10 Best Integrated Risk Management (IRM) Software Shortlist
Here's my pick of the 10 best software from the 20 tools reviewed.
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There are so many different integrated risk management software, so making a shortlist of the best can be tricky. You want to provide a comprehensive view of potential threats from financial, operational, and cybersecurity risks—and now need the right tool for your company and team. In this post, I share my insights on different IRM platforms and recommend my picks of the best integrated risk management software overall, based on my experience as an HR specialist.
What is Integrated Risk Management Software?
Integrated risk management software is a tool that helps organizations manage and mitigate various risks. It combines data from different sources to provide a unified view of risk exposure, covering areas like cybersecurity, compliance, operational, and financial risks.
This software facilitates strategic planning, decision-making, and regulatory compliance by identifying, assessing, and prioritizing risks. It's designed to enhance organizational resilience and efficiency, providing insights and controls to proactively address potential threats and vulnerabilities.
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Rippling
This is an aggregated rating for this tool including ratings from Crozdesk users and ratings from other sites.4.8 -
Willo
This is an aggregated rating for this tool including ratings from Crozdesk users and ratings from other sites.4.8 -
ClearCompany
This is an aggregated rating for this tool including ratings from Crozdesk users and ratings from other sites.4.6
Overviews of the 10 Best Integrated Risk Management Solutions
Here’s a brief description of each top 10 integrated risk management software solution to showcase each tool’s best use case, some noteworthy features, and screenshots to give a snapshot of the user interface. Keep reading to find additional bonus picks at the bottom of the list.
Best for providing real-time risk assessments and mitigation
Alyne is a full-suite GRC platform for governance, risk, compliance, and ESG designed to deliver data-driven insights, powered by AI technology, to organizations.
Alyne helps teams understand laws and intuitively identify risks in real time, increase transparency and compliance efficiency, and collaborate more effectively across their enterprise and third parties. The tool lets you manage risk and reduce risk exposure. It also helps you understand and confidently implement compliance requirements, thoroughly assess risk, obtain detailed risk analytics and reporting, and make risk-aware decisions for your organization.
Additionally, you can leverage ready-to-go controls and assessment templates, automatic risk identification and qualification, and meaningful risk quantification methods to save on costs and increase time to value.
It is suitable to be used for environmental, social and governance (ESG) management, enterprise risk management, and internal controls and compliance.
Alyne's integrations include key enterprise platforms such as SAP, Salesforce, and Oracle, ensuring that data flows are coherent and uninterrupted.
StandardFusion is a comprehensive GRC platform that specializes in multi-standard compliance management, making it an ideal tool for technology-focused Information Security teams. It offers solutions for risk management, audit management, compliance management, vendor management, policy management, privacy management, and compliance automation, helping organizations in various industries achieve and maintain compliance to standards and regulations.
I chose StandardFusion for integrated risk management software because it provides a comprehensive solution that addresses multiple facets of governance, risk management, and compliance (GRC). Its ability to manage compliance to a variety of standards, including ISO, SOC 2, NIST, HIPAA, GDPR, PCI-DSS, and FedRAMP, makes it a versatile tool for organizations across different industries.
StandardFusion has multiple existing integrations, including Jira, Confluence, Slack, OpenID, DUO, and Google Authenticator. They also offer options for single sign-on, integrations with UCF, and access to their API.
StandardFusion pricing available upon request.
Corporater is an enterprise-scale software that can support your governance, performance, risk, and compliance (GPRC) operations. Its risk management capabilities are expansive, covering IT and web risk management, third-party risk management, project and portfolio risk management, operational risk management, and more. It's suitable to be used across an organization to detect, manage, and mitigate risks in all departments and teams.
The software can be used to digitize risk management at your organization and automate your various risk management processes. You can establish risk mitigation workflows in the platform to create consistent, standardized procedures for how to navigate different types of risks. Qualitative and quantitative risk assessments can be performed, helping teams make informed decisions on how to move forward when risks are detected.
Reporting can also be done with the software, and users can create visual dashboards to understand the risks detected, managed, and addressed at their organization.
ManageEngine EventLog Analyzer is a comprehensive log management and IT compliance tool designed to monitor, collect, and analyze log data from various sources. By offering centralized log management, it helps organizations maintain network security and adhere to compliance requirements.
As an integrated risk management software, ManageEngine EventLog Analyzer excels in real-time event correlation and security incident detection. By continuously monitoring logs from servers, applications, and network devices, it identifies potential threats and policy violations promptly. This proactive approach to security helps organizations address risks before they escalate.
The software's advanced threat intelligence and correlation capabilities also provide a deeper understanding of security events, enabling more effective incident response and risk mitigation strategies. Additionally, EventLog Analyzer's automated incident management and detailed reporting capabilities are crucial for maintaining compliance and performing forensic analysis. The software generates customizable reports that meet various regulatory requirements, such as HIPAA, GDPR, PCI-DSS, and SOX.
Pricing is available upon request.
Diligent's integrated risk management toolkit helps organizations identify, assess, and manage risk using a unified methodology. This can help your business make better risk-related decisions.
The tool has integrations that allow you to analyze multiple sources, including internal and external tools. You get a complete view of how the current risk environment affects your business.
Meanwhile, the tool’s dashboard and reporting features ensure you can view this information in a way that makes sense. It shows your organization’s current risk profile, including an overall risk score and how different risk factors contribute to its risk.
It’s easy to export these reports to provide relevant stakeholders with the data they need to make informed decisions to ensure business continuity.
Best for compliance, risk, vendor, and audit management in one
Hyperproof is a comprehensive compliance operations platform designed to manage compliance, risk, vendor, and audit processes within a single system. It caters to organizations of all sizes that need to navigate complex regulatory environments.
I chose Hyperproof because of its all-in-one approach to compliance, risk, vendor, and audit management. Its ability to automate evidence collection, task management, and real-time compliance visibility ensures that organizations can handle multiple regulatory requirements seamlessly. The platform's centralized data and workflows also reduce the complexity of managing various compliance frameworks.
Hyperproof offers detailed compliance and audit reports, making it easier for organizations to prepare for audits and maintain regulatory standards. Additionally, the platform’s centralized risk tracking system identifies, assesses, and mitigates risks proactively, ensuring a secure and compliant operational environment.
Integrations include Jira, Slack, Google Drive, AWS, Azure, GitHub, GitLab, Microsoft Teams, Okta, OneDrive, Confluence, ServiceNow, Microsoft 365, Zoom, Box, Dropbox, Asana, Trello, Salesforce, and Smartsheet.
Pros and cons
Pros:
- The tool automates evidence collection
- Pre-built frameworks for compliance management
- Intuitive design for ease of use
Cons:
- Vendor management module could be more comprehensive
- Limits to customizations within the platform
Best security and IT risk management software for detecting data breaches
Netwrix Auditor’s advanced IT security software helps organizations detect security threats quickly and efficiently. Their software can analyze user permissions for company data, including digital files and folders, at scale, with the ability to analyze files in batches by file type, user name, or access date. You can also set up automated alerts so your IT team is notified immediately of any suspicious activity.
Netwrix Auditor includes advanced audit management reports that will improve your organization’s security by pointing out weak spots in your IT infrastructure that need optimization. They have helped over 7,000 organizations secure their sensitive data and successfully pass compliance audits.
Integrations are available with Active Directory, Microsoft 365, SharePoint, Oracle Database, Windows File Servers, NetApp, and numerous other IT systems.
Resolver is a user-friendly risk management tool used by over 1000 businesses, including Starbucks and Nestle. It has solutions for corporate security, compliance, and information security teams.
The risk management solution has everything teams need to discover, assess, and minimize risk. The software’s highlight is the risk assessment features that tie issues to specific incidents and actions, ensuring they relate to actual business events. Highlighting these risk indicators helps you spot gaps in your risk management strategy while showing the impact of your strategies.
Resolver has plenty of other valuable features. For example, the drag-and-drop builder makes it easy to create processes suited to your business. The tool doesn’t require any programming knowledge, which brings the ability to create and customize workflows to anyone in your organization.
Best IRM software with situational monitoring and risk analysis reporting
Fusion Framework System is a risk and continuity management solution developed for businesses looking to not just minimize risk, but also to simplify complex processes and operations through enhanced visibility. The solution provides insights into the operations of businesses and organizations.
The cloud-based risk and resilience platform helps users understand how their business works, provide insights into where it is exposed to risk, and then help understand how to put it back together again. The integrated risk management software helps business leaders and other stakeholders to visualize their entire operation, their products, and/or services from the customer’s perspective.
The solution provides two key features through its integrated risk management software, one is operational risk management and the other is enterprise risk management. The former helps drive consistency by enabling standard risk approaches down a company’s operational pipeline. The latter, enterprise risk management, helps users leverage dynamic data to identify and monitor potential risks.
Users can easily align their key strategic targets with their risk management approach to establish a truly integrated foundation of meaningful insights that extend across the entire enterprise.
MetricStream is Enterprise Risk Management (ERM) software with modules that help you understand and react to risk across your organization.
The tool has features for identifying and defining risk. Use them to document all the risks your business faces. Once set up, you can view key issues in the dashboard.
The product stands out because it lets you assess risk using internal audits that consider how they relate to your organization, objectives, products, and processes. The idea is that this will improve the efficiency of audits, helping you complete them faster.
MetricStream's intelligent issue and remediation feature is also useful. It uses AI and machine learning to identify issues and make recommendations. You can then review each issue, create a plan, and assign it to a team member to minimize the risk.
Best Integrated Risk Management Solutions: Pricing Comparison Chart
This comparison chart summarizes basic details about each of my top risk and compliance management solutions. You can view pricing details and the availability of free trials or demos side-by-side to help you find the best software for your budget and business needs.
Tool | Best For | Trial Info | Price | ||
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1 | Best for providing real-time risk assessments and mitigation | Free demo available | Pricing upon request | Website | |
2 | Best for multi-standard compliance management | 14-day free trial | Pricing upon request | Website | |
3 | Best integrated risk management software for enterprise | Free demo available | Pricing upon request | Website | |
4 | Best for comprehensive log management | 30-day free trial + free demo | Pricing upon request | Website | |
5 | Best for viewing your organization’s risk profile | Free demo available | Pricing upon request | Website | |
6 | Best for compliance, risk, vendor, and audit management in one | Free demo available | Pricing upon request | Website | |
7 | Best security and IT risk management software for detecting data breaches | 20-day free trial | Pricing upon request | Website | |
8 | Best for tying risk to specific incidents | Free demo available. | Pricing upon request | Website | |
9 | Best IRM software with situational monitoring and risk analysis reporting | Free demo available | Pricing upon request | Website | |
10 | Best for intelligently identifying issues | Free demo available | Pricing upon request | Website |
Other Risk Management Options
Here are a few more integrated risk management tools that didn’t make the top list but they are still worthy of consideration:
- Ventiv IRM
For managing asset risk
- RAIDLOG.com
For managing risks within projects
- VelocityEHS Risk Management
Platform for tracking and reducing environment, health, and safety-related risks
- A1 Tracker
Risk management platform for data integrations
- Onspring
For viewing the monetary value of risk
- TradeTapp
Cloud-based platform for profiling subcontractors
- LogicManager
For customer support
- Archer
For loss event management
- AuditBoard
For creating risk mitigation workflows
- IBM Financial Crimes Insight
Risk management software for financial institutions
Selection Criteria for Integrated Risk Management Software
Wondering how I created this list of the best integrated risk management systems? I started out by reviewing recent market data for integrated risk management software to get a sense of the biggest software providers in this niche.
Next, I examined each risk management platform carefully to understand how each one compared to other risk reporting solutions on the market.
Lastly, I used the evaluation criteria below to systematically compare each system against the others and uncover the clear winners in the pack.
Here's a summary of the selection and evaluation criteria I used to create this list:
Key Features of Risk Management Software
To help me compare each risk management solution to the next, I created this list of the key features I expected each system to cover:
- Risk Identification: These features help you identify the risks your organization faces. They allow you to assess each potential issue to estimate how likely it is to occur and the potential damage it would cause.
- Workflows: Workflow features let you create and assign risk-related tasks to people within your organization. You can set deadlines and automate notifications to ensure people complete their work on time.
- Loss Events: Some IRM tools let you analyze loss events or near misses to discover what went wrong and create processes to reduce the chances of these issues occurring again.
- Reporting: Reporting features help you present risk data and other key metrics to your organization's leaders, enabling them to make data-driven decisions.
Other Assessment Criteria
In addition to the key features above, I also assessed these additional criteria to make my final selections for this list:
- User Interface (UI): A clear user interface helps you create visual reports that provide quick insight into your company’s risk profile. The best tools are a big improvement from managing risk via spreadsheets.
- Usability: Risk management tools need to be intuitive and easy to use to create a positive user experience and encourage employees to perform the activities required of them.
- Integrations: Some IRM tools integrate with business software and external data sources to provide a more informed overview of business risk.
- Value for Price: The right IRM tool helps you reduce risk and associated costs. With this in mind, it’s easy to see how they can provide value for money. The tools on the list use a SaaS business model meaning you pay a recurring fee.
Other Risk and Compliance Software
If you're looking for other types of software to help you manage your operational risk and compliance, check these lists out:
- Best Compliance Software for HR Departments
- Best Safety Management Software to Keep Your Staff Safe and Sound
- Best HR Case Management Software
- Best HR Software Companies
- Best HR Compliance Companies & Services
- Best Enterprise Performance Management (EPM) Software for financial forecasting
Conclusion
All the tools on this list help you understand how vulnerable your company is in different areas so you can take steps to protect yourself. Each solution is different, to satisfy a variety of different business needs.
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