April 11, 2020
December 30, 2020
A PMI study revealed that 86% of organizations use at least one form of risk management methods.
I wouldn’t be surprised by these statistics, given that digital technology has become a permanent part of all organizations now, which only means business is likely to run into more technical if not mechanical hazards.
Knowing what risks are likely to occur and wherein a business can be a time-consuming job for project managers who already have enough on their plates as it is. Also, its important to realize that, with a growing number of projects and business scope, the nature of risks inextricably expands as well. And when that happens, a single static risk management approach does more harm than good.
According to McKinsey, 70% of senior managers have begun planning on adopting digital risk management. In other words, the use of risk management software is becoming increasingly critical to maintain the resilience of a company.
What did we look for when evaluating the best risk management software criteria?
The 19 Best Risk Management Software for Business Risk Management:
Take a look at 19 of the best risk management software that will add a cushion to your free-fall:
If your risk management software is clunky and complex to use, it will only aggravate your ability to track and assess harmful risks rather than simplifying the process of risk management.
Which is why nTask ranks first on our list. In nTask, the prospect of having to deal with and resolve identified risks doesn’t seem too formidable. And the credit for which is single-handedly accounted to the extremely friendly, and pleasantly neutral tones of its risk management board.
The strongest suit that elevates nTask to a higher pedestal than it’s fellow contenders is that it is a fully-featured project management tool. So, whether you’re working on a task or conducting a meeting, nTask lets you keep one eagle eye on risk updates.
Document, manage and mitigate unlimited project risks with nTask, absolutely free. Sign up today!
There’s no knowing when a risk will erupt and jeopardize the foundation of your project, leaving you with nothing but remorse. The only panacea to this predicament is constructive planning.
Resolver is one such tool that focuses primarily on risk planning and preparation. It supports early planning of risk identification, in stages when project objectives and regulatory requirements are still in the making.
There’s an entire set of consolidated products offered by Resolver that are specific to organizations of all sizes and from all industries.
Corporations like Delta Airlines make use of Resolver’s Enterprise Risk Management solution for Global Security challenges. On a different front, clients like Farmer Mutual Hail chose Resolver’s Internal Audit and Risk Compliance software for efficient reporting of risks to their management team.
Sometimes the simplest of vulnerabilities are the most injurious, silently weakening the integrity of the project until it suddenly collapses, resulting in complete and utter project failure. Simple management tools such as TimeCamp, are the perfect fit for addressing such seemingly benign risks.
Though TimeCamp is fundamentally a time tracking tool made to assist teams in delivering on time, users can also conduct a risk assessment with special built-in features for multiple facets of their workflow.
Trusted by many, Integrum is one of the best risk management software in the world.
Winner of multiple awards and appreciated for being the most configurable system on the market, Integrum helps companies accelerate their business by helping them manage and reduce risks creeping out at any stage of a project.
Integrum’s strongest suit is that it is particularly built for the health and safety management of an organization.
Australia’s largest water supplying facility renders successful in supplying safe water and wastewater services to over 500,000 people with the help of Integrum’s Quality, Health and Safety Management system. Integrum proffers a sophisticated range of integrations to help a legion of legacy systems streamline their processes and business growth.
Every Project scope is different from the previous project and the one next in line. With differing projects, arises differing vulnerabilities in the system as well.
The small and menial ones are often captured and dealt with little fuss. It is the highly specialized ones that need a mechanized system of host scanning to avoid any sneaky loopholes that may later damage the entire project development.
Qualys is one of the most advanced tools that offers vulnerability scanning, malware detection, and remediation tracking.
Qualys has a generous compilation of security solutions included but not limited to: asset management, IT security, Cloud security, Web App Security and Policy Compliance. It is because of its simpler, safer and cost-effective suite of features, that Qualys is used across 130 countries and is trusted by major global brands like Microsoft and Deloitte Inc.
Some risks are fairly predictable, some are hidden, and some are recurring. Which is why the monitoring of risks that keep re-surfacing or that are on-going, should be a vital part of the risk management software that you choose.
CURA provides companies with the expertise of supervising each risk, in accordance with its impact and probability.
It offers solutions, to multiple industries ranging from banks, healthcare, insurance firms, utility firms, and telecommunication, in the form of project risk management, enterprise risk management, operational risk management, and incident risk management.
Organizations all across the world, rely on CURA to manage risks. Kellogg’s one of the world’s leading cereal producer uses CURA’s automation system to manage their SOX Section 404 compliance.
#7 on our list of the best risk management software is A1 Tracker. It is very user-friendly and powerful. Some of its inbuilt features include a web portal, risk audits and log history, alerts and notifications, dashboard metrics and charts, threat assessments, threat response, and risk ratings as well as documentation. It caters to the integration with financial software and provides modules to track events, incidents, contracts, insurance, claims, projects, and assets.
Some of the processes this risk management tool can address include:
Synergi Life is a risk management tool by DNV GL. It comes as a complete business solution for risk as well as QHSE (quality, health, safety, environment) management.
With this tool, you can manage risk assessments and analyses, non-conformances, audits and provide a channel for suggestions for improvement. It also helps teams communicate, report, manage corrective actions and experience transfer, trends and KPI monitoring.
Synergi Life is among the best risk management software you can use to manage projects and business risks.
Some of the key features you can avail with this risk management tool are:
The unique feature of this risk management software is that it is customizable. You can make use of this tool on devices, online and offline. It helps you assign work and notify responsible people, attach images and share files, conduct inspections and audits on the go with your mobile or tablets or in one place, on a computer.
You can even transfer automated PDF reports to stakeholders, assess bottlenecks and trends with real-time statistics.
Here are some features and processes this tool provides:
MasterControl complies with FDA regulations as well as with ISO quality standards. An alluring feature about this tool is that it helps in recovering documents that may have been lost in unforeseen situations.
You can easily restore them and continue the project. Moreover, this tool establishes risk evaluation as a separate process. This significantly helps the quality departments in quality decision making.
MasterControl comes with the following salient features:
#11 on our list of the best risk management software is Predict360 by 360factors. This cloud-based Enterprise Risk and Compliance Management Technology specializes in the sectors of Banking and Financial Services, Oil and Gas, and Power and Utility.
Predict360 comes with a user-friendly interface and offers a single platform to integrate audits and inspections, policies and procedures, regulatory information, risks as well as online training.
Moreover, this tool also has pre-configured content to assist functional managers and staff in managing daily risk and compliance matters.
Here is a list of features you can avail with this risk management software:
Pims is one of the best risk management software helping teams with risk identification, mitigation, and management. It comes with a simplified interface that users can swiftly learn and be able to work. You can retrieve relevant information regarding risks, add risks or perform editing.
You can even store documentation, assess past risks and accordingly work on historic risk development.
This tool facilitates risk management through the following features:
The Opture Risk Management Software is an integrated risk management software that facilitates the entire risk management process. With this risk management tool, you can manage risks efficiently by boosting risk data quality and conducting risk analysis individually. Moreover, it is flexible, easy to incorporate, modularly extendable and simple to work with.
Opture provides the following features and usability in your risk management process:
ARC Risk is one of the best risk management software available. It is a Cyber Security Risk Management tool. This tool lets you assess risks, report, and track, manage assets, gap analysis, supports incident management, and provides results that can be audited annually.
It complies with the ISO 27001:2013. It saves time spent on information risk management and gives you results that can be audited on a yearly basis.
ARC is a web-based risk management software that can be accessed from anywhere.
This risk management tool gives you the following key features:
One of the best risk management software you can use in the year of the pandemic is Reciprocity. It is an amazing application that is ripe with an easy to use UI and is simple to its very core to help anyone that wishes to use it.
So, if you want a software that does all of the work without being all glittery, and loaded with all of the bells and whistles that we see in some expensive tools, then Reciprocity is the way to go.
Let’s look at some of the features that the application offers:
This software is an amazing project management application that you can use in 2020. It is a tool that was designed to work with companies working in industries like finance, manufacturing, and health among many others.
Just isn’t it incredible software that you can use to identify and track risks and scope creeps very quickly, I’m not only can you track the rest but you can make processes and strategies to prevent these risks from happening again.
Let’s take a look at some features that the application offers:
One of the most innovative software is on this list is SAS. It is an amazing software that feels like it was custom-built for every manager that uses it.
Why? Because of the idea on which it was built, which was that every company has its own enemies and the software must adapt to that scenario and handle the risks.
It’s an amazing purchase if you are a manager of a big team because this software will always make you feel like it was custom made to fulfill your needs and requirements.
One thing that this application offers is that you can access the application from the cloud or a dedicated server.
Let’s take a look at some of the features that this application offers:
Safesite is not only free, but it comes with an easy-to-use digital interface for anyone who’s looking to collaborate, improve safety standards & output, and ditch paper through a risk-free approach.
Needless to say, Safesite is actively used in over 4,000 businesses of varying scale. The platform is highly trusted for its risk assessment and resolution prowess. Users can reportedly perform/ conduct safety inspections, audits, and many other task management functions.
The application is ideal for teams who want to improve safety compliance, reporting, and engagement through streamlined communication. You can visit Safesite’s official webpage for price quotes and further details.
GOAT Risk’s name may hit the audience on a lighter note, but the program is perfect for risk assessment and management. This application is loaded with dedicated features designed for non-risk experts and C-suite level users.
Needless to say, we loved GOAT Risk as one of the best risk management software because of the wide array of tools and flexibility it comes with. Particularly speaking, the embedding, engagement, and impact of risk management are worth commenting on – and that too under a positive light.
On that note, GOAT Risk enables users to raise capability among non-risk experts for better decision making; admins can engage with C-suite, involve stakeholders, and collaborate based on accountability factors. You also get useful insights through KPIs and KRIs as a risk thought leader.
Finding the best risk management software can be a challenge at the beginning. But with free tutorial guides and company training, companies can practice risk control and risk elimination at any level of their business structure.
Here are 5 more options that didn’t make the top 17 list, but we believe these also have the potential to improve over time and serve your needs.
Whether you want it or not, the efficacy of the “best risk management software” comes down to user requirements.
If you are an individual contractor, a solopreneur, or a project manager who is just getting started, perhaps investing in risk management software may not be a good idea. Besides, some of these online solutions are expensive – especially if your business turnover is not pretty.
For small scale operations, the risks are also smaller and easily noticeable. In such cases, it is easier to manage those skills using conventional management practices.
However, things take a wild turn when they paint a bigger picture.
Risks are an inherent part of bigger businesses.
Organizations need to factor in these risks because they can hinder performance in the long run. Speaking of risks, beware of security, financial, legal, and compliance risks. They are all important and can only be managed through robust risk management software.
What’s more important is that you need to keep in mind the following risk categories for optimal results.
Have you tried out any of the best risk management software solutions listed above?
What do you use for risk control?
We would love to hear your thoughts…
Manage your team, tasks, projects and more on a single platform. Sign up today, it's free.