The 19 Best Risk Management Software of 2021

risk-management-software-2021

 

A PMI study revealed that 86% of organizations use at least one form of risk management methods.

 

I wouldn’t be surprised by these statistics, given that digital technology has become a permanent part of all organizations now, which only means business is likely to run into more technical if not mechanical hazards.

 

Knowing what risks are likely to occur and wherein a business can be a time-consuming job for project managers who already have enough on their plates as it is. Also, its important to realize that, with a growing number of projects and business scope, the nature of risks inextricably expands as well. And when that happens, a single static risk management approach does more harm than good.

 

According to McKinsey, 70% of senior managers have begun planning on adopting digital risk management. In other words, the use of risk management software is becoming increasingly critical to maintain the resilience of a company.

 

Best Risk Management Software Selection Criteria

 

What did we look for when evaluating the best risk management software criteria?

  • Usability
  • User Interface
  • Compliance Management
  • Prediction Capabilities
  • Incident Navigation
  • Reporting and Analytics
  • Integrations
  • Value for Money

 

 

Take a look at 19 of the best risk management software that will add a cushion to your free-fall:

 

1. nTask

 

risk_management_hero

 

If your risk management software is clunky and complex to use, it will only aggravate your ability to track and assess harmful risks rather than simplifying the process of risk management.

 

Which is why nTask ranks first on our list. In nTask, the prospect of having to deal with and resolve identified risks doesn’t seem too formidable. And the credit for which is single-handedly accounted to the extremely friendly, and pleasantly neutral tones of its risk management board.

 

The strongest suit that elevates nTask to a higher pedestal than it’s fellow contenders is that it is a fully-featured project management tool. So, whether you’re working on a task or conducting a meeting, nTask lets you keep one eagle eye on risk updates.

 

Benefits & Features:

  • Proficient Risk Reporting – Made to please Agile Teams, in particular, nTask lets you create a plethora of risks whenever the need arises. Each risk is meant to have a specified Risk Owner that is accountable for coming up with ways to resolve the risk and monitor its progress.
  • Easy Visibility – Identifying risks is not enough. You have to be able to view each risk whenever you require and locate them without having to lose precious time. Using the List view, gain quick visibility of an entire set of risks, where each risk is currently standing and who is responsible for handling them.
  • Determine Risk Impact – Risks of any nature, in any department are at times uncertain and other times fairly predictable. Either way, to keep project stability intact, it is vital that the best risk management software offers the advantage of presaging the likelihood of the risk and how severe is it. Select from three different severity options to let everyone know how urgent a risk is.
  • Risk Matrix – A self-generating risk matrix that provides a tabular summary of the probability of each risk in cross-reference with its frequency of occurring. So instead of sifting through each risk individually, access the risk matrix in a single click.
  • App Logo
  • Stay on top of all project risks, only with nTask

    Document, manage and mitigate unlimited project risks with nTask, absolutely free. Sign up today!

 

2. Resolver

 

Resolver Risk Management

 

There’s no knowing when a risk will erupt and jeopardize the foundation of your project, leaving you with nothing but remorse. The only panacea to this predicament is constructive planning.

 

Resolver is one such tool that focuses primarily on risk planning and preparation. It supports early planning of risk identification, in stages when project objectives and regulatory requirements are still in the making.

 

There’s an entire set of consolidated products offered by Resolver that are specific to organizations of all sizes and from all industries.

 

Corporations like Delta Airlines make use of Resolver’s Enterprise Risk Management solution for Global Security challenges. On a different front, clients like Farmer Mutual Hail chose Resolver’s Internal Audit and Risk Compliance software for efficient reporting of risks to their management team.

 

Benefits &  Features:

  • Effective Assessment – Resolver Ballot facilitates a data-driven approach for conducting the risk assessment.
  • Flexible & Custom Reporting – Visualize your security data, risk matrix summaries and trending threats in customizable reports and heat maps that can be exported into spreadsheets and presentations.
  • Real-time accessibility & Insight – A centralized dashboard, that allows easy tracking of total risks assigned, resolved and unresolved.
  • Incident Management – Establish links between risks associated with external events from a third-party source.
  • Prioritize Risk Analysis – Use risk-scoring algorithms to rank each threat based on various attributes such as priority and severity level.
  • Rapid Risk Retrieval – Resolver integrates with 40+ apps that let you share and transfer your risk inventory with outside parties or on your favorite project management tool.
  • Risk Response Management – Manage and monitor your team’s thoughts on each vulnerability assessment and mitigation technique used to resolve it.

 

3. TimeCamp

 

TimeCamp

 

Sometimes the simplest of vulnerabilities are the most injurious, silently weakening the integrity of the project until it suddenly collapses, resulting in complete and utter project failure. Simple management tools such as TimeCamp, are the perfect fit for addressing such seemingly benign risks.

 

Though TimeCamp is fundamentally a time tracking tool made to assist teams in delivering on time, users can also conduct a risk assessment with special built-in features for multiple facets of their workflow.

 

Benefits & Features:

  • Determine Financial Risk – Allows users to monitor when their project budget is falling out of proportion. In such cases, users can sort and control leaky expenses with simple and easy editing options.
  • Evaluate Time Management Risk – Owing to its chief feature of time management, TimeCamp enables teams to reach project and task completion on set deadlines with the help of due date options, instant alerts, inactivity tracking and a weekly summary of how each employee is spending their time.
  • Curb Project Failure — In TimeCamp, project managers enjoy the ability to track and monitor the likelihood of a project reaching its completion.Options such as the state of the project and status allow teams to keep a solid check on any impending risks that may be festering beneath the surface and keeping the project from meeting its deliverable deadline.

 

4. Integrum

 

Integrum Risk management

 

Trusted by many, Integrum is one of the best risk management software in the world.

 

Winner of multiple awards and appreciated for being the most configurable system on the market, Integrum helps companies accelerate their business by helping them manage and reduce risks creeping out at any stage of a project.

 

Integrum’s strongest suit is that it is particularly built for the health and safety management of an organization.

 

Australia’s largest water supplying facility renders successful in supplying safe water and wastewater services to over 500,000 people with the help of Integrum’s Quality, Health and Safety Management system. Integrum proffers a sophisticated range of integrations to help a legion of legacy systems streamline their processes and business growth.

 

Benefits & Features:

  • Governance Risk & Compliance – Equipped with features such as incident, investigation and document management, Integrum aims to help companies in identifying potential risks before, during and at the end of a project.
  • Business Optimization – Integrum takes great pride in being the most customizable software on the market. You can use their intelligent built-in tools such as the SMARTForms that extracts your data to generate comprehensive forms. A similar inbuilt tool responsible for designing workflows helps ensures that company work is up to speed and whether any roadblocks are imminent.
  • Business Intelligence – Risk identification is incomplete without a proper reporting system. Integrum BI reporting system is a world-class reporting system that allows users to create as many dashboards, reports and graphical analysis of their mitigation plans. On top of efficient reporting, an easily maneuverable interface is a cherry on top. All and any members from a team can access a complete list of potential and identified risks from a centralized hub where data can be moved from one board to another via drag and drop option.

 

5. Qualys

 

Qualys

 

Every Project scope is different from the previous project and the one next in line. With differing projects, arises differing vulnerabilities in the system as well.

 

The small and menial ones are often captured and dealt with little fuss. It is the highly specialized ones that need a mechanized system of host scanning to avoid any sneaky loopholes that may later damage the entire project development.

 

Qualys is one of the most advanced tools that offers vulnerability scanning, malware detection, and remediation tracking.

 

Qualys has a generous compilation of security solutions included but not limited to: asset management, IT security, Cloud security, Web App Security and Policy Compliance. It is because of its simpler, safer and cost-effective suite of features, that Qualys is used across 130 countries and is trusted by major global brands like Microsoft and Deloitte Inc.

 

Benefits & Features:

  • Vulnerability Management –Vulnerability Management works with additional Qualys tools such as Continuous Monitoring that provides teams with a hacker’s-eye view of their business empire. This feature proactively sends alerts to whenever there is a risk-breach anywhere within the system. These alerts can be tailored and altered according to user preference or circumstance.
  • Host Scanning – Qualys VM conducts a comprehensive scan of the entire business perimeter and protects all fronts of a company by identifying any vulnerabilities and bringing them to surface for remediation. Remediation details and the entire security posture of a project or a company domain can be easily viewed in the executive dashboard. Users can obtain role-based reports and documentation of identified or unresolved risks through VM report generator.
  • Malware Detection – Companies can use Web Application scanning to detect viruses roaming close by, faulty website policies and technical infections. The scanner also performs behavioral analysis, that demonstrates visual reports of malware trends, scan activity, and risk-prone pages.
  • Threat Protection – Use Qualys powerful search engine to search and retrieve specific vulnerabilities and risk history from the inventory, and fine-tune your results with the help of various filters and sorting options.

 

6. CURA

 

Cura Risk Management

 

Some risks are fairly predictable, some are hidden, and some are recurring. Which is why the monitoring of risks that keep re-surfacing or that are on-going, should be a vital part of the risk management software that you choose.

 

CURA provides companies with the expertise of supervising each risk, in accordance with its impact and probability.

 

It offers solutions, to multiple industries ranging from banks, healthcare, insurance firms, utility firms, and telecommunication, in the form of project risk management, enterprise risk management, operational risk management, and incident risk management.

 

Organizations all across the world, rely on CURA to manage risks. Kellogg’s one of the world’s leading cereal producer uses CURA’s automation system to manage their SOX Section 404 compliance.

 

Benefits & Features:

  • Risk Identification – With the help of Governance Risk Compliance, users can identify risks and regulatory requirements at any stage of the project from the beginning to the very end.CURA’s project risk management is extremely flexible. You can link risks to projects to ensure vulnerability assessment is a major part of your decision-making process. Once the risks have been identified, you communicate the update on the risk management process with teams within the organization and with outside sources such as stakeholders or clients.
  • Risk Monitoring – Using the Goals & Objectives features, project managers can examine and monitor each member’s performance and activity, related to risk remediation.
  • Risk Reporting – In CURA, companies enjoy the highly configurable feature of risk reporting facilitated with flexible dashboards. Users can formulate reports in the form of lists, tables or even visually interactive graphs. Once created, all reports can be exported to a third party via email, Word Doc, Excel Spreadsheets, and PDF.

 

7. A1 Tracker by A1 Enterprise

 

Ai Enterprise Risk Management

 

#7 on our list of the best risk management software is A1 Tracker. It is very user-friendly and powerful. Some of its inbuilt features include a web portal, risk audits and log history, alerts and notifications, dashboard metrics and charts, threat assessments, threat response, and risk ratings as well as documentation. It caters to the integration with financial software and provides modules to track events, incidents, contracts, insurance, claims, projects, and assets.

 

Benefits and Features:

 

Some of the processes this risk management tool can address include:

  • Auditing
  • Business Process Control
  • Compliance Management
  • Corrective Actions (CAPA)
  • Dashboard
  • Incident Management
  • Internal Controls Management
  • Risk Assessment

 

8. Synergi Life

 

Synergy Life Risk Management

 

Synergi Life is a risk management tool by DNV GL. It comes as a complete business solution for risk as well as QHSE (quality, health, safety, environment) management.

 

With this tool, you can manage risk assessments and analyses, non-conformances, audits and provide a channel for suggestions for improvement. It also helps teams communicate, report, manage corrective actions and experience transfer, trends and KPI monitoring.

 

Synergi Life is among the best risk management software you can use to manage projects and business risks.

 

Benefits and Features:

 

Some of the key features you can avail with this risk management tool are:

  • Auditing
  • Compliance Management
  • Dashboard
  • Incident Management
  • Risk Assessment

 

9. Audits.io

 

plan brothers risk management

 

The unique feature of this risk management software is that it is customizable. You can make use of this tool on devices, online and offline. It helps you assign work and notify responsible people, attach images and share files, conduct inspections and audits on the go with your mobile or tablets or in one place, on a computer.

 

You can even transfer automated PDF reports to stakeholders, assess bottlenecks and trends with real-time statistics.

 

Benefits and Features:

 

Here are some features and processes this tool provides:

  • Auditing
  • Business Process Control
  • Compliance Management
  • Corrective Actions (CAPA)
  • Dashboard
  • Incident Management
  • Internal Controls Management
  • Risk Assessment

 

10. MasterControl Risk Analysis

 

MasterControl Risk Management

 

MasterControl complies with FDA regulations as well as with ISO quality standards. An alluring feature about this tool is that it helps in recovering documents that may have been lost in unforeseen situations.

 

You can easily restore them and continue the project. Moreover, this tool establishes risk evaluation as a separate process. This significantly helps the quality departments in quality decision making.

 

Benefits and Features:

 

MasterControl comes with the following salient features:

  • Auditing
  • Business Process Control
  • Compliance Management
  • Corrective Actions (CAPA)
  • Dashboard
  • Incident Management
  • Risk Assessment

 

11. Predict360 by 360factors

 

360 Risk management

 

#11 on our list of the best risk management software is Predict360 by 360factors. This cloud-based Enterprise Risk and Compliance Management Technology specializes in the sectors of Banking and Financial Services, Oil and Gas, and Power and Utility.

 

Predict360 comes with a user-friendly interface and offers a single platform to integrate audits and inspections, policies and procedures, regulatory information, risks as well as online training.

 

Moreover, this tool also has pre-configured content to assist functional managers and staff in managing daily risk and compliance matters.

 

Benefits and Features:

 

Here is a list of features you can avail with this risk management software:

  • Archiving and Retention
  • Audit Trail
  • Environmental Compliance
  • FDA Compliance
  • HIPAA Compliance
  • ISO Compliance
  • OSHA Compliance
  • Risk Alerts
  • Sarbanes-Oxley Compliance
  • Version Control

 

12. Pims Risk Management by Omega.no

 

PIMS Risk Management

 

Pims is one of the best risk management software helping teams with risk identification, mitigation, and management. It comes with a simplified interface that users can swiftly learn and be able to work. You can retrieve relevant information regarding risks, add risks or perform editing.

 

You can even store documentation, assess past risks and accordingly work on historic risk development.

 

Benefits and Features:

 

This tool facilitates risk management through the following features:

  • Auditing
  • Corrective Actions (CAPA)
  • Dashboard
  • Risk Assessment

 

13. Opture ERM

 

Opture

 

The Opture Risk Management Software is an integrated risk management software that facilitates the entire risk management process. With this risk management tool, you can manage risks efficiently by boosting risk data quality and conducting risk analysis individually. Moreover, it is flexible, easy to incorporate, modularly extendable and simple to work with.

 

Benefits and Features:

Opture provides the following features and usability in your risk management process:

  • Auditing
  • Business Process Control
  • Compliance Management
  • Dashboard
  • Incident Management
  • Internal Controls Management
  • Risk Assessment

 

14. ARC Cyber Risk Management

 

ARC Risk Management

 

ARC Risk is one of the best risk management software available. It is a Cyber Security Risk Management tool. This tool lets you assess risks, report, and track, manage assets, gap analysis, supports incident management, and provides results that can be audited annually.

 

It complies with the ISO 27001:2013. It saves time spent on information risk management and gives you results that can be audited on a yearly basis.

 

ARC is a web-based risk management software that can be accessed from anywhere.

 

Benefits and Features:

 

This risk management tool gives you the following key features:

  • Auditing
  • Compliance Management
  • Dashboard
  • Incident Management
  • Risk Assessment

 

15. Reciprocity

 

Reciprocity

 

One of the best risk management software you can use in the year of the pandemic is Reciprocity. It is an amazing application that is ripe with an easy to use UI and is simple to its very core to help anyone that wishes to use it.

 

So, if you want a software that does all of the work without being all glittery, and loaded with all of the bells and whistles that we see in some expensive tools, then Reciprocity is the way to go.

 

Let’s look at some of the features that the application offers:

 

Benefits and Features:

  • Automated alerts and messages to stakeholders
  • Regulatory and standards-based support for compliance tracking
  • Real-time risk detection and reporting
  • Simple, comprehensive dashboard

 

16. Optial Risk Manager

 

Opitial Risk management software

 

This software is an amazing project management application that you can use in 2020. It is a tool that was designed to work with companies working in industries like finance, manufacturing, and health among many others.

 

Just isn’t it incredible software that you can use to identify and track risks and scope creeps very quickly, I’m not only can you track the rest but you can make processes and strategies to prevent these risks from happening again.

 

Let’s take a look at some features that the application offers:

 

Benefits and Features:

  • Timely Reminders
  • Create risk strategies
  • Comprehensive risk analysis
  • Generate risk reports

 

17. SAS

 

SaS Risk Management

 

One of the most innovative software is on this list is SAS. It is an amazing software that feels like it was custom-built for every manager that uses it.

 

Why? Because of the idea on which it was built, which was that every company has its own enemies and the software must adapt to that scenario and handle the risks.

 

It’s an amazing purchase if you are a manager of a big team because this software will always make you feel like it was custom made to fulfill your needs and requirements.

 

One thing that this application offers is that you can access the application from the cloud or a dedicated server.

 

Let’s take a look at some of the features that this application offers:

 

Benefits and Features:

  • Data tracking and automated documentation
  • Intuitive dashboard
  • Regulatory reporting
  • Real-time performance tracking

 

18. Safesite

 

Safesite

 

Safesite is not only free, but it comes with an easy-to-use digital interface for anyone who’s looking to collaborate, improve safety standards & output, and ditch paper through a risk-free approach.

 

Needless to say, Safesite is actively used in over 4,000 businesses of varying scale. The platform is highly trusted for its risk assessment and resolution prowess. Users can reportedly perform/ conduct safety inspections, audits, and many other task management functions.

 

The application is ideal for teams who want to improve safety compliance, reporting, and engagement through streamlined communication. You can visit Safesite’s official webpage for price quotes and further details.

 

Benefits and Features:

  • Audit management at multiuser/ multi-department level
  • Corrective & preventive actions
  • Incident reporting and management
  • OSHA compliance, audit and record maintenance for on-site workers
  • Training management to empower the workforce

 

19. GOAT Risk

 

GOAT Risk

 

GOAT Risk’s name may hit the audience on a lighter note, but the program is perfect for risk assessment and management. This application is loaded with dedicated features designed for non-risk experts and C-suite level users.

 

Needless to say, we loved GOAT Risk as one of the best risk management software because of the wide array of tools and flexibility it comes with. Particularly speaking, the embedding, engagement, and impact of risk management are worth commenting on – and that too under a positive light.

 

On that note, GOAT Risk enables users to raise capability among non-risk experts for better decision making; admins can engage with C-suite, involve stakeholders, and collaborate based on accountability factors. You also get useful insights through KPIs and KRIs as a risk thought leader.

 

Benefits and Features:

  • Flexibility and a wide range of risk assessment features make GOAT Risk an ideal app for organizations of different sizes.
  • Schools, charities, and small startups benefit as much from GOAT Risk as any other MNC.
  • Monitor risks as they get flagged by the program’s algorithm.
  • Risk reports are facilitated with exportable reports in multiple formats, such as PDF, Excel Spreadsheets, and Word Docs.

 

Finding the best risk management software can be a challenge at the beginning. But with free tutorial guides and company training, companies can practice risk control and risk elimination at any level of their business structure.

 

OTHER RISK MANAGEMENT SOFTWARE OPTIONS

 

Here are 5 more options that didn’t make the top 17 list, but we believe these also have the potential to improve over time and serve your needs.

  1. Refinitiv Connected Risk – Connect internal and external risks that matter
  2. Logic Manager – Top-Rated Enterprise Risk Management Software, Improve Performance and Integrate GRC
  3. Enterprise Insight – Next-generation solution for managing risks across organizations and processes with unprecedented insight
  4. LogicGate – Empower your business to build agile GRC and enterprise risk process applications
  5. Onspring Risk Management Software – Flexible, cloud-based enterprise risk management software

 

Do You Really Need Risk Management Software?

 

Whether you want it or not, the efficacy of the “best risk management software” comes down to user requirements.

 

If you are an individual contractor, a solopreneur, or a project manager who is just getting started, perhaps investing in risk management software may not be a good idea. Besides, some of these online solutions are expensive – especially if your business turnover is not pretty.

 

For small scale operations, the risks are also smaller and easily noticeable. In such cases, it is easier to manage those skills using conventional management practices.

 

However, things take a wild turn when they paint a bigger picture.

 

Here’s why you need the best risk management software for improved results…

 

Risks are an inherent part of bigger businesses.

 

Organizations need to factor in these risks because they can hinder performance in the long run. Speaking of risks, beware of security, financial, legal, and compliance risks. They are all important and can only be managed through robust risk management software.

 

What’s more important is that you need to keep in mind the following risk categories for optimal results.

  • Risk Management for Corporate Environments: In a corporate setup, risks take a bigger form. The company needs to identify, evaluate, and deprioritize risks according to the foreseeable impact. These risks have reputational, financial, and regulatory aspects that cannot be ignored or buried for a prolonged time period.
  • Risk Management for Enterprises: Also known as ERM (*Enterprise Risk Management), these risks evolve to affect enterprises in different shapes and forms. Their nature ranges from framework destabilization, document and file storage, and stakeholder management. To handle these risks, you need risk management software with solutions catered to meet the requirements of enterprise-level users.
  • Risk Management In Case of Mergers & Acquisitions: Many small companies merge to form a thriving business. However, business owners on both sides are oblivious to the ongoing and previous liabilities of the company that they are anxiously looking to acquire. During the aftermath of the 2008 recession, governments and debt rating agencies have revised their policies to reflect an accurate estimate of a business’s credibility in terms of numbers.

 

WHAT’S YOUR VIEW ON THESE RISK MANAGEMENT SOFTWARE SOLUTIONS?

 

Have you tried out any of the best risk management software solutions listed above?

 

What do you use for risk control?

 

We would love to hear your thoughts…