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Risk Management Software

Risk Management software helps organizations reduce exposure to enterprise and operational risks, improving quality and minimizing losses through better management of data. These solutions track incidents, facilitate evaluation of corrective actions, monitor enterprise-level performance, and promote compliance. Business intelligence and exception management are typical features of Risk Management software. For related software solutions see Financial Risk Management software and Compliance software.

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Redefine the way your organization pursues opportunity and manages risk with industry-recognized software solution Camms.Risk. Learn more about Camms.Risk
Better equip your organization to make the right business decisions with an easy to use GRC Management Software solution. Make operational risk management part of your company culture so you can identify, track and manage risks with confidence. Cloud-based and ISO 3100:2009 & COSO framework compliant, Camms.Risk features a simple user interface, pre-configured risk, incident & hazard management templates and easy-to-read dashboards to improve visibility across all organizational levels. Learn more about Camms.Risk

Features

  • Audit Management
  • Compliance Management
  • Corrective and Preventive Actions (CAPA)
  • Internal Controls Management
  • Business Process Control
  • Risk Scoring
  • Risk Analysis
  • Audit Trail
  • Risk Alerts
  • Reporting/Analytics
  • Incident Management Software
  • Document Management Software
Canada Local product
Essential ERM is unlike any other GRC. Essential ERM is a cloud ERM platform built specifically for business users and executives. Learn more about Essential ERM
Essential ERM is unlike any other GRC. Essential ERM is a cloud ERM platform built specifically for business users and executives. It eliminates unnecessary complexity and provides unique features & visualizations for ERM teams. Learn more about Essential ERM

Features

  • Audit Management
  • Compliance Management
  • Corrective and Preventive Actions (CAPA)
  • Internal Controls Management
  • Business Process Control
  • Risk Scoring
  • Risk Analysis
  • Audit Trail
  • Risk Alerts
  • Reporting/Analytics
  • Incident Management Software
  • Document Management Software
OnSolve improves risk management through a unified platform for threat detection, mass notification and incident response. Learn more about OnSolve Platform
Organizations face more risk than ever before and need the right technology to protect their people and operations and remain compliant. Whether it's severe weather impacting employees from coming to work, a violent workplace incident or lone worker safety, you must proactively identify, assess, and mitigate risks and safeguard your reputation. With OnSolve, organizations can improve their resilience through a unified platform built to manage risk. Scalable to grow with teams of any size, our platform offers the following solutions: AI-powered Risk Intelligence, Mass Notification, Incident Management and Travel Risk Management. Early detection and accuracy are key when a critical event occurs, and having modern technology built by humans and supported by AI gives you the ability to respond efficiently and manage the risk. Learn more about OnSolve Platform

Features

  • Audit Management
  • Compliance Management
  • Corrective and Preventive Actions (CAPA)
  • Internal Controls Management
  • Business Process Control
  • Risk Scoring
  • Risk Analysis
  • Audit Trail
  • Risk Alerts
  • Reporting/Analytics
  • Incident Management Software
  • Document Management Software
Covering over 900+ risks. Automated GRC software offering 1500+ out-of-the-box templates, internal audits and 24/7 risk monitoring. Learn more about Alyne
Cloud-based, AI-driven governance (GRC) platform makes continuous risk monitoring and management easy with dynamic dashboards & audit reports, scalable risk assessments, ready-to-go templates, powerful enterprise integrations and globally enabled, multi-language capabilities. Covering over 900+ risks Alyne software will streamline your data privacy, IT, third-party risk management, cyber security risk management into one simple easy to use integrated platform that can be managed across your entire organization. Get immediate 24/7 identification of compliance and regulatory requirements. Learn more about Alyne

Features

  • Audit Management
  • Compliance Management
  • Corrective and Preventive Actions (CAPA)
  • Internal Controls Management
  • Business Process Control
  • Risk Scoring
  • Risk Analysis
  • Audit Trail
  • Risk Alerts
  • Reporting/Analytics
  • Incident Management Software
  • Document Management Software
Build a more resilient organization through an integrated approach to risk management with the Fusion Framework System. Learn more about Fusion Framework System
The Fusion Framework® System helps organizations analyze risk and proactively manage how it impacts your ability to deliver critical products and services. Users can map relationships between risks across your processes, sites, systems, and third parties. Fusion’s platform enables you to connect your team with the risk insights they need, identify threats, and make things right before they escalate. Learn more about Fusion Framework System

Features

  • Audit Management
  • Compliance Management
  • Corrective and Preventive Actions (CAPA)
  • Internal Controls Management
  • Business Process Control
  • Risk Scoring
  • Risk Analysis
  • Audit Trail
  • Risk Alerts
  • Reporting/Analytics
  • Incident Management Software
  • Document Management Software
Canada Local product
Navigate through streamlined, user-friendly workflows designed to simplify and automate complex risk management processes. Learn more about StandardFusion
StandardFusion Risk Management is a comprehensive software solution designed to assist organizations in understanding, managing, and mitigating the risks inherent in their operations and strategic objectives. It provides an integrated platform that facilitates the entire risk management process, from identification and assessment to treatment and monitoring, ensuring a proactive approach to managing threats and opportunities. Learn more about StandardFusion

Features

  • Audit Management
  • Compliance Management
  • Corrective and Preventive Actions (CAPA)
  • Internal Controls Management
  • Business Process Control
  • Risk Scoring
  • Risk Analysis
  • Audit Trail
  • Risk Alerts
  • Reporting/Analytics
  • Incident Management Software
  • Document Management Software
Quantitative risk management software that includes: integrated, comprehensive data management, predictive analytics, reporting. Learn more about SAS Risk Management
Unified, quantitative risk management software that includes: integrated, comprehensive data management, predictive analytics, reporting. Learn more about SAS Risk Management

Features

  • Audit Management
  • Compliance Management
  • Corrective and Preventive Actions (CAPA)
  • Internal Controls Management
  • Business Process Control
  • Risk Scoring
  • Risk Analysis
  • Audit Trail
  • Risk Alerts
  • Reporting/Analytics
  • Incident Management Software
  • Document Management Software
Canada Local product
Resolver’s risk management software makes it easy to collect, connect, analyze, and drive action from your risk & control data. Learn more about Resolver
Choose the risk management software used by over 1000 of the world’s largest organizations. Resolver makes it easy to collaborate and collect data from across the enterprise, allowing teams to understand their risk landscape and control effectiveness fully. Understanding your data is one thing; being able to use it to drive action—that’s vital. Resolver automates workflows and reporting to ensure risk intelligence turns into risk reduction. Learn more about Resolver

Features

  • Audit Management
  • Compliance Management
  • Corrective and Preventive Actions (CAPA)
  • Internal Controls Management
  • Business Process Control
  • Risk Scoring
  • Risk Analysis
  • Audit Trail
  • Risk Alerts
  • Reporting/Analytics
  • Incident Management Software
  • Document Management Software
#1 entire risk cycle management from a single source. User-friendly way to manage risk from identification to assessment and reduction. Learn more about HSI Donesafe
An end-to-end integrated framework to oversee your entire risk management cycle, from identification, to assessment and reduction. Identify key risks, manage processes to facilitate controls and leverage risk and control libraries with automation. Link to other Donesafe modules such as Incidents, Hazards and Audit to achieve a 360 degree view of risk in your organisation. Learn more about HSI Donesafe

Features

  • Audit Management
  • Compliance Management
  • Corrective and Preventive Actions (CAPA)
  • Internal Controls Management
  • Business Process Control
  • Risk Scoring
  • Risk Analysis
  • Audit Trail
  • Risk Alerts
  • Reporting/Analytics
  • Incident Management Software
  • Document Management Software
Log360 is a comprehensive SIEM solution that helps you combat threats on premises, in the cloud, or in a hybrid environment. Learn more about ManageEngine Log360
Log360 is a SIEM solution that helps combat threats on premises, in the cloud, or in a hybrid environment. It also helps organizations adhere to several compliance mandates. You can customize the solution to cater to your unique use cases. It offers real-time log collection, analysis, correlation, alerting and archiving abilities. You can monitor activities that occur in your Active Directory, network devices, employee workstations, file servers, Microsoft 365, cloud services and more. Learn more about ManageEngine Log360

Features

  • Audit Management
  • Compliance Management
  • Corrective and Preventive Actions (CAPA)
  • Internal Controls Management
  • Business Process Control
  • Risk Scoring
  • Risk Analysis
  • Audit Trail
  • Risk Alerts
  • Reporting/Analytics
  • Incident Management Software
  • Document Management Software
Presight optimizes safety and performance through Barrier Management and Operations Reporting. Learn more about Presight
Presight provides a Process Safety solution, focusing on Barrier Management, allowing you to monitor the health of your safety-critical barriers and mitigate associated risks. Additionally, Presight offers Operations Reporting solution, enabling the collection and presentation of data from daily operations. This is essential for making informed decisions and enhancing overall business performance. Our solutions have flexible visualisation and highly configurable to help with decision making. Learn more about Presight

Features

  • Audit Management
  • Compliance Management
  • Corrective and Preventive Actions (CAPA)
  • Internal Controls Management
  • Business Process Control
  • Risk Scoring
  • Risk Analysis
  • Audit Trail
  • Risk Alerts
  • Reporting/Analytics
  • Incident Management Software
  • Document Management Software
Cloud-based data privacy platform that enables businesses to ensure vendor compliance and manage consents as well as revocations. Learn more about Osano
Data compliance used to be a manual, complicated process. You don't need to be a compliance professional to use Osano. What used to take training and months of work, now takes minutes! Instantly help your website comply with all data privacy laws. Plus explore vendor risk for more than 7,000 companies in a flash. Are we missing a vendor? Request it and our attorneys will review it within 24 hours. Learn more about how Osano can help your business Learn more about Osano

Features

  • Audit Management
  • Compliance Management
  • Corrective and Preventive Actions (CAPA)
  • Internal Controls Management
  • Business Process Control
  • Risk Scoring
  • Risk Analysis
  • Audit Trail
  • Risk Alerts
  • Reporting/Analytics
  • Incident Management Software
  • Document Management Software
TruOps is a powerful GRC platform that transforms traditional siloed risk functions into a comprehensive Risk Operations Center. Learn more about TruOps
TruOps is a powerful GRC platform that transforms traditionally siloed risk functions into comprehensive risk operations center. Designed to integrate and automate critical GRC functions, TruOps simplifies the security, risk, and compliance processes organizations need to manage and control risk effectively by delivering: -Regulation Readiness -Multi-Tenant Functionality -Customized Reporting -Unified Risk Visibility -Immediate Value -Continuous Controls Monitoring Learn more about TruOps

Features

  • Audit Management
  • Compliance Management
  • Corrective and Preventive Actions (CAPA)
  • Internal Controls Management
  • Business Process Control
  • Risk Scoring
  • Risk Analysis
  • Audit Trail
  • Risk Alerts
  • Reporting/Analytics
  • Incident Management Software
  • Document Management Software
The high-performance and low-cost LEADER in enterprise fraud detection for the financial services & digital commerce sectors. Learn more about Fraud.net
Increase revenues and reduce fraud, affordably. Recognized in Gartner’s Market Guide for Online Fraud Detection, Fraud.net is a leading KYC/AML, fraud prevention and fraud detection platform for enterprises in the financial services and digital commerce sectors. Our powerful SaaS solution combines AI & deep learning, collective intelligence, rules-based decision engines, and streaming analytics to detect fraud in real-time, at scale. Request a demo today to learn more! Learn more about Fraud.net

Features

  • Audit Management
  • Compliance Management
  • Corrective and Preventive Actions (CAPA)
  • Internal Controls Management
  • Business Process Control
  • Risk Scoring
  • Risk Analysis
  • Audit Trail
  • Risk Alerts
  • Reporting/Analytics
  • Incident Management Software
  • Document Management Software
Ventiv IRM enhances and simplifies risk management by eliminating data silos and providing real-time insights with powerful analytics. Learn more about Ventiv IRM
Ventiv IRM provides risk managers with powerful analytics, robust reporting, and a modern user experience designed to enhance risk management across the enterprise. With Ventiv IRM, you can capture, consolidate, and integrate multiple sources of data to establish a central source of truth. Make data-driven decisions that drive optimal outcomes with real-time access to your risk and claims information. Learn more about Ventiv IRM

Features

  • Audit Management
  • Compliance Management
  • Corrective and Preventive Actions (CAPA)
  • Internal Controls Management
  • Business Process Control
  • Risk Scoring
  • Risk Analysis
  • Audit Trail
  • Risk Alerts
  • Reporting/Analytics
  • Incident Management Software
  • Document Management Software
Minimize risk, enhance safety programs, improve performance, and increase insights with Benchmark’s EHS software. Learn more about Benchmark Gensuite EHS
Award-winning, comprehensive, and integrated cloud-based Environment, Health & Safety (EHS) platform, configured and implemented in 3 months or less. Proven best practice-based EHS workflows, organically-developed, purpose-built modules, intuitive functionality, integrated Mobile, pre-built insights, reports, analytics, cutting-edge AI and advanced tech. Learn more about Benchmark Gensuite EHS

Features

  • Audit Management
  • Compliance Management
  • Corrective and Preventive Actions (CAPA)
  • Internal Controls Management
  • Business Process Control
  • Risk Scoring
  • Risk Analysis
  • Audit Trail
  • Risk Alerts
  • Reporting/Analytics
  • Incident Management Software
  • Document Management Software
FileHandler keeps you on track with automation and customization, creating a standard claims management process for your business. Learn more about FileHandler Enterprise
FileHandler Enterprise is an intuitive claims administration system designed to help streamline and automate workflows for the claims and risk management market. Complete with new dashboards, reporting functionality, business intelligence tools, and improved security, FileHandler Enterprise is the new benchmark for Claims Management Software. Learn more about FileHandler Enterprise

Features

  • Audit Management
  • Compliance Management
  • Corrective and Preventive Actions (CAPA)
  • Internal Controls Management
  • Business Process Control
  • Risk Scoring
  • Risk Analysis
  • Audit Trail
  • Risk Alerts
  • Reporting/Analytics
  • Incident Management Software
  • Document Management Software
With DefendX File Auditor, you have an immediate view of who is accessing which documents across your entire storage environment. Learn more about DefendX Control
With DefendX Software File Auditor, you have an immediate view of who is accessing which documents across your entire storage environment. The view is in real time. This file auditing software gives you automatic reporting and auditing tools. These tools help you build an extra layer of security around your company's sensitive file data and intellectual property. Learn more about DefendX Control

Features

  • Audit Management
  • Compliance Management
  • Corrective and Preventive Actions (CAPA)
  • Internal Controls Management
  • Business Process Control
  • Risk Scoring
  • Risk Analysis
  • Audit Trail
  • Risk Alerts
  • Reporting/Analytics
  • Incident Management Software
  • Document Management Software
Regroup is the mass notification solution that helps mitigate risk, identify threats and keep your whole company informed at all times. Learn more about Regroup Mass Notification
Keep your company’s projects and processes running smoothly with Regroup Mass Notification. Our robust cloud-based platform sends critical and day-to-day messages to your entire team via mobile, email, text/SMS and even landlines. Use Regroup for two-way messaging to address threats quickly, or send planned messaging to keep the team informed. Regroup helps mitigate risks, ensure compliance and reduce costs with an award-winning and reliable messaging platform. Learn more about Regroup Mass Notification

Features

  • Audit Management
  • Compliance Management
  • Corrective and Preventive Actions (CAPA)
  • Internal Controls Management
  • Business Process Control
  • Risk Scoring
  • Risk Analysis
  • Audit Trail
  • Risk Alerts
  • Reporting/Analytics
  • Incident Management Software
  • Document Management Software
Reduce costs and facilitate internal control and risk mangement with Optimiso Suite. Learn more about Optimiso
With Optimiso Suite, you reduce internal control or risk management costs and employees are finally involved in these processes. The monitoring of controls is automatically done by the software, you can see in real time the status of controls and you allow employees to carry out controls without effort. More than 25,000 users already use Optimiso Suite and meet auditors requirements with serenity. Learn more about Optimiso

Features

  • Audit Management
  • Compliance Management
  • Corrective and Preventive Actions (CAPA)
  • Internal Controls Management
  • Business Process Control
  • Risk Scoring
  • Risk Analysis
  • Audit Trail
  • Risk Alerts
  • Reporting/Analytics
  • Incident Management Software
  • Document Management Software
ETQ Reliance Risk Management enables a proactive approach to risk with the agility to meet quality challenges before they occur. Learn more about ETQ Reliance
ETQ is the leading provider of quality, compliance and health & safety software trusted by more than 600 global brands in industries from manufacturing and life sciences to food & beverage and electronics, and many more. ETQ Reliance features 40 applications like document control, supplier quality, audit management, risk management, advanced analytics and non-comformace/corrective actions to deliver the powerful flexibility, scalability and security to drive business excellence through quality. Learn more about ETQ Reliance

Features

  • Audit Management
  • Compliance Management
  • Corrective and Preventive Actions (CAPA)
  • Internal Controls Management
  • Business Process Control
  • Risk Scoring
  • Risk Analysis
  • Audit Trail
  • Risk Alerts
  • Reporting/Analytics
  • Incident Management Software
  • Document Management Software
Hyperproof's risk management software empowers risk owners across departments to easily document risks and implement treatment plans. Learn more about Hyperproof
Hyperproof's risk management software empowers risk owners across departments to easily document risks and implement treatment plans. Hyperproof enables you to spend less time monitoring and determining ongoing risk status with automatic risk health updates as stakeholders complete mitigation procedures. Hyperproof also provides your leadership insights into how risks are being managed in a single dashboard and which risk mitigation activities are being worked on Learn more about Hyperproof

Features

  • Audit Management
  • Compliance Management
  • Corrective and Preventive Actions (CAPA)
  • Internal Controls Management
  • Business Process Control
  • Risk Scoring
  • Risk Analysis
  • Audit Trail
  • Risk Alerts
  • Reporting/Analytics
  • Incident Management Software
  • Document Management Software
If you work in Pharma, ditch manual temp checks. World #1 monitoring system for pharma assets, smart audits, and fastest calibration. Learn more about Eupry
World's #1 calibration process for the pharma industry, designed to automatically receive newly calibrated data loggers for precise temperature and humidity monitoring. This innovative system reduces risk and manual labor, enabling users to generate audit reports with just 3 clicks. Experience full pharma-grade compliance, patented technology, and the fastest calibration process on the market – ISO 17025-accredited of course. Try it for free. Learn more about Eupry

Features

  • Audit Management
  • Compliance Management
  • Corrective and Preventive Actions (CAPA)
  • Internal Controls Management
  • Business Process Control
  • Risk Scoring
  • Risk Analysis
  • Audit Trail
  • Risk Alerts
  • Reporting/Analytics
  • Incident Management Software
  • Document Management Software
iDenfy is a global all-in-one fraud prevention platform. By combining artificial intelligence, biometric technology. Learn more about iDenfy
iDenfy is a global all-in-one fraud prevention platform. By combining artificial intelligence, biometric technology, and an in-house team of KYC experts, iDenfy helps prevent fraud and stay compliant while ensuring a user-friendly ID verification. Learn more about iDenfy

Features

  • Audit Management
  • Compliance Management
  • Corrective and Preventive Actions (CAPA)
  • Internal Controls Management
  • Business Process Control
  • Risk Scoring
  • Risk Analysis
  • Audit Trail
  • Risk Alerts
  • Reporting/Analytics
  • Incident Management Software
  • Document Management Software
VendorInsight is a leading VRM solution with risk tracking, customizable reporting, vendor portal, workflow, and unlimited storage. Learn more about VendorInsight
VendorInsight is a web-based vendor risk management solution that simplifies your vendor and contract management process through automated workflows, easy-to-use features, and vendor news and risk monitoring. VendorInsight provides a turn-key solution that includes regulatory alerts and updates for financial services, healthcare, and others. Use the pre-built policies, vendor portals, templates & forms to simplify your due diligence, contract monitoring, and risk management efforts. Learn more about VendorInsight

Features

  • Audit Management
  • Compliance Management
  • Corrective and Preventive Actions (CAPA)
  • Internal Controls Management
  • Business Process Control
  • Risk Scoring
  • Risk Analysis
  • Audit Trail
  • Risk Alerts
  • Reporting/Analytics
  • Incident Management Software
  • Document Management Software

Risk Management Software Buyers Guide

Introduction

Risk management software assists Canadian businesses by reducing their exposure to operational and enterprise-level risks, primarily through the effective use and management of data. In order to achieve this, enterprise risk management (ERM) solutions of this kind will typically allow users to measure levels of risk within existing processes, activities, or projects, prioritize the risks that are most important or most critical to business success, document regulations, and create reports on the current status of risks, as well as on specific incidents that occur within the organization.

With the use of an effective risk management framework, Canadian companies and their employees should find it easier to adopt appropriate actions to mitigate risk and take preventative action to stop those risks from becoming real issues. Additionally, deploying risk management tools can allow businesses and other organizations to create a risk-aware culture, which can be advanced through policies, planning, business processes, decision-making, and training activities.

While there are a variety of different risk management systems on the market, all with their own precise range of features and functions, there are areas of consistency too. Some of the defining components of applications of this kind include built-in tools that can assist Canadian organizations with risk identification, risk assessment, risk mitigation, and taking preventative action. Moreover, most tools will also offer options for carrying out audits and creating relevant reports.

Although the functions of risk management software are quite specific—in that it is intended to assist users with managing risk, achieving compliance, and avoiding unnecessary problems—it can function alongside a variety of other tools, and there is some significant crossover with other software solutions. Examples of related programs include governance, risk and compliance (GRC) software, audit software, and financial risk management software.

Within the category of risk management software, there are numerous options to choose from, and these will all offer their own unique range of features and have their own plus points and drawbacks. Nevertheless, there are also some core features, which can be viewed as category-defining, and which can be found in the vast majority of applications of this type. When using a risk management platform, these core features will generally allow a business to:

  • Identify risks, classify them, and assign a score, rating, or indication of how serious the threat is
  • Assess internal processes and ensure compliance with rules, regulations, and legislation
  • Define key risk indicators (KRIs) and set alerts for when specific breaches or failures transpire
  • Create reports on compliance, the status of risks, and incidents that occur internally

What is risk management software?

Risk management software is the name given to software solutions that are designed to assist Canadian businesses by minimizing exposure to enterprise and operational risks. Through effective use of high-quality risk management tools of this kind, businesses can become more aware of risks, more compliant with rules and regulations, and better prepared to respond to internal incidents. On top of this, processes and procedures can be optimized, audits can be carried out more easily and efficiently, and significant issues can be avoided or kept to an absolute minimum.

Some of the tasks that can be carried out through the use of risk management software include the identification of specific risks that exist within an organization, assessment of the level of threat that each risk poses, and the creation of processes, actions, and strategies that can either help to mitigate these risks or prevent hypothetical risks from manifesting.

Risk management software is sometimes called risk assessment software or a risk management system. Assessment of risks is at the heart of these programs, and one of the single biggest reasons businesses adopt these solutions is to create a more risk-aware culture. The ultimate objective is to avoid unnecessary and potentially costly problems.

What are the benefits of risk management software?

The benefits of risk management software are primarily based around its ability to help businesses identify risks, define those risks, measure the threat that those risks pose, and take actions to either avoid negative consequences or reduce the impact. Software of this kind can help Canadian organizations to change their processes, training programmes, and overall culture. However, it is important to be as specific as possible about the benefits of using business risk management software and the best reasons for doing so. Some of the biggest advantages of the software allow a business to:

  • Identify risks and address them swiftly: arguably, the single biggest advantage associated with the use of risk management programs is linked to the ability it provides businesses and their leaders to identify risks, define them, and ensure they are addressed as swiftly as possible. Within many applications, risks can be pinpointed, explained, given an overall score based on the level of threat provided, and categorized so that the nature of the risk is understood. The relationship between different threats can also be explored. Ultimately, the key benefit of this is the ability to respond to risks in a more efficient and tailored way.
  • Prioritize the risks that pose the greatest threat: it is important to acknowledge that not all risks pose the same level of threat and that some issues will cause more harm than others. This, in turn, means that some risks need to be given a higher level of priority. Not only does this allow actions to be taken to prevent problems from manifesting, but it also means that if problems do arise, resources can be appropriately allocated so that the most critical threats are dealt with first. Risk management software provides users with a crucial ability to score risks and threats so that they are not all treated equally and so that all of the key stakeholders know what the priorities are.
  • Create processes for risk response: once organizations identify and understand the various risks they face, they must also develop processes for responding to each risk. However, this does not only mean defining the actions that will be taken. It also means establishing which stakeholders will be involved in any response and why. Internally, employees need to know which risks they are responsible for managing and what is expected of them.
  • Develop a culture of risk awareness: as previously stated, one of the broadest ways that risk management software can be used to benefit organizations and their employees is by allowing for the development of a culture that emphasizes an awareness of risks. Many of the biggest challenges businesses face manifest from problems that they overlook or fail to identify. When using risk management software, employees can think more carefully about what may happen, what the consequences could be, and what might be done to avoid those consequences. This then reduces unforeseen threats and allows businesses to become better prepared generally.
  • Establish an overall risk register: risk management software allows for individual risks to be identified and scored, and this also contributes to another significant advantage, which is sometimes overlooked. When an organization has a clear sense of the number of risks or threats they face, and scores have been allocated to each of those risks, it can start to build a more comprehensive picture of the overall level of risk posed to the organization. Establishing a risk register can then make it easier to see the big picture and devise a wider risk strategy.
  • Promote greater levels of compliance: finally, the use of risk management software can help to promote greater levels of compliance within organizations, and this can be achieved by establishing clear rules and outlining precisely why compliance is so important. Companies that understand the risks that exist and take appropriate action to avoid or mitigate those risks are also much more likely to be operating in compliance with existing legislation and industry regulations. However, when new rules emerge, action needs to be taken to adjust processes accordingly, and risk management software can help companies to achieve swift transformations.

What are the features of risk management software?

The main features of risk management software tend to focus on identifying and managing risks, either at an enterprise level or with regard to specific processes. Of course, the exact features that one risk management platform offers will not necessarily be the same as another. That being said, certain features—described as core features—are seen in almost all packages, while common features can be found in the majority of applications of this type. The main features to look out for are:

  • Risk assessment: carry out an assessment of the different risks that exist within a business and assign a score or rating to each of these risks. The purpose of the risk assessment feature contained within risk management software is to allow organizations to understand the different threats they face and understand how serious those threats are and how much attention or focus should be given to them. The allocation of a score or risk rating also allows different risks to be directly compared to one another and categorized more easily. Some software solutions are more specialized, meaning they focus on a specific area of risk management, such as financial risk assessment, IT risk assessment, legal risk assessment, or operational risk assessment. These solutions may include some added features and functions that are relevant to that particular risk management discipline.
  • Risk reporting: create risk reports, which include information about current and emerging risks as well as details on how the organization is currently managing those risks. Ultimately, a risk report should be able to inform business leaders and other key stakeholders of which policies and controls are working well, which are failing, which show promise, and which need to be altered. Another significant part of risk reporting involves identifying key risk indicators (KRIs) and using these KRIs to measure how risky a particular activity is. Therefore, using risk management software to create reports of this kind can predict difficult or damaging events before they occur.
  • Auditing and compliance management: conduct audits, keep compliance information up-to-date, and take action to resolve areas where the business is not operating in full compliance with rules, regulations, or legislation. The ability to carry out audits and manage compliance is absolutely critical, especially at times when new legislation emerges. A good example of this can be seen with the General Data Protection Regulation (GDPR), which brought about new requirements for businesses to handle the personal data of EU citizens with care and transparency to keep that data safe and secure. Risk management software can help avoid data breaches because it can be used to make sure any compliance issues are flagged and resolved in a timely fashion. As a result, businesses can avoid fines, lawsuits, and numerous other penalties that may exist.
  • Dashboard: oversee risk management performance using a live dashboard, which provides real-time information. The best risk analysis software solutions will make use of the KRIs outlined by an organization and use these to present valuable information on an interactive display. This will then allow employees who are involved in areas like risk management and compliance to see where action needs to be taken and where new risks are emerging.
  • Alerts/notifications: set up alerts and notifications in order to be informed of any changes that require immediate attention. Generally, the alerts or notifications system within risk management software can be set up to work in combination with both chosen key risk indicators and any compliance information input into the system. This allows notification of when a breach occurs, when a risk becomes critical, or when new legislation or compliance requirements actually come into effect. This all helps to ensure that action is taken at the best possible time—by employees in the right department—in order to minimize disruption or damage.

Capterra's risk management software directory provides a quick and easy way to explore the precise features that each solution offers, allowing for useful comparisons to be made. It is also possible to sort the available options—based on the features they provide—so that only applications that meet basic requirements are seen.

What should be considered when purchasing risk management software?

When purchasing risk management software, there are many different things that will need to be considered carefully in order to find the best possible solution. However, it is important to think of this as the quest to find the best solution for company-specific needs because some solutions on the market may be aimed at different industries or contain excellent features that are not actually of any real use to the organization. A good way to explore the various key considerations is to take the time to ask the following questions:

  • What is the cost of risk management software? When exploring any new software solution, careful thought must be given to how much it costs and how much is available to spend. On a basic level, try to find the best solution that is realistically affordable, but think about the issue of cost holistically too. The cost of purchase and installation or setup is only one aspect here. Also, think about how much software will cost to continuously run, how much will be needed to invest in staff training, and whether there will be costs linked to accessing technical support or upgrading software as new versions are released. If choosing to adopt a Software as a Service (SaaS) option, consider the ongoing subscription fees and what costs may be linked to ending that subscription.
  • How can risk management software be deployed? There are two main options for software deployment in the modern age. The first is on-premises deployment, where software is purchased, set up and managed on-site, with full ownership and control. The second is the cloud-based approach, often delivered on a Software as a Service (SaaS) basis, where a third-party service provider will manage the software, its updates, and data storage while providing remote access. Both models have their pros and cons, with the former offering a greater sense of control, while the latter provides more predictable costs and greater flexibility. The main things to consider here are not only these advantages and disadvantages themselves, but how they apply to the business.
  • What are your specific expectations? Next, be clear on what is actually required from the risk management software and which features matter the most. Having a clear sense of purpose makes it a lot easier to carry out a worthwhile enterprise risk management software comparison. Not all features included in software options may be relevant, and even if these features are implemented superbly, they should not form a significant part of a decision-making process. Think about what is actually needed and use that information as the basis for comparing and contrasting the different options in the Capterra software directory.
  • Are there mobile risk management options? A growing number of Canadian businesses operate with employees either working remotely or working while in the field, and these workers may still require access to risk management software and its features. With this in mind, if this applies to the organization, give consideration to the mobile accessibility on offer. In some cases, this may come in the form of a dedicated mobile app, while in others, it may be delivered through access to cloud-based software via a mobile web browser.
  • Do you require an industry-specific solution? Finally, if the business operates in an industry like finance or information technology, it may be worth exploring some of the risk management software solutions that are specifically aimed towards the industry. These solutions will be designed with an awareness of the most common industry-specific risks in mind, helping to reduce the overall workload for staff.

The most relevant risk management software trends should also be factored into any purchasing decision because a solution needs to serve the business well in the future and not just in the present. This means choosing an application that can be used in combination with emerging and existing software and enterprise risk management technology, which can be integrated into a modern workplace's modern processes and procedures. With this in mind, some of the most important trends are outlined below:

  • Improvements to artificial intelligence (AI): Improvements to the quality and accuracy of artificial intelligence and machine learning have had an influence on a large number of software categories, and risk management software is no different. Within these applications, AI can anticipate risks before they manifest, carry out certain automated actions to limit the threat, learn from previous solutions to problems, and self-manage areas related to compliance and risk defense. All of this means that risk management can become more efficient, and actions can be carried out in the ideal moment, even if no employee is available to perform the action themselves. With this in mind, it is worth thinking about the AI capabilities of the chosen software solution.
  • Increased popularity of cloud technology: As a whole, businesses are becoming more aware of the potential advantages of utilizing cloud technology, especially in terms of keeping important data secure, recoverable, and continually backed up. Beyond this, cloud-based software solutions can allow businesses to downsize premises because less on-site storage is required, and fewer on-site IT professionals may be needed. The accessibility of cloud-based options is another major benefit, with employees having the ability to access software remotely, from anywhere in the world, using any compatible internet-enabled device. As Canadian businesses increasingly shift more of their IT infrastructure to the cloud, it is worth thinking about whether cloud-based options may provide a more future-proof solution to risk management software needs.
  • The changing nature of modern work: Advancements in internet speeds, communications technology, and cloud computing have all contributed to wider changes to the very nature of modern work and these changes were accelerated by COVID-19. Indeed, 55 percent of Canadian remote workers stated that they enjoyed having the ability to work from home. With greater expectations for remote or hybrid working models, Canadian businesses need to respond, and this means investing in solutions that are purpose-built with remote and hybrid work in mind. For risk management software, if remote employees are going to require access, it makes sense to focus on options that offer cloud-based deployment or which can be configured to allow for off-site access.
  • The internet of things (IoT) within business: The internet of things (IoT) refers to the inclusion of internet capabilities within everyday devices, turning them into 'smart' devices that are able to communicate with one another. Increasingly, the concept of IoT technology is entering the workplace, and it is worth contemplating if some of these smart devices could assist with the automated detection of risks. If so, seek out software solutions that are compatible with those smart devices. Even if the business does not currently make use of such devices, the trend is shifting towards IoT devices becoming more affordable and more widely utilized within business settings. When prioritizing risk management software that can serve a business well into the future, this trend may need to be factored into any decisions and software purchases made.

Sources

The features highlighted were identified based on their relevance and the percentage of products in Capterra's directory that offer them. The following sources were used for this document:

  1. GDPR turns one – is your SME compliant? - Capterra Blog (Date accessed: Tuesday, October 5, 2021)

  2. Glossary Definition - Integrated Risk Management - Capterra Canada (Date accessed: Monday, October 24, 2022)

  3. Workplace wellness: Almost 3 in 4 Canadian remote workers report burnout - Capterra Blog (Date accessed: Monday, December 20, 2021)

  4. Top 5 Tech Trends for Small Businesses - Capterra Blog (Date accessed: Wednesday, October 6, 2021)