Risk management! Whether of any kind, personal or professional. Risk management is a necessity in life and this article will focus on risk management and useful tools.
And yes, we will talk about risk management related only to professional life. I’m afraid the encounters will leave it to you.
What is a Risk?
This is an event that may occur in the future and may affect the planning / task / goals of the project. The impact on the project can be positive or negative, not necessarily always negative.
At the point where the impact is positive, the risk must be used to its advantage. Assessing the risks early on gives us an advantage to run the project smoothly by eliminating any uncertain surprises that may arise in the later phase of the project.
Risk assessment can be done qualitatively or quantitatively.
Qualitative risk assessment
It is an assessment that is made on the basis of the probability of occurrence of risks in the future. Probability can be obtained by various methods such as SWOT analysis, historical data analysis, peer discussion, etc.
Quantitative risk assessment
Quantitative analysis is a detailed analysis based on the quantity / number of the main risks found during the qualitative assessment. The main risks are selected from the qualitative assessments and then the assessment is carried out in terms of cost, results according to schedule, etc.
Once the assessment is complete, the risks are recorded in the system and then monitored throughout the duration of the project. If they occur in real time, corrective / necessary actions should be taken.
Best Risk Management Software in 2022
Here is a brief description of each risk management system found on this top list.
1. SpiraPlan from Inflectra
SpiraPlan is Inflectra’s flagship enterprise program management platform that focuses on risk management for organizations of all sizes and in all industries.
Now in its sixth version, SpiraPlan helps users align strategic objectives with key risk management techniques and helps monitor risks within the business.
This all-in-one solution combines test management, bug tracking, and requirements traceability, with a comprehensive set of features for program and portfolio management, release planning, resource and risk management.
With SpiraPlan, teams can access risks from a centralized hub – a module to identify risks, monitor gaps, determine responses, and develop steps that can be followed through to closure.
In SpiraPlan, risk is a different type of artifact with its own types (business, technique, programming, etc.), attributes, and workflows. The platform allows users to analyze and categorize risks based on parameters such as probability, impact, and exposure.
With built-in support for risk audit trails, SpiraPlan is ideal for teams that need to maintain a validated system with risk workflow operations, including electronic signatures. SpiraPlan’s standard reports menu allows users to generate risk reports in a variety of formats.
Real-time risk management is carried out using widgets on SpiraPlan dashboards: a risk register and a risk cube. SpiraPlan is accessible as SaaS or on-premises and comes with over 60 integrations to help existing systems and modern tools streamline your processes and business growth.
2. 6 clicks
Better RMS powered by AI
6clicks was founded in 2019 and has offices in the US, UK, India, and Australia. It was designed for businesses of all shapes and sizes and is also used by consultants with a world-class partner program and available white label capability.
6clicks is an easy way to implement your compliance and risk management program or achieve compliance with ISO 27001, SOC 2, PCI-DSS, HIPAA, NIST, FedRamp, and many other standards.
Hundreds of companies rely on 6clicks to configure and automate their compliance and risk programs and optimize auditing, vendor risk assessment, risk and incident management, and policy enforcement. You can easily import standards, laws, regulations, or models from your huge content library and use AI-powered features to automate manual tasks.
This offers tools for asset management, content library, audits and assessments, incident manuals, obligation management, compliance logs, risk management, compliance mapping, policies and sets of controls, project and task management, reports and analysis and automation of workflows.
6clicks integrates with 3,000+ third-party applications to connect your entire technology stack; These include, but are not limited to, Thinkific, Google Analytics, Intercom, Intruder, Panurgy, Mailparser, Jira Service Desk, OpsGenie, Todoist, ServiceNow, Zendesk, Freshservice, Twilio, monday.com, Oracle, GitHub, HelloSign, Power BI, and Mou.
6clicks starts at $ 4,800 / year with a $ 450 integration fee and offers a 14-day free trial.
3. Fusion frame system
The best risk management software to view dependencies
The Fusion Framework system is cloud-based operational resilience software that runs on the Salesforce platform. The Fusion framework helps organizations accelerate the digital transformation of their risk management and business continuity programs by integrating data, systems, people, processes, services, and more on one platform.
The tool allows you to visualize your business, products and services from the customer’s point of view, creating a map of the day-to-day functions within your business. The dependency viewer functionality enables organizations to recognize impacts and visualize relationships based on risks, processes, applications, and third parties.
Fusion Framework adapts to changing priorities and provides context on how risk intelligence should be applied. Users can organize their process risk control framework in Fusion to create a robust process profile related to risks and controls. You can perform risk assessments, track metrics across your organization, provide step-by-step guidance for managing controls, organize and document control requirements, and troubleshoot issues.
Fusion Framework System integrations include Everbridge Risk Intelligence and Emergency Notification System, Send Word Now, Onsolve, and ServiceNow.
Pricing for the Fusion Framework system is available upon request.
Ideal for team collaboration
Wrike is award-winning risk management software trusted by more than 20,000 companies in 140 countries around the world and suitable for teams of all sizes. Wrike allows managers and teams to easily visualize project risk in a variety of ways, from personalized reports to sophisticated marketing analytics. Estimate, predict, and mitigate project risks with a variety of pre-built templates that can help streamline the process and protect your bottom line.
Wrike’s custom reports and analytics make it easy for you to predict potential risks so your team can adjust the course and plan accordingly. Wrike dashboards are highly visual and provide easily digestible information to inform risk management solutions. Minimize lost income, adjust your portfolio quickly, and use the latest machine learning technology to receive alerts and detailed information so you can react quickly.
With a simple user interface, Wrike helps managers visualize upcoming projects, easily see what risks need to be mitigated, and manage resources to account for variances. Wrike, the most customizable and configurable risk management software on the market, enables collaboration between departments in real time, helping teams communicate potential risks and work together to resolve them. While Wrike is very easy to use, you can also take advantage of the dedicated Help Center with interactive training, videos, a getting started guide, and a thriving community.
With the powerful combination of over 400 Wrike integrations, you can access more information for your risk management solutions. Users can communicate and collaborate to resolve issues as they arise through integrations with Microsoft, Dropbox, Slack, and more.
Get started with Wrike for free, regardless of your team size. Or try a 14-day free trial of Wrike’s more advanced features and customization. Paid plans start at $ 9.80 / user / month.
5. Standard fusion
Best Risk Management Software for Large Businesses
StandardFusion was designed to help organizations of all sizes simplify the complexities of governance, risk and compliance (GRC). Their goal is to eliminate high implementation and operating costs, reduce risk and disruption before an incident occurs, and eliminate complexity where possible through technology and automation. Its risk management tool is suitable for businesses without the astronomical cost, making risk management and compliance more affordable and accessible for midsize businesses. That said, StandardFusion is one of the most versatile resource management tools. It’s great whether you’re new to it or have a seasoned security team, and can be used by both SMBs and businesses.
In terms of compliance features, StandardFusion is natively compliant with most standards including: IPAA, FEDRAMP, NIST, ISO, PCIDSS, SOC 2, GDPR and CCPA. You can start by using StandardFusion as is, and then tailor your setup to meet your organization’s needs.
Risk management functions help you assess and track individual risks, mitigation actions and their results, which can be quickly summarized using the report generator. Users can assess and estimate the likelihood and impact of a potential risk using one of the many qualitative and quantitative risk methodologies included or, as I mentioned earlier, users can define their own parameters for them. . Additionally, users can drag and drop files to download, automate recurring processes, perform risk assessments, create reports with the push of a button, track and monitor risks, establish mitigating controls. and customize user-level settings, all within a central platform.
What I like about StandardFusion is its simple and powerful interface. Most of the time, navigation is straightforward and you can get to where you need to be with a few clicks. Even users with limited software knowledge will get along with an intuitive design.
On top of that, they offer in-depth product training sessions and user guides. Dedicated technical support, in-person training, and successful managers are also available.
One last notable aspect of this tool is the transparent pricing structure, which can be difficult to find in a trading tool. The price conditions are defined in advance without surprises. And all the plans give users access to all the platform’s features, with additional features and integrations included as the plans evolve.
StandardFusion has several existing integrations including; Jira, Confluence, Slack, OpenID, DUO, and Google Authenticator. They also offer options for single sign-on, UCF integrations, and access to their API.
StandardFusion pricing starts at $ 750 / two users / month.
Great for drag and drop capabilities
The IsoMetrix enterprise risk management solution creates a central platform for an integrated approach to managing all the risks an organization faces. With a focus on the management of critical controls, all of the organization’s processes are identified and assessed for risk.
An important feature of IsoMetrix that I want to draw attention to is the flexibility of the configuration options. Make sure to work with the IsoMetrix team to tailor the software directly to the risk assessment needs of your particular organization.
IsoMetrix has a steep learning curve, so managers should be prepared for a lengthy onboarding process and more than a little troubleshooting at the start. Thus, some brands have lost the usability part of the evaluation criteria.
All things considered, I applaud IsoMetrix’s robust approach to facilitating board reporting and annual reporting, which any risk management team will understand.
IsoMetrix offers a free demo and prices on request.
Best risk reporting features
Opture GRC software combines a professional enterprise risk management (ERM) system with an internal control system (ICS) and compliance. This allows you to calculate key risk figures for the entire company for the three themes and for all processes and organizational structures.
Some of the features that Outbreak GRC does well are its robust, comprehensive and flexible reporting systems, as well as its intuitive and logically structured processes. In addition, the implementation is simple and hassle-free.
A downside of the tool is that it is weak in its feature set for alerts / notifications as well as corrective actions (CAPA).
Data hungry teams will appreciate the comprehensive and flexible reporting system provided by Opture, which I always look for in my assessment criteria.
Opture costs from $ 1500 / user as a single payment and has a free demo.
8. Acumen Risk
Ideal for user experience and usability
Acumen Risk easily links planning risk to cost risk to determine the impact of planning delays on project cost estimates. The program’s risk assessor recommends uncertainty parameters for your project activities to speed up risk loading and to define actual data from the risk models.
The user interface of Acumen Risk (as with many Acumen products) is clear, intuitive and informative. Even from a distance or at a glance, the low and high risk areas are obvious and readable. This gave them a good mark on UX’s consideration of the rating criteria.
Something Acumen Risk could improve on is its Support Material Library, which has a dedicated link on its site but (for now) only leads to three resource items: a guide, a customer story, and a webinar.
Users will appreciate Acumen Risk’s data visualization flexibility and easy access to real-time information.
Acumen Risk offers on-demand pricing and offers a free trial and demo.
Whether you need Supplier Risk Management, Information Risk Management, Legal Risk Management, or a number of risk navigation tools, there is something in the market for you.
Have you tried the risk analysis tools listed above? What do you use for risk control? Have you worked with many risk management companies before? We would love to hear your thoughts in the comments below.
What is risk management?
Risk management is the process of predicting, assessing, logging, planning for, and navigating potential and active risks that could affect your product’s financial or physical well-being. Risk management assessment surveys everything from monetary risks, legal risks, product safety risks, economic uncertainty, accidents or disasters, and more. Compliant risk management can protect you from being blindsided by an event or disaster.
What is the best risk management tool?
With so many different tools available, it would be hard to answer this question in a simple way. It all depends on the features you expect out of a software such as this one, as well as your budget and your team’s needs.
Which tool is used for risk management?
Probabilistic risk assessment is often used in project risk management. These tools are applications of PRA and allow planners to explicitly address uncertainty by identifying and generating metrics, parameterizing, prioritizing, and developing responses, and tracking risk from components, tasks or costs.