risks to be inherent to any company. While it is impossible to completely avoid risks in every business area, such as operations, security, etc., you can take preventive measures to reduce their occurrence. This is where risk management software can help.
Risk management is a process that proactively identifies and evaluates risks probability. That’s why it helps organizations prioritizing resources and take measures to prevent or reduce risk impact. In other words, risk management is a holistic approach to avoiding risks and their impact. The best way to manage risk is with specialized risk management software.
In this article we will discuss the criteria for choosing risk management software, please let our top choices.
Risk Management Software Criteria
With hundreds of risk management software solutions on the market today, it’s hard to find one that meets your organization’s needs.
To make your decision easy, evaluate your risk management software based on this criterion:
- Easy to use: Any risk management software should be simple for users of all technical levels. In particular, the user interface, dashboards and charts should be intuitive.
- Compliant: The tool you choose must meet leading industry standards. Otherwise you just invite more risk.
- Proactive Predictions: Good risk management software should consider multiple variables and uncertainties before predicting a potential risk.
- Support after an incident: Mitigation and recovery are an integral part of risk management. Your software must support it activities after the event also.
- Reporting and analysis: This can help you understand what went wrong and where to predict and avoid future risks.
- Integrations: It helps if your risk management software integrates seamlessly with your existing infrastructure.
These broad aspects can help you refine your software choices. But let’s take a look at some must-have features to further help you choose the best risk management software.
Essential Risk Management Software Features
The following are must-have features for risk management software. That’s because they essential for predicting potential risks in today’s dynamic business environment.
- Identifies risks: Your software must continuously scan networks and other data points to identify risks as they arise.
- Notifies you: The software should have advanced and customizable alert features for sending notifications to the affected team or individual.
- In-depth analytics: The risk management software must analyze various parameters to provide contextual information. It should also give you the possible next steps for mitigation.
- Prioritizes risks: It should prioritize risks so that you can allocate resources accordingly.
- Comes with a dashboard: Your risk management software should display all reports, vulnerabilities and important information on one dashboard.
- Helps you with audits: The tool should generate the reports needed for audits and compliance.
Based on the criteria and features above, here are my top picks for risk management software.
Top 5 IT Risk Management Software
The following are my top picks for risk management software. Let’s start at the top with GFI LanGuard!
1. GFI LanGuard
GFI LanGuarda network scanner and monitor, has many advanced features for identifying risks and vulnerabilities. In particular, it is vulnerability management feature continuously scans the network, including cloud environments and mobile devices. In this way, it can identify 60,000+ vulnerabilities.
To be patch management possibilities automate patching to mitigate risk, while advanced reporting features meet leading industry standards.
In general, GFI LanGuard identifies vulnerabilities immediately. As a result, it reduces their impact on your organization.
2. NAVEX One
NAVEX One is a integrated risk and compliance management software. Overall, it helps you anticipate and identify risks arising from internal or external factors.
It is known for identifying human errors, including: ethical mistakes. In addition, NAVEX One protects your organization against legal and ethical consequences. NAVEX One too scales well with your business and create a dynamic environment to seize opportunities as they arise.
Finally, NAVEX One simplifies risk management and provides alerts and actionable insights to mitigate the potential risk impact.
OneTrust is a SaaS solution for managing an organization’s privacy, security, and governance. Specifically, this solution ensures compliance with some of the strictest data privacy laws, such as: GDPR.
To that end it is follows the full life cycle of personal data and identifies vulnerabilities that could lead to data breaches.
In addition, OneTrust handles third-party risks from suppliers. You can deploy the software in the cloud or on-premise, depending on your business needs.
Overall, OneTrust provides the necessary tools and information to: ensure data privacy and compliance.
4. Jump up
bounce is a automated business processing solution that takes care of Governance, Risk and Compliance (GRC). The flexible processes and tools provide the flexibility and scalability to thrive in a dynamic environment. The software’s risk assessment capabilities put you one step ahead in addressing common vulnerabilities.
In addition, it supports end-to-end operational, reputation and organizational risk management. Onspring also works with third party suppliers to mitigate risk.
Overall, Onspring is comprehensive GRC software for mitigating risk and streamlining compliance and audit-related productivity within your organization.
Reciprocity is a GRC tool that adds risk management to your organization’s strategy. The process simplifies assessing risk at every stage of business planning and implementation.
Reciprocity’s intuitive dashboard offers: Contextual information until reduce your exposure to vulnerabilities. The software’s integrations make it easy to streamline processes and policies to mitigate risk. Reciprocity also ensures compliance with leading standards.
Overall, Reciprocity provides a unified view of your organization’s risk and compliance. Based on his insights, you can trade and strategize against risks.
The five choices above are competitive and can provide the risk management capabilities you need.
As a next step, evaluate the risk management software choices listed here to determine the best fit for your organization.
Before I close, let’s recap.
Risk management must be essential to the activities of any organization to the financial and reputation impact of unfortunate incidents. It is important to consider several criteria when choosing software that best suits your business needs. Given the complexity of networks, risk management software such as: GFI LanGuard— one of my top software picks — can provide the tools and visibility you need to fix vulnerabilities before they affect your organization.
Do you have more questions about risk management? look at the FAQ and Sources sections below!
How does risk management work?
Continuous Risk Management Software collects, monitors and analyzes data from different parts of your company. Accordingly, it is sends notifications and provides contextual information to fix any vulnerabilities.
Does risk management software help with compliance?
Yes, most risk management platforms compliance assistance. These tools will help you meet various standard requirements:. In addition, they also help generate audit reports. After your internal audits, you can always make the necessary changes.
What are the types of risk management?
Risk management comes in four types: acceptance, transfer, avoidance and reduction. Risk acceptance is about the choice to accept risk, because the costs of not doing it can be higher. Handover let you transfer the risk to an outside agency, such as a legal or financial company. to avoid includes taking proactive, risk-avoiding measures. last, risk mitigation includes steps for reducing the risk probability.
Who is responsible for implementing risk management within an organization?
It depends on you organizational culture and hierarchy. In most cases, management, including the CEO and board members, devises and implements risk management strategies within an organization.
What is a risk management plan?
A risk management plan is a document describing the steps an organization must take to avoid risks. It also includes: risk mitigation actions and reducing the risk impact.
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