services. Its dynamic approach fosters financial growth and operational efficiency.

Key features:

• Loan origination: Streamlining the loan application and approval process.
• Underwriting tools: Assessing borrower risk and creditworthiness.
• Automated decisions: Using algorithms for swift loan approval or rejection.
• Loan servicing: Managing repayment schedules and borrower accounts.
• Credit scoring: Evaluating and assigning credit scores to applicants.

Pros:

• Identifies and prevents fraudulent loan applications.
• Handles loan disbursements and repayments securely.
• Monitors and analyzes the overall loan portfolio.
• Allows changes to loan terms or conditions.

Cons:

• It is better suited for small and mid-sized businesses, not larger ones.
• The interface is older and could use an update.

Pricing: Lendflow demo request.

What is risk management?

Risk management is a crucial aspect of any organization, as it involves identifying, assessing, and mitigating potential risks that could affect the achievement of the organization’s objectives. This can range from individual risks to financial risks and strategic risks to operational risks and compliance risks.

The first step in risk management is identifying the potential negative risks that the organization may face. This involves a thorough assessment of the organization’s internal and external environment to understand what could go wrong and how it could impact the organization.

Once the risks are identified, they must be assessed to determine their likelihood and potential impact. This allows the organization to prioritize which risks need to be addressed first and how much resources should be allocated to managing them.

After the assessment, the organization can then risk management plans to mitigate the risks. This could involve implementing controls, transferring the risk to a third party through insurance or contracts, avoiding the risk altogether, or accepting the risk but having a plan in place to manage it when it occurs.

It is important to regularly monitor and review the risks that have been identified and the strategies put in place to manage them. This ensures that the organization is continuously adapting to changes in the internal and external environment and that the risk management strategies remain relevant and effective.

What is the best risk management tool?

Risk management is an essential aspect of any business operation, and choosing the right tools to effectively manage and mitigate risks is crucial for success. With the wide range of options available, it can be challenging for businesses to determine the best risk management tool for their specific needs.

One of the most effective risk management tools available is insurance. Insurance allows businesses to transfer potential financial losses to an insurance company in exchange for payment of a premium.

This can help protect businesses from a variety of risks, including property damage, liability issues, and legal expenses. By having the right insurance coverage in place, businesses can reduce the impact of potential risks and protect themselves financially.

Another important risk management tool is a comprehensive risk assessment and mitigation plan. By identifying potential risks and developing strategies to risk management techniques, businesses can proactively address potential issues before they become major problems. This can help to reduce the impact of risks on the business and improve its overall resilience.

In addition, technology can be a valuable risk management tool for businesses. There are various software and digital tools available that can help businesses identify, assess, and manage risks more effectively.

For example, risk management software can automate the risk assessment process, track and monitor risks, and facilitate communication and collaboration among team members.

Types of risk management

Risk management is an essential process for businesses and organizations to identify, assess, and mitigate potential risks that could impact their operations and objectives. There are several types of risk management that are commonly employed:

Financial risk management

This type of risk management involves identifying and managing risks related to financial instruments, such as currency exchange rates, interest rates, and investment portfolios.

Operational risk management

Operational risk management focuses on risks associated with day-to-day operations, processes, and systems. This includes risks related to technology, human resources, supply chain, and health and safety. It’s a project manager’s best friend.

Strategic risk management

Strategic risk management involves identifying and managing risks that could impact the overall strategic objectives and goals of the organization. This could include risks related to market conditions, competition, and changes in regulations.

Compliance risk management

Compliance risk management focuses on ensuring that the organization is adhering to legal and regulatory requirements. This type of risk management helps to avoid potential fines, legal action, and damage to the organization’s reputation.

Reputational risk management

Reputational risk management involves identifying and managing risks that could damage the organization’s reputation, such as public relations crises, ethical lapses, or negative publicity.

Benefits of risk management tools

Risk management tools offer several benefits to organizations, such as the following:

Identify and assess potential risks

This allows for proactive decision-making and the minimization of potential impacts. These tools also help in prioritizing risks based on their likelihood and potential impact, allowing organizations to allocate resources effectively.

Control measures to mitigate identified risks

This reduces the likelihood of negative outcomes and, in turn, can lead to improved operational efficiency and cost savings. Additionally, utilizing these tools can enhance organizational resilience by ensuring continuity of operations in the face of potential risks.

Compliance with regulatory requirements

Risk management software helps in building stakeholder confidence by demonstrating a proactive approach to managing risks. They enable organizations to better understand their risk exposure and make well-informed decisions that contribute to long-term success.