The best risk management software can provide businesses with a range of benefits. It will help you comply with regulatory requirements; enhance security and protection of data and decrease the cost incurred due incident involving risk; boost decision making ability based on real-time data and many more. The right risk management software can give your business an edge over competitors by ensuring that your business is prepared to meet any challenge that comes your way.
Many vendors offer different risk management solutions that are suited to different needs. Certain vendors, for instance, provide enterprise risk management solutions (ERM) for larger organizations. ERM empowers division managers with a risk management strategy and offers cross-environment visibility of the organization’s collective risk management. Other vendors offer more specific solutions for managing risk including third-party risk management (TPRM), and compliance management (CM).
When you are evaluating risk management tools, it is crucial to consider how they can be incorporated into the technology stack in place. This can help you avoid having to purchase new software, and also eliminate the chance of security holes or plugin compatibility issues. For instance If your team already using productivity tools such as Slack and JIRA ensure that the new software you are looking at integrates with them.
The right risk management solution is one that can track risks that are constantly surfacing. For instance CURA’s risk reporting determines the probability of an incident occurring and lets users monitor their progress in reducing these risks. It also provides a dashboard to track all risks assigned, resolved, and unresolved along with an analysis of these threats. You should look for a user-friendly dashboard that is customizable and flexible in reporting features such as reports and heat maps and dashboards.