What do I look for when I select the best-integrated risk management systems? Here’s a summary of my evaluation criteria:
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.
Usability: Risk management tools need to be easy to use to 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 $: 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
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 the 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 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.
Use Onspring to assign tasks and set deadlines to mitigate risks.
Onspring is software with plenty of features designed to help organizations implement risk management strategies. It’s primarily a GRC platform meaning it helps you put in place compliance programs to manage regulatory risk.
You start managing risk by performing risk assessments. The Onspring dashboard visualizes your results by highlighting data such as the potential monetary loss associated with risk events and the likeness of them occurring.
Meanwhile, the risk register is a list of the risks your organization faces. You can assign each one to people at your organization to make it clear who is in charge of managing specific issues. Onspring also shows an overall view of risk by category—for example, cybersecurity or compliance management—to highlight exactly where your company is vulnerable.
Once tasks are assigned, you can create workflows with automated notifications. The workflow is a list of all the tasks a risk owner must complete to minimize the chances of a loss event occurring. Meanwhile, email notifications keep everyone on track regarding their risk management-related activities. Finally, reporting functionality shows those in charge exactly how the overall risk strategy is progressing in real-time.
Onspring doesn’t promote pricing online. You can request a quote via the website.
A1 Tracker offers a free demo to get an insiders look at the software UI and how to use it.
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.
Resolver provides an overview of the risks your business faces.
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.
LogicManager helps you identify risks and create strategies to reduce them.
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.
The AuditBoard dashboard highlights the top risks your company faces.
AuditBoard is operational risk management software used by 30% of Fortune 500 companies. It aims to help companies navigate an ever-changing risk landscape.
It works by bringing audit management, risk, and compliance into a centralized program. This helps these teams collaborate on risk management, enabling you to create streamlined processes. The workflow builder is an excellent example of this. You can create tasks and assign them to people across all three teams.
Connected systems also enable in-depth reporting. For example, the dashboard highlights the top risks facing your organization and shows how this trend changes over time. Meanwhile, the risk heat map is an easy way to see your organization’s risks and their potential impact. Use this data to make better decisions around risk.
AuditBoard integrates with your organization’s other apps, including Office356, Google Drive, and Slack. You can also use the tool’s API to create your own integrations if the one you need doesn’t exist already.
AuditBoard doesn’t advertise pricing, but you can request a demo on the website.
MetricStream has powerful risk assessment and reporting features.
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.
View the probability and impact of loss events occurring in the Archer dashboard.
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.
Create risks in Diligent and view how they may affect your business.
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.
Use TradeTapp to view data and assess the risk of working with a subcontractor.
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.
Ventiv IRM is risk management software that uses your data to help you see risk, predict how it will affect your business, and minimize issues.
The software has plenty of features that help. For example, the incident management toolkit highlights problems as soon as they occur, enabling you to take action that minimizes their impact. It also provides visibility into potential future issues so you can take preventative action.
Another feature is asset management. It provides an overview of your assets and their exposure to risks. It also helps you understand how these assets relate to your overall risk profile.
Ventiv doesn’t advertise pricing online. You can contact the company to find out more.
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
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.
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.