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10 Best Integrated Risk Management Software [2023]

The Top Integrated Risk Management (IRM) Software Shortlist

Here’s the list of the best integrated risk management platforms that I’ll cover in this article.

  1. Diligent ESG

    Best for viewing your organization’s risk profile

  2. Netwrix Auditor

    Best security risk management software for detecting data breaches

  3. Resolver

    Best for tying risk to specific incidents

  4. A1 Tracker

    Best for data integrations

  5. VelocityEHS Risk Management

    Best platform for tracking and reducing environment, health, and safety-related risks

  6. LogicManager

    Best for customer support

  7. MetricStream

    Best for intelligently identifying issues

  8. IBM Financial Crimes Insight

    Best risk management software for financial institutions

  9. TradeTapp

    Best for profiling subcontractors

  10. Archer

    Best for loss event management

Business risk is inevitable, but many companies aren’t sufficiently prepared. A McKinsey study found that only 6% of executives feel they are effective at managing risk. 

Risk management software can help. These tools work by helping you define risks, assess their potential impacts, and create strategies to mitigate each one. 

They also often have reporting features that show how your actions are affecting the overall risk your business takes on. 

You just need to find the tool that suits your business. This list of the ten best-integrated risk management tools will help.  

Comparison Criteria

What do I look for when I select the best-integrated risk management systems? Here’s a summary of my evaluation criteria: 

  1. 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 on managing risk via spreadsheets.
  2. Usability: Risk management tools need to be easy to use to encourage employees to perform the activities required of them. 
  3. Integrations: Some IRM tools integrate with business software and external data sources to provide a more informed overview of business risk. 
  4. Value for $: 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.

Integrated Risk Management: Key Features

  1. 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. 
  2. 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 the work on time. 
  3. 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. 
  4. Reporting: Reporting features help you present risk data to your organization's leaders, enabling them to make data-driven decisions. 

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Overviews Of The 10 Best Integrated Risk Management Solutions

Here’s a brief description of each 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. 

1

Diligent ESG

Best for viewing your organization’s risk profile

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.

Diligent doesn’t provide pricing information, but you can contact the company for a product demo.

Pricing upon request

2

Netwrix Auditor

Best security 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 reports that will improve your organization’s security by pointing out weak spots in your IT infrastructure that need optimizing. They have helped over 7,000 organizations secure their sensitive data and successfully pass compliance audits.

They offer pricing details upon request, as well as a 20-day free trial.

20-day free trial

Pricing upon request

3

Resolver

Best for tying risk to specific incidents

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.

Resolver doesn’t advertise pricing online, but you can find out more via the website.

Pricing upon request

4

A1 Tracker

Best for data integrations

A1 Tracker is a risk management toolkit for tracking issues in all areas, including environmental, political, and financial. The tool can assess risk across your organization and in external vendors.

The software has multiple features that help you manage risk. In the analysis stage, you can assess the probability of a potential issue occurring and the estimated impact it could have on business operations.

Once you’ve assessed potential problems, the risk management workflow toolkit helps you create an action plan to deal with them. Just define each step necessary to handle a risk, assign a manager, and then set notifications to alert people to the work they need to do.

The tool also has plenty of reporting features. You can view quick reports about overall risk management or check timeline graphs that show how this changes over time. There is also an activity and event log that highlights influencing factors such as legislative changes or changes to the market.

Data migration is a key part of the tool. You can integrate data from internal sources, such as your CRM or ERP, or bring in data from third parties like government databases or insurance companies.

A1 Tracker doesn’t promote pricing, but you can find out more via the website.

Pricing upon request

5

VelocityEHS Risk Management

Best platform for tracking and reducing environment, health, and safety-related risks

VelocityEHS helps organizations identify, assess, and manage workplace risks. It's a comprehensive solution that enables companies to set priorities and implement mitigation strategies with a centralized platform for managing data, documents, and communications. It offers a variety of assessment tools, including a risk ranking tool that allows users to prioritize risks based on their potential impact. VelocityEHS considers several factors including the toxicity of hazardous substances and their flammability and reactivity to generate a score reflecting the overall risk level. 

The software also includes an incident management system and provides access to a library of hazard databases, which can be used to identify potential risks in specific work environments. Verification scheduling allows users to create and track schedules for program audits, reviews, and other activities. It can also be used to generate reports on program performance. Their system also incorporates alerts and reminders, ensuring that programs are up-to-date and compliant with regulations.

The software allows users to create and share custom bowtie diagrams, which are used to visualize and analyze potential risks. VelocityEHS includes a library of pre-defined bowtie diagrams, which can be used as starting points for creating custom diagrams. With VelocityEHS's Analysis feature, users can input data about their facilities, equipment, and processes, and the software will generate risk profiles that can be used to identify potential hazards and develop control measures. VelocityEHS is a versatile solution that can be adapted to meet the risk management needs of any organization.

Pricing information for VelocityEHS is available upon request. There is no free trial currently available, but you can request a free demo through their website.

Request a free demo

Pricing upon request

6

LogicManager

Best for customer support

LogicManager is dedicated risk management software. It helps businesses manage risk in compliance, new projects, and mergers and acquisitions.

The tool has features that cover all areas of risk management, from identification through mitigation and then reporting. This helps you identify the risks most likely to affect your business and then build strategies to minimize them. Once you’ve created systems, workflows and notifications keep everyone on track, while visual reporting helps you explain results to company leaders.

The tool stands out because it bundles unlimited risk management support with the software. This means you get access to a team of expert consultants who help you protect your business. You can also access training sessions and best practice consulting services. It’s perfect if your team lacks specific expertise or you simply want outside help.

LogicManager doesn’t promote pricing, but you can request a quote via the website.

Request a quote

Pricing upon request

7

MetricStream

Best for intelligently identifying issues

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.

MetricStream doesn’t promote pricing, but you can request more information on the website.

Free demo

Pricing upon request

8

IBM Financial Crimes Insight

Best risk management software for financial institutions

IBM Financial Crimes Insight, designed by IBM Watson, is an integrated software solution that monitors and flags instances of fraud or financial crimes for financial institutions. Their holistic, risk-based approach uses AI to assess real-time transactions, cut down on false positives, and flag high-risk alerts immediately.

Key features of IBM’s platform include advanced analytics and automations using AI, machine learning that quantifies and minimizes complex risks, and predictive models and analytics to help spot organized, high-level fraudulent activity.

They offer customized pricing upon request.

Pricing upon request

9

TradeTapp

Best for profiling subcontractors

TradeTapp is a risk management platform that focuses specifically on helping businesses manage risks that come with hiring subcontractors. It clearly shows the potential problems of working with a particular business, allowing you to make informed choices about which subcontractor to choose.

The dashboard shows each business’s key financial metrics, such as its single project capacity, working capital, debt, and revenue. The tool then highlights if any of these metrics would make working with them a problem.

You can also see how this information affects specific projects. For example, a subcontractor may be in great financial shape, suggesting it isn’t usually a risk. But problems could still occur if your project is larger than the subcontractors usual capacity. When this is the case, TradeTapp will highlight this information, improving your ability to avoid third-party risk.

The tool has a network of 250,000 vendors that it provides data on. It also has an integrated bidding platform so you can streamline the entire process of hiring subcontractors.

TradeTapp doesn’t promote pricing, but you can request a software demo via the website.

Pricing upon request

10

Archer

Best for loss event management

Archer is a leading integrated risk management platform. It helps organizations standardize risk management processes which, it says, can enable more informed decision making.

The risk catalog is central to the tool. It enables organizations to record risk factors consistently and gather all this data in a central location. Being consistent with risk assessments provides a more accurate view of how each issue relates to others.

Another helpful feature is loss event management. This catalogs both losses and near misses and helps you assess these events to establish how they occurred and where accountability lies. It creates an automated workflow for these events to ensure you perform them consistently every time.

Archer doesn’t advertise its pricing online. You can contact the company for a quote via the website.

Pricing upon request

Need Expert Help Selecting The Right Risk Management Software?

People Managing People has joined forces with the software comparison platform Crozdesk.com to assist you in finding the best tool for your needs. Crozdesk’s Risk Management Software advisors can create a personalized shortlist of software solutions with unbiased recommendations to help you identify the solutions that best suit your business's needs. Through our partnership you get free access to their bespoke software selection advice, removing both time and hassle from the research process.

It only takes a minute to submit your requirements and they will give you a quick call at no cost or commitment. Based on your needs you’ll receive customized software shortlists listing the best-fitting solutions from their team of software advisors (via phone or email). They can even connect you with your selected vendor choices along with community negotiated discounts. To get started, please complete the form below:

The 10 Best Integrated Risk Management Solutions Summary

Tool Free Option Price
1
Diligent ESG

Best for viewing your organization’s risk profile

Not available

Pricing upon request Visit Website
2
Netwrix Auditor

Best security risk management software for detecting data breaches

20-day free trial

Pricing upon request Visit Website
3
Resolver

Best for tying risk to specific incidents

Not available

Pricing upon request Visit Website
4
A1 Tracker

Best for data integrations

Not available

Pricing upon request Visit Website
5
VelocityEHS Risk Management

Best platform for tracking and reducing environment, health, and safety-related risks

Request a free demo

Pricing upon request Visit Website
6
LogicManager

Best for customer support

Request a quote

Pricing upon request Visit Website
7
MetricStream

Best for intelligently identifying issues

Free demo

Pricing upon request Visit Website
8
IBM Financial Crimes Insight

Best risk management software for financial institutions

Not available

Pricing upon request Visit Website
9
TradeTapp

Best for profiling subcontractors

Not available

Pricing upon request Visit Website
10
Archer

Best for loss event management

Not available

Pricing upon request Visit Website

Other Options

Here are a few more integrated risk management tools that didn’t make the top list.

  1. AuditBoard

    Best for creating risk mitigation workflows

  2. Onspring

    Best for viewing the monetary value of risk

  3. Ventiv IRM

    Best for managing asset risk

  4. StandardFusion

    Identify risk and create workflows to minimize it

  5. Fusion Framework System

    IRM software with situational monitoring and risk analysis

  6. Risk Cloud by LogicGate

    Risk management with powerful automation features

  7. Camms.Risk

    Easy to use risk management software

Related Read: 10 Best Employee Evaluation Software For Performance Reviews & Recognition

What Is Integrated Risk Management?

Integrated risk management is a way for organizations to identify and manage risk. It involves creating a strategy for identifying, assessing, managing, communicating and preventing potential issues.

An integrated risk management process should consider the entire organization and external factors like suppliers, subcontractors, and partners. Risk management software helps you manage this from within a centralized platform.

Related Read: HR Software: What It Costs And How To Decide What’s Best For Your Company

What Do You Think About This List?

The tools on this list help you understand how vulnerable your company is in different areas and then take steps to protect yourself. 

Because each solution is different, I think there is one suitable for all types of companies. But, I’d like to hear what you think. Drop a comment in the section below to tell us if you have used any of these tools and what the experience was like.

And don’t forget to subscribe to the People Managing People newsletter before you go. We send out exclusive insight from top HR thinkers every week.

For even more help on choosing the best HR software, check these out:

By Tim Reitsma

Tim is the co-founder and General Manager of People Managing People, an online publication focused on building a better world of work. He is experienced with people & culture, leadership, business strategy and operations with a focus on building great teams who are excited about their craft and their organization. With over 15 years of leadership experience, Tim has always been guided by his core values: faith, family, curiosity, and fun. He is a coach, mentor, speaker, advisor, and an active volunteer in his community. Tim loves spending time outdoors with his wife and two kids as well as mountain biking in the north shore mountains.