35 Best Enterprise Risk Management Software Solutions for 2024

Effective risk management is vital for companies to avoid potential threats and seize opportunities. However, with the increasing complexity and interconnectedness of business operations, manual risk management processes may no longer suffice.

Thankfully, the market is flooded with a wide range of enterprise risk management software solutions designed to streamline and enhance this crucial process. But with so many options out there, how do you choose the right enterprise risk management software solution for your organization?

That’s why we’ve put together a list of the 35 best enterprise risk management software. Whether you are a small startup or a multinational corporation, these software solutions offer a comprehensive set of features to assess, monitor, and mitigate risks effectively. So, let’s dive in and explore the top options available to empower your organization’s risk management efforts.

• 35 best enterprise risk management software
• What are ERM tools?
• Benefits of enterprise risk management tools
• Must-have features of enterprise risk management software
• Frequently asked questions: Enterprise risk management software

35 best enterprise risk management software

Let’s dive into the list and discover the best enterprise risk management software available on the market today.

Process Street

Process Street is a process management platform that can be utilized for enterprise risk management purposes. It offers a user-friendly interface, collaboration features, professional support, integration capabilities, and potential time and cost savings. It allows users to create and manage workflows and standard operating procedures (SOPs). While it is not specifically designed as enterprise risk management software, it can be used for risk management purposes by creating and implementing risk assessment and mitigation processes.

Pros:

• Process Street offers a user-friendly interface that makes it easy for users to create and manage checklists, workflows, and SOPs.
• The platform allows teams to share their core processes and collaborate on creating and improving them. This can be beneficial for enterprise risk management, as it enables multiple stakeholders to contribute to risk assessment and mitigation efforts.
• Process Street provides professional support with an average response time of 5 minutes and a 98% customer rating. This can be valuable when seeking assistance or troubleshooting issues related to enterprise risk management.
• Process Street integrates with various third-party tools, such as Zapier, Slack, and Salesforce. This integration capability can enhance the functionality and effectiveness of enterprise risk management processes.
• By automating and streamlining processes, Process Street can help save time and reduce costs associated with enterprise risk management activities.

Cons:

• While Process Street offers a range of features for process management, it may not have all the advanced capabilities required for complex enterprise risk management needs. Organizations with highly specialized risk management requirements may need to supplement Process Street with additional tools or systems.
• Process Street is a cloud-based platform, which means it requires a stable internet connection for access and use. In situations where internet connectivity is limited or unreliable, users may face challenges in accessing and utilizing the platform for enterprise risk management purposes.

OneTrust

OneTrust is an enterprise risk management software that offers a comprehensive suite of solutions to help organizations manage and mitigate risks related to privacy, security, and compliance. It provides tools and functionalities to address various aspects of risk management, including data governance, privacy impact assessments, consent management, and policy management.

Pros:

• OneTrust offers a wide range of features and functionalities to address different aspects of risk management, making it a comprehensive solution for organizations.
• Users have reported that OneTrust is easy to use and provides a user-friendly interface, which simplifies the risk management process.
• OneTrust integrates with various systems and platforms, allowing organizations to streamline their risk management processes and ensure consistency across different areas.

Cons:

• One potential drawback of OneTrust is its cost. As an enterprise-level solution, it may have a higher price point compared to other risk management software options. However, the specific pricing details may vary depending on the organization’s requirements and the chosen package.
• While OneTrust is generally considered user-friendly, some users may still experience a learning curve when initially using the software. Training and support resources are available to help users navigate the platform effectively.

BitSight

BitSight is a leading provider of security ratings and enterprise risk management solutions. It offers a comprehensive platform that helps organizations manage and mitigate cyber risks by providing objective security ratings and insights. BitSight’s software is widely adopted by industry leaders, government systems, and smaller organizations to prioritize and manage cyber risk effectively.

Pros:

• BitSight’s platform offers a range of features and tools to support comprehensive risk management. It provides continuous monitoring capabilities, allowing organizations to identify hidden risks in third and fourth parties. Additionally, it enables in-context collaboration for effective remediation and provides reports that translate cyber risk into business risk.
• BitSight helps organizations accelerate risk assessments by leveraging its extensive network of over 20,000 vendors. It also allows users to validate questionnaires with objective data, enhancing the efficiency and accuracy of vendor risk management processes.
• This platform offers advanced cybersecurity analytics that provides valuable insights into an organization’s cybersecurity posture. These analytics help organizations identify areas of improvement and make informed decisions to enhance their security performance.

Cons:

• Specific pricing information for BitSight’s enterprise risk management software is not transparently provided. Organizations interested in using BitSight may need to contact the company directly for pricing details.

Prevalent

Prevalent is an enterprise risk management software that focuses on third-party risk management (TPRM) solutions. It offers a platform that helps organizations assess and monitor risks associated with their vendors and third-party relationships. The software is designed to unify risk assessment and threat monitoring, enabling collaboration with vendors to prioritize and mitigate risks.

Pros:

• Prevalent offers comprehensive third-party risk management frameworks, such as the Shared Assessments TPRM framework, which consists of fundamentals and processes critical for a successful TPRM program. These frameworks provide valuable controls and information for organizations looking to mitigate risk from third-party relationships.
•  Prevalent gathers and correlates vendor intelligence from hundreds of thousands of sources, presenting it in a quantifiable and contextual way. This data-driven approach helps organizations make better decisions and prioritize risk reduction efforts.
• The platform enables collaboration with vendors, breaking down silos and increasing team efficiency. This collaborative approach allows organizations to work together with vendors to address and mitigate risks effectively.

Cons:

• Prevalent’s primary focus is on third-party risk management, which may limit its applicability for organizations that require broader risk management capabilities.

ProcessUnity

ProcessUnity is an enterprise risk management software that offers solutions for vendor risk management (VRM) and third-party risk management (TPRM). The platform aims to help organizations protect their reputation and reduce risk by effectively managing and assessing risks associated with vendors and third-party relationships. ProcessUnity provides powerful and scalable software that unifies enterprise risk management processes and programs.

Pros:

• ProcessUnity offers a comprehensive VRM solution that helps organizations streamline and standardize their third-party risk management programs. It enables organizations to assess, monitor, and mitigate risks associated with vendors and third-party relationships.
• ProcessUnity helps organizations eliminate silos and align people, processes, and technology around a standardized third-party risk management program. This promotes collaboration and enables organizations to work together to drive progress and mitigate risks effectively.
• The ProcessUnity platform is powerful and scalable, allowing organizations to adapt and customize their risk management processes according to their specific needs. This flexibility enables organizations to tailor the software to their unique risk management requirements.

Cons:

• Limited information is available about ProcessUnity’s pricing. This makes it difficult to understand whether this tool is feasible for teams working on a smaller budget.

UpGuard

UpGuard is a cybersecurity risk management software that helps organizations prevent data breaches by continuously monitoring their digital assets and identifying vulnerabilities. It offers a range of features and capabilities to assess, manage, and mitigate risks associated with cybersecurity.

Pros:

• UpGuard provides continuous monitoring of digital assets, allowing organizations to stay updated on potential vulnerabilities and security risks.
• The software automates the risk assessment process, saving time and effort for organizations.
• UpGuard offers vendor risk management capabilities, helping organizations assess and manage risks associated with third-party vendors.
• UpGuard helps organizations ensure compliance with industry regulations and standards, reducing the risk of violating mandatory security requirements.
• The software helps organizations maintain an accurate inventory of their digital assets, enabling better visibility and control over their cybersecurity posture.

Cons:

• The pricing of UpGuard’s cybersecurity risk management software may be a consideration for some organizations.
• While UpGuard automates many aspects of risk assessment and management, there may still be manual tasks that require human intervention.
• Like any enterprise software, there may be a learning curve associated with implementing and using UpGuard effectively.

Archer

Archer is an enterprise risk management software that offers integrated solutions for managing various domains of risk. It is built upon decades of experience and has been deployed across different industries. Archer aims to create a strong risk management culture by enabling a common understanding of risk. By applying the same taxonomies, policies, and metrics to all risk data, Archer enhances visibility, improves collaboration, and increases efficiencies.

Pros:

• Archer offers integrated solutions for managing various domains of risk, providing a comprehensive approach to enterprise risk management.
•  The platform is designed to be flexible and adaptable, catering to organizations with different levels of risk management maturity.
• Archer is considered to be extremely reliable, flexible, and trustworthy. Users have praised the professional and experienced support team, as well as the constant enhancement of the platform.
•  Archer provides training courses to help users get started and navigate the platform effectively. The availability of training resources can be beneficial for individuals and organizations new to Archer.

Cons:

• Learning Archer from the ground up can sometimes feel overwhelming due to the wide range of available classes. Users may find it challenging to balance their day-to-day responsibilities with completing the training courses.

AuditBoard

AuditBoard is an exceptional enterprise risk management software that offers a wide range of features to streamline risk management processes within an organization. It provides a comprehensive platform for managing audit, compliance, and risk management processes. The software is known for its user-friendly interface and flexibility, making it a popular choice for businesses of all sizes.

Pros:

• AuditBoard offers a connected risk platform that integrates various functionalities, including audit management, compliance management, risk management, and more. This integration allows for seamless collaboration and data sharing across different areas of risk management.
• AuditBoard provides a comprehensive approach to risk management, covering various aspects such as operational risk, compliance risk, financial risk, and more. This allows organizations to have a holistic view of their risk landscape and develop appropriate mitigation strategies.
• AuditBoard offers automation capabilities that help streamline risk management processes and improve efficiency. This includes features such as workflow automation, task management, and reporting tools, which can save time and reduce manual effort.

Cons:

• Some users have reported that customization and configuration of AuditBoard can be complex and time-consuming. Organizations may require dedicated resources and expertise to tailor the platform to their specific needs.
• Like any comprehensive enterprise software, there may be a learning curve associated with AuditBoard. Users may need to invest time in training and familiarizing themselves with the platform’s features and functionalities.

Camms

Camms is an enterprise risk management software that offers a comprehensive range of features to organizations looking to actively manage and mitigate various risks. Its key features include risk assessment and analysis, incident management, policy and compliance management, and reporting and analytics.

Pros:

• Camms is designed to address various aspects of risk management, including governance, risk, and compliance needs. It provides a centralized platform for managing policies, procedures, and risk assessments, helping organizations maintain consistency across different parts of their business.
• The software offers integration capabilities, allowing organizations to connect Camms.Risk with other systems and tools they use for risk management.
• Camms enables organizations to build a holistic overview of their safety measures and risk scenarios by linking and visualizing information on barriers and risk scenarios.

Cons:

• While Camms is described as flexible and easy to use, the extent of customization might vary. Organizations with highly specific or unique risk management needs may encounter limitations if the software does not allow for sufficient customization.

Diligent

Diligent is an enterprise risk management software that offers a comprehensive approach to managing risks across organizations. It offers a comprehensive suite of tools to improve and simplify governance processes within organizations. Diligent’s software aims to enhance risk management practices, compliance, and overall governance effectiveness.

Pros:

• Diligent’s intuitive interface makes it easy for users of all technical abilities to navigate and utilize the software effectively.
• The software offers a wide range of features that cover every aspect of risk management, providing organizations with a holistic approach to mitigating risks.
• Diligent allows users to tailor the software to meet their specific risk management needs, ensuring flexibility and adaptability.
• The software offers integration capabilities with other systems and tools, allowing organizations to streamline their risk management processes and leverage existing data.

Cons:

• The comprehensive features and capabilities of Diligent come at a premium price, making it less accessible for smaller organizations with limited budgets.
• While Diligent is user-friendly, it still requires some initial training for users unfamiliar with risk management software, which may lead to a slight learning curve.

IBM

IBM is a leading provider of enterprise risk management software, offering a comprehensive suite of solutions designed to help organizations identify, assess, and mitigate risks effectively. This enterprise risk management software provides a comprehensive set of features and advantages, including risk identification, real-time monitoring, and integration capabilities.

Pros:

• IBM’s risk management software offers a comprehensive suite of security solutions, including identity and access management, data protection, threat intelligence, and vulnerability management.
• The software incorporates advanced analytics capabilities into their risk management software, enabling organizations to gain insights from large volumes of data and identify potential risks and vulnerabilities.
• IBM’s software is designed to integrate with existing systems and tools, allowing organizations to leverage their current infrastructure and streamline risk management processes.
• This risk management software is scalable, accommodating the needs of both small businesses and large enterprises.

Cons:

• Some users may find IBM’s risk management software complex and challenging to navigate, particularly if they are not familiar with IBM’s ecosystem.
• IBM’s risk management software may have a higher price point compared to some other solutions in the market. However, specific pricing details are not readily available in the search results.

LogicGate

LogicGate is a cloud-based governance, risk, and compliance (GRC) platform that offers enterprise risk management solutions. It is designed to help organizations manage risks, prevent operational and reputational damage, and ensure compliance with regulatory requirements.

Pros:

• Users have praised LogicGate for its user-friendly software, which makes risk management tasks such as planning, monitoring, and detection easier.
• LogicGate’s Risk Cloud platform is designed to scale and adapt to changing business needs and regulatory requirements.
• LogicGate allows organizations to customize the software to meet their specific risk management needs, including controls management, policy management, third-party risk, business continuity, GDPR compliance, and more.
• The platform offers automation features that help streamline risk management processes and reduce manual effort.

Cons:

• Some users have reported encountering minor bugs, although these are often attributed to customized configurations rather than issues with the software itself.
• Implementing cutting-edge technology like AI-powered enterprise risk management can be complex, and there may be challenges in aligning risk management processes with specific security controls.

LogicManager

LogicManager is a leading SaaS-based enterprise risk management (ERM) software that enables organizations to anticipate and mitigate risks effectively. It offers a comprehensive suite of features and capabilities to help businesses identify, assess, and manage risks across various domains.

Pros:

• LogicManager provides a holistic approach to risk management, allowing organizations to identify, assess, and prioritize risks across different areas of their operations.
• The software is highly customizable, enabling organizations to tailor it to their specific risk management needs. It is also scalable, accommodating the growth and changing requirements of businesses.
• LogicManager offers an integrated platform that combines risk management with other governance, compliance, and audit functionalities, providing a centralized solution for managing multiple aspects of risk.
• The software provides robust analytics and reporting capabilities, allowing organizations to gain insights into their risk landscape, track key risk indicators, and generate comprehensive reports for stakeholders.
• LogicManager is known for its user-friendly interface, making it accessible to users with varying levels of technical expertise.

Cons:

• While LogicManager offers extensive customization options, configuring the software to align with specific organizational requirements may require technical expertise or assistance from the LogicManager team.

MetricStream

MetricStream is an enterprise risk management software that helps organizations identify, assess, and mitigate risks to achieve their objectives. It offers a comprehensive suite of solutions for managing various types of risks, including operational, financial, compliance, and IT risks. The software provides a centralized platform for risk assessment, monitoring, and reporting, enabling organizations to make informed decisions and take proactive measures to mitigate risks.

Pros:

• MetricStream offers a wide range of risk management solutions, allowing organizations to address multiple risk types and domains. This comprehensive approach helps organizations gain a holistic view of their risk landscape and implement effective risk mitigation strategies.
• The software leverages technology to automate manual processes, reducing the time and effort required for risk management activities. It supports manual and automated data collation methods, enables easy definition of thresholds, and tracks issues and actions for breaches.
• MetricStream provides a centralized platform that integrates with various systems and data sources, enabling seamless collaboration and information sharing across departments. This integration helps organizations streamline their risk management processes and improve communication and coordination among stakeholders.
• This risk management software tool offers a flexible and configurable platform that can be tailored to meet the specific needs of different organizations. It allows organizations to define their own risk frameworks, assessment methodologies, and reporting formats, ensuring that the software aligns with their unique risk management requirements.
• MetricStream provides robust reporting and analytics capabilities, allowing organizations to generate comprehensive risk reports and gain valuable insights into their risk profiles. The software offers customizable dashboards, real-time monitoring, and trend analysis, enabling organizations to make data-driven decisions and track the effectiveness of their risk mitigation efforts.

Cons:

• Implementing MetricStream can be a complex and time-consuming process, especially for organizations with complex risk management requirements. It may require significant effort and resources to configure the software, integrate it with existing systems, and train users.
• MetricStream is a premium enterprise risk management software, and the cost of implementation and licensing can be significant. Small and medium-sized organizations with limited budgets may find it challenging to afford the software.
• While MetricStream offers a comprehensive suite of risk management solutions, some organizations may require industry-specific functionalities that are not readily available in the software. Customization or integration with other systems may be necessary to meet these specific requirements.

NAVEX

NAVEX is an enterprise risk management software that offers a range of solutions to help organizations manage and mitigate risks. It provides tools for incident management, policy and procedure management, compliance management, business continuity management, and more. NAVEX aims to streamline processes, enhance reporting capabilities, and improve overall risk management effectiveness.

Pros:

• NAVEX offers an incident management program called EthicsPoint, which allows organizations to gather reports from various sources and manage incidents effectively It provides a premium analytics interface for day-to-day reporting and in-depth reporting, enabling organizations to identify trends and take proactive measures.
• This risk management tool supports modern workforce needs by enabling anytime, anywhere reporting through a flexible mobile intake option in addition to traditional reporting channels. This allows employees to report incidents conveniently, increasing the likelihood of timely reporting and resolution.
• Program administrators can customize the look and feel of the mobile intake site, adding company logos, brand colors, and tailored text to create a welcoming and informative user experience. The mobile intake sites utilize a progressive web application that combines the best features of a mobile app and website, making it accessible on any major browser.
• NAVEX Global is a fully integrated compliance management system that allows businesses to consolidate their entire governance, risk, and compliance (GRC) program onto a scalable cloud-based platform. This integration can help streamline processes and improve efficiency.

Cons:

• While NAVEX offers a wide range of features, it may not be suitable for organizations with complex risk management requirements.
• The software may require some training to fully utilize its capabilities, especially for users who are new to enterprise risk management software.

Riskonnect

Riskonnect is a comprehensive enterprise risk management software that offers a range of features to help organizations manage and mitigate risks effectively. The software’s key features include risk assessments, incident tracking, issue management, policy management, and reporting and analytics.

Pros:

• Riskonnect offers a platform that allows organizations to manage various aspects of risk, including risk assessment, risk mitigation, and risk monitoring. It provides a holistic view of risks across the organization, enabling better decision-making and proactive risk management.
• This risk management software tool provides a fully integrated risk management system that allows organizations to consolidate their risk management processes onto a single platform. This integration can help streamline workflows, improve efficiency, and enhance collaboration among different stakeholders.
• Riskonnect offers robust reporting and analytics capabilities, allowing organizations to generate customized reports, track key risk metrics, and gain actionable insights. This can help organizations identify trends, assess the effectiveness of risk mitigation strategies, and communicate risk-related information to stakeholders.
• Users are provided with features that facilitate collaboration and communication among different risk owners and stakeholders. This includes shared views, which allow for collaborative decision-making, and the ability to tell the story of risk through key risk metrics.

Cons:

• The software has a complex implementation process, which may require significant time and resources.

RiskOptics

RiskOptics is an enterprise risk management software developed by Reciprocity, a leading provider of cybersecurity and compliance solutions. This comprehensive tool aims to assist organizations in identifying, assessing, and mitigating risks effectively. 

Pros:

• Comprehensive risk management capabilities covering risk assessment, mitigation, compliance management, and incident management.
• User-friendly interface with intuitive navigation, making it easy for organizations to adopt and utilize the software.
• Customizable templates and frameworks to align risk management practices with industry regulations and standards.
• Robust reporting and analytics features, which allows organizations to gain insights and make data-driven decisions.
• Integration capabilities with other systems, enabling seamless data sharing and consolidation.

Cons:

• Limited customization options for some modules, which may not cater to organizations with unique risk management processes.
• The pricing structure of RiskOptics may be a deterrent for smaller organizations with limited budgets.
• The initial setup and implementation process may require substantial time and resources.

SAI360

SAI360 is an enterprise risk management software offered by SAI Global, a leading provider of governance, risk, and compliance solutions. This comprehensive tool aims to help organizations effectively navigate risk by providing a flexible and agile approach. SAI360 offers a range of features designed to streamline and enhance enterprise risk management processes.

Pros:

• Comprehensive GRC capabilities covering policy management, risk assessment, control monitoring, and regulatory compliance.
• Incident management functionality to effectively respond to and manage incidents.
• Streamlined compliance management processes, including compliance monitoring and audit management.
• Robust reporting and analytics features for data-driven decision-making.
• Integration capabilities with other systems, enabling seamless data sharing and consolidation.

Cons:

• Limited customization options for certain modules may not cater to organizations with unique risk management processes.
• Pricing structure may be a consideration for smaller organizations with limited budgets.

ServiceNow

ServiceNow offers a comprehensive suite of products for enterprise risk management. Their risk management solution helps organizations identify, assess, and mitigate risks across various business functions. With ServiceNow, businesses can streamline risk management processes, enhance visibility into potential risks, and improve decision-making.

Pros:

• ServiceNow offers a wide range of risk management features, including risk assessment, identification, mitigation, and monitoring. This comprehensive approach allows organizations to address various risk types effectively.
• The tool automates many risk management processes, reducing manual effort and improving efficiency. The platform also provides workflow capabilities, allowing organizations to define and track risk mitigation activities across different teams.
• ServiceNow offers real-time visibility into risk data through dashboards and reports. This enables organizations to monitor risk levels, track mitigation progress, and generate actionable insights for decision-making.
• This enterprise risk management tool is a scalable platform that can accommodate the needs of organizations of all sizes. It offers flexibility in configuring risk management processes to align with specific business requirements.

Cons:

• ServiceNow is a robust platform with extensive capabilities, which can make it complex for new users. Organizations may require dedicated training and resources to fully utilize the platform’s features.
• ServiceNow is a premium enterprise software solution, and the cost can be a significant factor for some organizations, especially smaller ones with limited budgets.
• While ServiceNow provides a high degree of configurability, there may be limitations in terms of customization to meet specific risk management needs. Organizations may need to work within the framework provided by the platform.

SureCloud

SureCloud is a robust enterprise risk management software designed to help organizations effectively identify, assess, and mitigate risk. Its user-friendly platform offers a wide array of features that aid in streamlining risk management processes. The platform allows organizations to establish a centralized risk management framework, automate risk assessment processes, and track risk mitigation activities. It also provides integration capabilities with other GRC modules, enabling seamless collaboration and information sharing across different departments.

Pros:

• Highly configurable and customizable to match an organization’s risk management processes.
• Efficient and intuitive user interface, facilitating ease of use for both beginners and advanced users.
• Offers comprehensive reporting and analytics functionalities for data-driven decision-making.
• Integrates well with other modules such as vulnerability management and business continuity management.

Cons:

• Limited mobile accessibility for remote usage.
• Advanced features may require additional training and assistance from the support team.

Workiva

Workiva is a reputable enterprise risk management software that offers valuable features and functionalities. One of its key features is the ability to centralize and streamline risk management processes, allowing teams to quickly identify, assess, and mitigate organizational risks. Workiva also provides comprehensive risk registers, which enable users to document and track risks in real time. 

Pros:

• Workiva offers a user-friendly and intuitive interface, making it easy for teams to adopt and utilize the software.
• It provides seamless collaboration and communication among team members, facilitating efficient risk management processes.
• The software offers robust security measures, ensuring data privacy and protection.

Cons:

• Workiva can be quite expensive, especially for small organizations with limited budgets.
• Although it offers numerous features, some users may find that it lacks advanced risk modeling capabilities.
• Customization options may be limited, restricting users from tailoring the software to their specific needs.

SAP

SAP is a leading provider of enterprise risk management (ERM) software that helps organizations identify, assess, and manage risks effectively. With a wide range of features and capabilities, SAP offers comprehensive solutions for risk analysis and mitigation. This ERM software includes advanced risk identification tools, customizable risk assessment templates, real-time monitoring and reporting, and integration with other SAP modules. The software allows organizations to create a centralized risk framework, enabling better collaboration, communication, and decision-making.

Pros:

• SAP offers a comprehensive suite of risk management solutions that cover various aspects of risk, including financial, operational, compliance, and strategic risks.
• This risk management software integrates with other SAP solutions, enabling organizations to have a holistic view of their risk landscape and make better-informed decisions.
• The software is designed to scale with the needs of organizations, making it suitable for both small and large enterprises.
• SAP’s risk management software incorporates advanced analytics capabilities, enabling organizations to gain insights from their risk data and make data-driven decisions.

Cons:

• SAP’s software solutions can be complex to implement and require specialized knowledge and expertise.
• Customizing SAP’s risk management software to meet specific organizational requirements may require additional resources and expertise.
• SAP’s software solutions can be expensive, especially for small and medium-sized enterprises with limited budgets.
• Organizations may need to invest in training and support to ensure that their employees can effectively use and maximize the benefits of SAP’s risk management software.

Murex

Murex is a provider of enterprise risk management software solutions. It offers features for margin management, settlement, accounting, risk monitoring, and compliance with regulations such as SFTR and SA-CCR The software also supports connectivity to key market utilities and enables integration with other systems, allowing for improved straight-through processing (STP) rates.

Pros:

• The risk management software offers a comprehensive suite of risk management solutions that cover various aspects of risk, including margin management, settlement, accounting, and compliance.
• Murex’s risk management software integrates with other systems and market utilities, enabling organizations to have a seamless and holistic view of their risk landscape.
• This software provides automation capabilities for margining, allocation, settlement, and accounting processes, helping organizations improve operational efficiency and reduce manual errors.
• Murex’s risk management software helps organizations comply with regulations such as SFTR and SA-CCR, ensuring adherence to industry standards and regulatory requirements.

Cons:

• Murex’s software solutions can be complex to implement and require specialized knowledge and expertise.
• Customizing Murex’s risk management software to meet specific organizational requirements may require additional resources and expertise.

Oracle

Oracle is a prominent enterprise risk management (ERM) software widely used by organizations across industries. It offers a range of robust features that enable businesses to effectively identify, mitigate, and manage risks. The software includes incident management capabilities, allowing organizations to track and investigate risk-related incidents. It enables users to log incidents, assign actions, and track their resolution to prevent future occurrences.

Pros:

• Oracle’s software provides a comprehensive set of features that cover the entire risk management lifecycle, allowing organizations to address various risk-related challenges.
• The software is highly scalable, making it suitable for organizations of all sizes. It can handle large volumes of data, ensuring that organizations can effectively manage risks as they grow.
• Oracle’s software seamlessly integrates with other enterprise systems, such as financial management, supply chain, and human resources, enabling organizations to leverage existing data for risk management purposes.
• The software offers a high degree of customization, allowing organizations to tailor risk management processes and workflows according to their specific requirements.

Cons:

• As a leading enterprise software vendor, Oracle’s offerings can be expensive, especially for small and medium-sized organizations with limited budgets. The total cost of ownership should be carefully evaluated before making a purchasing decision.
• Due to its comprehensive nature, the software may have a steep learning curve for new users. Adequate training and ongoing support may be required to ensure effective utilization.
• Organizations already heavily invested in the Oracle ecosystem will find the software more beneficial. However, those using other software platforms may face challenges integrating Oracle’s risk management software.

RiskWare

RiskWare is a comprehensive enterprise risk management software that offers a range of features to effectively manage and mitigate risks. It provides a user-friendly interface, customizable workflows, and integration capabilities.

Pros:

• RiskWare offers an intuitive interface, making it easier for users to navigate through its various functionalities.
• The software allows organizations to customize risk assessment workflows and templates to align with their specific needs.
• RiskWare integrates with other enterprise systems, such as CRM and ERP, ensuring seamless data flow across different functions.
• The software provides robust reporting and analytics features, enabling organizations to generate insightful risk reports, visualize data through charts and graphs, and monitor key risk indicators.

Cons:

• RiskWare can be relatively expensive, especially for small and medium-sized enterprises.
• While the software is user-friendly, there may be a learning curve for users who are unfamiliar with risk management concepts and practices.

NiceActimize

NiceActimize is a leading provider of enterprise risk management software that helps organizations effectively manage risks and comply with regulatory requirements. The software offers a range of solutions designed to address various risk management needs, including fraud detection, anti-money laundering (AML), and case management. NiceActimize leverages advanced analytics, machine learning, and automation to provide organizations with actionable insights and help them make informed risk-related decisions.

Pros:

• NiceActimize offers a comprehensive suite of risk management solutions that cover various areas, including fraud detection, AML compliance, and case management. This allows organizations to address multiple risk-related challenges using a single platform.
• The software leverages advanced analytics and machine learning algorithms to analyze large volumes of data and detect patterns or anomalies that may indicate risks or fraudulent activities. This helps organizations proactively identify and mitigate risks.
• NiceActimize’s software includes workflow automation and collaboration tools that streamline risk management processes and improve operational efficiency. It reduces manual effort, enhances productivity, and enables organizations to respond to risks promptly.
• The software helps organizations stay compliant with regulatory requirements by providing functionalities for regulatory reporting, data retention, and audit trails. This ensures that organizations can meet their regulatory obligations and avoid penalties.

Cons:

• NiceActimize’s software is a premium solution, and the cost may be a barrier for small and medium-sized organizations with limited budgets. The total cost of ownership, including licensing, implementation, and ongoing maintenance, should be carefully evaluated.
• Due to the advanced nature of the software and the complexity of risk management processes, there may be a learning curve for new users. Adequate training and ongoing support may be required to maximize the software’s potential.

Wolters Kluwer’s Enablon

Wolters Kluwer’s Enablon Risk Management software is an integrated risk management platform that empowers organizations to manage risk, drive sustainability, and boost productivity across their entire value chain. It offers a range of capabilities, including Environmental, Health, Safety, and Quality (EHSQ) management, Governance, Risk, and Compliance (GRC), Operational Risk management, and Environmental, Social, and Governance (ESG) performance management.

The Enablon Risk Management software helps organizations systemize their risk management processes and proactively manage uncertainty that may impact their objectives. By going beyond compliance, organizations can gain a competitive edge and improve operational and business performance through effective risk assessments.

Pros:

• The Enablon Risk Management software platform offers a comprehensive set of functionalities, including EHSQ, GRC, Operational Risk, and ESG performance management. This allows organizations to address multiple aspects of risk management within a single platform.
• Enablon received the highest overall scores across functional and technical capabilities assessed in the Green Quadrant study, making it a top-rated vendor in the market. It also maintains its position as the leading vendor for market momentum.
• The software enables organizations to unlock and connect critical data across their enterprise, empowering each department to work together to achieve trusted insights and make solid strategic decisions.
• The Enablon Risk Management software helps organizations proactively manage risk rather than reactively managing incidents. This approach allows organizations to stay ahead of potential risks and uncertainties, giving them a competitive advantage.

Cons:

• As an enterprise-level risk management software, Enablon may have a steeper learning curve and require dedicated resources for implementation and ongoing management.
• Enterprise software solutions like Enablon can be costly, especially for smaller organizations with limited budgets. The pricing structure may vary depending on the organization’s specific requirements.

Tallyfy

Tallyfy is a comprehensive enterprise risk management software that offers a range of features to effectively manage and mitigate risks within an organization. The software enables businesses to identify, assess, and categorize potential risks through customizable risk assessment tools. It also automates risk management processes by creating step-by-step workflows, ensuring consistent and efficient execution of risk management tasks.

Pros:

• Tallyfy has a simple and intuitive interface, making it easy for users to navigate and utilize its features without extensive training.
• The software allows businesses to customize workflows, risk assessment forms, and reports according to their specific requirements.
• Tallyfy acts as a centralized repository for all risk-related information, making it easily accessible to authorized users.
• It integrates seamlessly with other business tools and software, enhancing overall risk management capabilities.
• Tallyfy offers affordable pricing plans, making it accessible to businesses of all sizes.

Cons:

• While Tallyfy offers basic reporting and analytics, it may not provide advanced analytical features necessary for complex risk analysis.
• Some users may find that Tallyfy lacks certain advanced risk management features compared to more robust solutions in the market.

ARAVO

ARAVO is a highly regarded enterprise risk management software. It offers a comprehensive suite of features designed to streamline risk management processes and enhance overall organizational resilience. 

Pros:

• The software aids in ensuring regulatory compliance by effectively managing policies, procedures, and controls. It streamlines the process of tracking and addressing compliance gaps to minimize legal and reputational risks.
• ARAVO can be tailored to fit the unique risk management needs of any organization. It allows users to create personalized risk profiles, reports, and dashboards, resulting in a highly individualized user experience.
• The software seamlessly integrates with other enterprise systems, such as ERP and CRM solutions, enabling organizations to consolidate risk-related data and enhance overall risk visibility.
• ARAVO offers a robust risk assessment capability, enabling organizations to identify and evaluate potential risks accurately. It also provides tools and templates for implementing effective risk mitigation strategies.

Cons:

• While ARAVO’s interface is user-friendly, it may still require some initial training and familiarization for new users. However, the available customer support and documentation help facilitate the learning process.
• ARAVO is a premium enterprise risk management solution, and its pricing may be prohibitive for small or budget-constrained organizations. However, the extensive feature set and benefits it offers justify the investment for larger enterprises.

InPhase

InPhase is a cloud-based business management software suite that combines performance management, business intelligence, and analytics. It offers a range of solutions, including governance, risk, and compliance (GRC) management, incident management, audits, quality assurance, and more.

The software aims to provide organizations with a centralized platform to manage various aspects of risk and compliance, enabling them to make informed decisions, improve operational efficiency, and ensure regulatory compliance. InPhase allows users to track and monitor risks, incidents, and compliance activities, facilitating proactive risk management and enhancing overall organizational performance.

Pros:

• InPhase offers a suite of integrated solutions, including GRC management, incident management, audits, and quality assurance. This comprehensive approach allows organizations to address multiple aspects of risk management within a single platform.
• Being a cloud-based software, InPhase provides users with the flexibility to access and manage their risk-related data from anywhere, anytime. The user-friendly interface makes it easier for users to navigate and utilize the software effectively.
•  InPhase enables organizations to centralize their risk management processes and consolidate data from various sources. This integration helps in creating a holistic view of risks and compliance activities, facilitating better decision-making.

Cons:

• As with any enterprise-level software, there may be a learning curve associated with implementing and effectively utilizing InPhase. Organizations should consider the time and resources required for training and onboarding their teams.

Drata

Drata is a compliance automation platform that offers enterprise risk management capabilities. It aims to help organizations get started, scale their governance, risk, and compliance (GRC) programs, and enhance security and compliance efforts.

Pros:

• Drata provides automated solutions for SOC 2, HIPAA, GDPR, and other compliance requirements. This can save time and effort in managing and maintaining compliance.
• The platform is designed to support organizations as they grow and expand their risk management programs. It offers features that can accommodate increasing compliance needs.
• Drata aims to enhance security and compliance programs by providing tools and resources to identify and address risks effectively.

Cons:

• Some users have found that the initial setup and onboarding process can be complex and time-consuming.
• While Drata offers a comprehensive range of features, there may still be some specific risk management requirements that the software does not cater to.

360Factors

360Factors is a software company that offers enterprise risk management solutions. Their flagship product, Predict360, aims to help companies improve business performance by reducing risk and ensuring compliance. The software provides features for identifying, analyzing, evaluating, treating, and monitoring risks. It also offers automation and standardization capabilities to streamline the risk management process.

Pros:

• 360Factors emphasizes compliance as a key aspect of their risk management software. This can be beneficial for organizations operating in regulated industries that need to meet specific compliance requirements.
• The software offers automation and standardization capabilities, which can help streamline the risk management process. This includes centralizing documentation, sharing data with employees, and standardizing risk taxonomy.
• 360Factors aims to improve business performance by reducing risk. By identifying and addressing risks effectively, organizations can enhance their overall performance and profitability.

Cons:

• Using a new software tool like 360Factors may require time and effort to learn and train employees, which can disrupt productivity during the initial implementation phase.
• 360Factors may have limitations in terms of customization options and flexibility to meet specific organizational needs.

Resolver

Resolver is a robust enterprise risk management software that offers comprehensive solutions for organizations to identify, assess, and mitigate risks effectively. It provides a centralized platform to manage risks across the entire organization, enabling better decision-making and improving overall risk management strategies.

Pros:

• Resolver offers a user-friendly and intuitive interface, making it easy for users to navigate and utilize its features effectively.
• The software allows organizations to customize and configure various modules according to their specific needs and requirements.
• Resolver includes a comprehensive issue tracking system that helps in capturing and resolving issues across the organization. It provides real-time visibility into the status of issues and their resolution progress.

Cons:

• While the interface is user-friendly, new users may require some time to become fully proficient in using all the features and functionalities of Resolver.
• The software may be relatively expensive for small to mid-size organizations, making it more suitable for larger enterprises with higher budgets.

SecureFrame

SecureFrame is an enterprise risk management software that aims to streamline and simplify the process of managing security and compliance for businesses. The software offers real-time security monitoring, allowing businesses to detect and respond to security incidents promptly. It also provides automated alerts and notifications for potential threats, helping organizations maintain a proactive security posture.

Pros:

• SecureFrame’s intuitive interface and automation capabilities streamline the risk management process, saving time and effort for businesses.
• The software simplifies compliance management by providing pre-built templates, mapping features, and automated tracking mechanisms.
• SecureFrame’s real-time monitoring capabilities enable businesses to respond to security incidents promptly, reducing potential damage.
• The tool’s vendor risk management features help organizations assess and monitor the security posture of their third-party vendors effectively.

Cons:

• SecureFrame’s pricing structure may be a deterrent for small businesses or startups with limited budgets.
• While SecureFrame integrates with popular cloud service providers, it may not offer seamless integration with specialized or custom-built systems.
• While SecureFrame provides customizable risk templates, some organizations may find the level of customization options to be limited.

CURA

CURA risk management software is designed to assist businesses of all sizes in managing their risk-related activities. It offers a user-friendly interface and a comprehensive set of tools to streamline risk assessment, incident management, compliance tracking, and policy management processes. CURA aims to provide organizations with a centralized platform to identify, evaluate, and mitigate risks effectively.

Pros:

• CURA offers a wide range of features and functionalities to support comprehensive risk management practices within organizations.
• The software provides a user-friendly interface that makes it easy for users to navigate and utilize its features effectively.
• The risk management software tool offers customizable risk templates, allowing organizations to tailor risk assessments and other risk-related activities to their specific needs.
• CURA provides a centralized platform for managing risk, incidents, policies, and compliance, which helps businesses streamline their risk management processes.

Cons:

• While CURA integrates with various systems and tools, it may have limitations in terms of seamless integration with specialized or custom-built systems.
• As with any software, there may be a learning curve associated with adopting CURA. Users may require training or support to fully utilize its features.
• There is a limited number of user reviews available for CURA, making it challenging to gauge user experiences and satisfaction levels.

What are ERM tools?

ERM tools, or enterprise risk management tools, are software solutions designed to assist organizations in identifying, assessing, monitoring, and managing risks across the entire enterprise. These tools provide a systematic and structured approach to risk management, which helps businesses proactively address potential threats and capitalize on opportunities.

Benefits of enterprise risk management tools

Enterprise risk management (ERM) tools offer several benefits to organizations seeking to proactively identify, assess, and manage risks. Here are four key advantages:

Improved risk visibility and awareness

ERM tools provide a centralized platform for collecting and analyzing data related to risks across the organization. This leads to improved visibility into potential risks, allowing stakeholders to identify emerging threats and opportunities. Enhanced awareness enables proactive decision-making and the development of strategies to address risks before they escalate.

Enhanced decision-making and strategic planning

ERM tools contribute to informed decision-making by providing comprehensive risk assessments. With a clear understanding of potential risks and their potential impact, organizations can make more strategic and well-informed decisions. ERM tools help align risk management practices with overall strategic planning, ensuring that risk considerations are integrated into the decision-making process.

Optimized resource allocation and cost savings

By systematically assessing and prioritizing risks, ERM tools help organizations allocate resources more efficiently. This optimization ensures that resources are directed toward addressing the most significant risks and opportunities. As a result, organizations can potentially reduce unnecessary costs, prevent losses, and allocate resources more effectively to areas that contribute to overall business objectives.

Facilitation of regulatory compliance

ERM tools often include features that help organizations track and manage compliance with industry regulations and standards. By automating compliance checks, documentation processes, and reporting, these tools assist in ensuring that the organization adheres to relevant laws and regulations. This not only helps avoid legal issues and penalties but also builds trust with stakeholders and customers.

Must-have features of enterprise risk management software

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Effective enterprise risk management software should possess several key features to support comprehensive risk management. Here are five must-have features:

Risk identification and assessment tools

The software should offer robust tools for identifying and assessing risks across the entire organization. This includes features for risk profiling, scenario analysis, and the ability to quantify and prioritize risks based on their potential impact and likelihood.

Integration capabilities

Seamless integration with other enterprise systems is crucial. The ERM software should be able to connect with various data sources and systems, such as financial systems, project management tools, and compliance databases. This integration ensures a holistic view of the organization’s risk landscape.

Customizable reporting and dashboards

Customizable reporting features and dashboards are essential for providing relevant and real-time information to key stakeholders. The software should allow users to create customized reports, visualizations, and dashboards tailored to the specific needs of different departments and levels within the organization.

Collaboration and communication tools

Effective communication is vital for successful risk management. The software should include collaboration tools that facilitate communication among different stakeholders. This could include features for document sharing, comment threads, and notifications to keep relevant parties informed about the latest developments in risk management.

Compliance management

Many industries have specific regulatory requirements, and compliance is a critical aspect of risk management. The ERM software should include features that help track and manage compliance with relevant regulations. This might include automated compliance checks, documentation management, and tools for demonstrating adherence to regulatory standards.

Frequently asked questions: Enterprise risk management software

What is an ERM software?

Enterprise Risk Management (ERM) software is a tool designed to help organizations identify, assess, monitor, and manage risks across the entire enterprise. It provides a systematic approach to managing risks by centralizing data, facilitating communication, and supporting decision-making processes related to risk.

Why use ERM software?

ERM software is used to streamline and enhance the risk management process within an organization. It enables a more comprehensive understanding of risks, improves communication among stakeholders, facilitates compliance with regulations, and ultimately helps in making informed decisions to protect and enhance the organization’s value.

Is ERM the same as risk management?

While ERM and risk management are related concepts, they are not exactly the same. Risk management is a broader term that encompasses various strategies and processes for identifying, assessing, and mitigating risks. ERM, on the other hand, specifically refers to a comprehensive, enterprise-wide approach to managing risks, integrating risk management practices into the organization’s overall strategy.

What is the difference between ERM and ERP?

ERM (Enterprise Risk Management) and ERP (Enterprise Resource Planning) are distinct concepts. ERM focuses on identifying and managing risks across the organization, while ERP is a software solution that integrates and manages core business processes such as finance, human resources, procurement, and more. While they serve different purposes, there can be some overlap, as ERP systems may include modules or features related to risk management.

What are the 4 categories of the ERM framework?

The ERM (Enterprise Risk Management) framework consists of four primary categories that help organizations effectively manage risks. These categories provide a structured approach to assess and mitigate risks across the entire organization, enabling management to make informed decisions related to risks.

• Risk identification: This category involves the identification and understanding of risks that may affect the organization’s objectives. It requires a comprehensive analysis of both internal and external risks, covering areas such as strategic, operational, financial, and compliance risks.
• Risk assessment: Once risks are identified, they need to be assessed in terms of their potential impact and likelihood of occurrence. This category involves evaluating risks in a systematic and objective manner, using tools such as risk matrices, probability assessments, and qualitative or quantitative analysis.
• Risk response: After assessing risks, organizations need to develop and implement appropriate risk response strategies. This category focuses on developing and executing plans to either avoid, mitigate, transfer, or accept risks, depending on their significance and the organization’s risk appetite.
• Risk monitoring and reporting: The final category involves the ongoing monitoring and reporting of risks. It includes establishing risk management processes and systems, providing timely and accurate risk information to management and stakeholders, and ensuring that risk management activities are aligned with the organization’s objectives and strategies.