What is the best risk management software?
Here's my pick of the best risk management software.
1. nTask.
Best solution for seamless collaboration between small businesses within risk management settings.
nTask Is one of project management software most popular with small businesses that want to keep risk management in mind. It allows teams to collaborate, plan, analyze, and manage daily tasks.
It's ideal when it comes to streamlining a small business, ensuring everyone is on the same page when it comes to risk management.
Features
- Easily manage your tasks on Kanban boards so everyone knows what needs to be done, who is responsible for each task, and where the items are in the workflow.
- Visually analyze your business using beautiful graphics to find bottlenecks or even predict outcomes.
- Streamline the use of project risk planning software, task management software and other tools necessary for the smooth running of your business.
- Feel confident knowing that you can get everything done on time for deadlines, so you never miss a moment.
Pricing
nTask is composed of 4 different payment plans:
- Basic: Free Forever
- Premium: $2.99 per user per month
- Businesses: $7.99 per user per month
- Business: You should contact them to get a quote.
Compared to other software that we are going to review, these packs are much more affordable, which means that nTask can be a good introduction to risk control in a small business.
2. Resolver.
Best for an easy to use risk management solution that takes your business to new heights.
Resolver is a company that specializes in risk mitigation for businesses. Resolver gives growing businesses a clear picture of their risks, allowing them to make quick and effective decisions.
These decisions contribute to the advancement of their business while ensuring the protection of their personnel and assets. To do this, they propose the enterprise security software suite the most complete currently available.
Features
- Prevent security breaches so you can focus on growing your business.
- Monitor compliance risks and costs, and keep your customers safe through rapid threat detection and response.
- Report on security risks through compliance information to track your progress, allowing you to systematically manage all areas of risk across the business.
- Easily conduct a gap analysis against industry standards to prioritize your efforts.
Pricing
You will need to contact the Resolver team to request a demo and get a detailed quote.
3. Integrum.
Better way to use data to support your decisions
Integrum is a global leader in business management and optimization software. Integrum has transformed the lives of businesses and individuals through its suite of award-winning products, allowing organizations to realize their potential by transforming data into decisions based on information.
Integrum's solutions are designed to help businesses grow more effectively through automation, process improvement, greater visibility, and control of the flow of information across the enterprise.
It empowers workers in the field of management science by helping them manage business conditions in real time.
It is also a scalable, flexible, and powerful risk management solution.
Features
- Establish a risk profile for each of your customers to stay proactive and offer protection before problems occur.
- You'll be able to see the data you need in a single dashboard, so you'll keep all of your data up to date and always have the most current version.
- Risk management is facilitated by configurable SmartForms, which allow you to design personalized forms adapted to your business.
- Easy-to-understand dashboards that show what matters most, so you'll be immediately alerted when data changes.
Pricing
In this case too, you'll need to request a demo to get to know the software and get more information about the pricing model.
4. Qualys.
A better way to quickly move from prevention to detection and response.
Qualys is the most trusted provider of cybersecurity solutions in the world. It makes it easy to connect, run, and manage infrastructure securely, anywhere, and on any cloud.
Their patented analysis technology instantly detects vulnerabilities in all of your systems, no matter where you are and no matter what country you operate in.
With Qualys, you can finally visualize your entire digital footprint and know exactly what needs to be fixed to protect yourself from hackers, malware, and data breaches.
Features
- Detection of critical vulnerabilities and configuration errors so you can stay on the lookout for any potential risks.
- Continuously and automatically scan your global hybrid environment for serious infrastructure vulnerabilities and malfunctions.
- Get notifications about zero-day threats, stolen assets, and network anomalies in real time.
- Use the latest threat intelligence, advanced correlation, and sophisticated machine learning to focus on what matters most to your business.
Pricing
Although there is no price listed on their website, you can try this solution for 30 days with no limits. You can also use it unlimitedly to understand if it fits your needs.
5. Fusion.
Best solution for simplifying complex risk management tasks in your business
Fusion Framework System is the most trusted cloud security company in the world. She focuses on visibility, protection automation, and compliance in physical and virtual spaces. She also uses some of best cloud storage services, which has encouraged its considerable growth over the years.
Their innovative technologies provide businesses with real-time insight into their data center assets, including vulnerabilities, configuration settings, and scale changes — helping these businesses achieve resilience more quickly while reducing risk exposure.
The Fusion Framework system platform offers a simple solution that takes care of all the required features.
It continuously monitors threat risks, ensures vulnerability management, contributes to the automation of patches, allows employees to control access rights, applies the right risk mitigation policies, and ensures regulatory compliance.
Features
- Discover and fix weaknesses in your business before they become problems. You will thus receive rapid, factual and objective assessments of the state of your business.
- Focus on daily business activities while the system executes a thoughtful plan to improve business preparation.
- Reduce the risks of financial losses, legal penalties, and brand damage.
- Improve the customer experience by delivering what you promise on time, every time.
- Enjoy peace of mind knowing you're ready for whatever your daily operations throw at you.
Pricing
You can see the Fusion Framework system live and in action by requesting a demo on their website. They promise to respond to all inquiries within 24 hours of being sent.
6. 6 clicks.
Better way to prepare for an audit faster than ever.
6 clicks is your operating system for risk and compliance. It makes it easy to manage risk registers, review risks, assign managers, define treatment plans, and more, so you can prepare for audits and stay in control faster than ever.
Their software is a one-stop shop for everything related to governance, risk, and compliance. With their intuitive interface designed with simplicity in mind, it's easier than ever to stay at the top of your data security standards.
In addition to complying with regulations, 6clicks also helps you stay aligned with industry standards by simplifying the implementation of an information security management system (ISMS).
Features
- Access to world-class risk libraries so that legally imposed risks are included in your risk register.
- Personalize each stage of the risk identification, assessment, or management process, all within the 6clicks interface.
- Free up resources for larger business risk assessment projects by letting 6clicks take care of your standard risk assessment.
- Be confident that your business is prepared for any situation that may arise.
Pricing
Keeping in mind that organizations have different needs when it comes to size and security requirements, 6Clicks offers 3 plans.
- Startup: $4,800 per year (plus $450 registration fee)
- Growth: $18,000 per year (plus $950 in entry fees)
- Business: Prices given during a live call
7. StandardFusion.
Best for risk, audit, and compliance management - all in one tool
StandardFusion is an integrated risk management software and GRC solution for tech-driven information security teams.
They provide you with the tools you need to identify, assess, and address risks to help your business meet compliance requirements, both internally and externally.
StandardFusion was designed for businesses of different sizes: it's easy to use and delivers quick results, regardless of the size of the business.
Features
- Spend less time grappling with technology tools, so more of your compliance requirements are translated into actionable tasks.
- Know what you need to do before the deadline - tickets can be managed automatically, so you don't miss important deadlines.
- Have risk, audit, and compliance management in one place, so you can check the status of your compliance requirements, from identification to completion, in one place.
- Be informed of when audits are due, giving you time to gather the information you need to prepare for the audit.
Pricing
With four different price levels and features, you're sure to find the right solution for your business needs.
These are the pricing models offered by Standard Fusion:
- Beginner: $750 per month (plus $2500 onboarding)
- Professional: $1700 per month (plus $5,000 in entry fees)
- Business: $3500 per month (plus $8,000 in set-up fees)
- Enterprise+: $8,000 per month (plus a dedicated implementation)
What is risk management software?
Risk management software is a type of software that helps identify, assess, and treat risks in an organization.
This software can be used by tech-oriented information security teams as a complement (or the only solution) to traditional risk management processes.
It can also be used by non-technical risk managers who need to monitor the risks identified and how they are assessed and addressed.
These software tools focus on automating common compliance tasks, such as identifying risks, monitoring changes, and reporting on audits.
They come with pre-loaded content related to certain regulations, like PCI DSS or ISO/IEC 27001, but many organizations customize these tools to be able to follow specific regulations or industry standards within their organization.
For example, some organizations will use a tool like this to help them comply with HIPAA regulations (in addition to using an electronic health record system).
How can risk management software help?
Risk management software is designed to:
Identify risks quickly and accurately
Get everyone on the same page to easily track every element of your workflow, from identifying risks to completing corrective actions, so everyone knows what needs to be done next.
This allows you to identify risks at an early stage and spend more time on the more important activities that get things done.
Maximizing resources
Risk management is only one part of good governance. But in today's environment of intense corporate responsibility, it's more important than ever to have a robust risk management program in place.
Optimizing resources means being efficient. It's also about being able to keep track of everything that's happening within your organization.
It's not just about having official policies for everything that exists. It's also about understanding what you need to do to keep your organization safe.
Start a task, then have it automatically assigned once the risk is identified.
Once a task has been initiated, excellent risk management software constantly assesses what is happening and automatically reassigns tasks when the risk is resolved or its status changes.
This means that there is no longer any forgetting about what needs to be done next.
This aspect of a good system also saves time and ensures that nothing falls through the cracks. If something requires your attention, it will be sent to you, along with all the relevant information, so that you can make progress on the subject in question.
This helps maintain transparency within the organization, so that no one feels isolated or left in the dark.
Automatic monitoring of tasks within your organization's workflow structure
If a process has been defined for the problems that arise, this type of software will allow you to define each step of the process and have the system automatically track each step as it is completed.
Automating this process can save you time and energy, freeing up resources that can be spent on other areas that require special attention.
Integrate your current workflows or create new ones.
Good software will allow you to seamlessly integrate existing systems (such as customer relationship management software, project management, etc.) or to create new workflows based on business needs.
This level of flexibility allows any business to take advantage of risk management software, regardless of size or industry.
For example, if your business uses a lot of custom applications, risk management software will allow the end user to connect these applications within the workflow so they know what needs to be done next, regardless of which software the demand is coming from.
All of this would be done by mitigating the critical risks that could arise from these integrations.
Centralize your data in one convenient location
Instead of boxes and folders full of paper reports, sticky notes on screens, and whiteboards full of information (and God knows what else), a great risk management system will allow you to centralize all of the relevant information in one place: Your computer.
Centralizing everything allows you to get a quick overview of your organization's situation while leaving you more time for other things that need your attention.
By implementing risk management software solutions, you should be able to increase the efficiency of your staff in all areas by freeing up resources for other tasks. This should help reduce costs and improve overall productivity, so that everyone benefits in the long run.
FAQs
What is the most popular risk management tool?
Before giving an answer, it is important to remember that identifying the right operational risk management tools is a challenge. There are hundreds of options out there and they all seem to do it slightly differently from each other. As such, defining the most popular can be a challenge.
However, some risk management software tools are more popular than others. In addition to the ones mentioned above, we can mention Atlassian, Cisco Umbrella, IBM Resilient, Microsoft 365 Risk Management Software, and Threatscape.
Of course, this list is not exhaustive, but it's a good starting point for anyone looking to find out what's available on the market.
What type of software should I use?
This question depends on the needs of your organization. If you already have an established workflow, choosing the right system will allow you to take advantage of these existing systems, or even create new workflows based on your specific needs.
The next step is to determine how much control you need over these processes, as risk management software varies widely in this area. For example, some solutions will allow you to personalize everything (down to the smallest detail), while others will only allow limited customization.
Once you've identified your needs and found an appropriate software solution, all you need to do is get everyone on board with its use.
Summary.
In conclusion, risk management is an essential part of the continued success of any organization.
By being able to identify, prioritize, and ultimately develop ways to mitigate or transfer these risks, you can use your workforce more effectively while ensuring an adequate return on investment for your business.
To recap, here are my top picks for the best risk management software:
- nTask : Best solution for transparent collaboration between small businesses, in compliance with risk management parameters.
- Resolver : Best for an easy to use risk management solution that takes your business to new heights.
- Integrum : Best way to use data to improve your decisions
- Qualys : Best solution for rapidly moving from prevention to detection and response.
- Fusion Framework : Best for simplifying complex risk management tasks in your business
- 6 clicks : Better way to prepare for an audit faster than ever
- StandardFusion : Best for risk, audit, and compliance management - all in one tool
Finding the risk management software that's right for you and your organization is the first step in better understanding where to focus your efforts. After all, you can't manage what you don't know.
Hopefully, this article has given you a better understanding of how having the right risk management tool can help you identify and prioritize operational risks more effectively. This puts you in a stronger position to make better decisions and ultimately increase your overall return on investment in your business.
Further reading: Want to know more about the future of risk management and investing? Check out my article on best AI investment software to be considered now.
