7 best risk management tools for businesses

There’s an element of risk to running any business, but with risk management software, you can minimize potential threats. Software can help you not only identify risks, but also decide which ones are acceptable and which you need to minimize.

Developing an informed risk management approach can help protect your business, giving you peace of mind and helping to keep things running efficiently and effectively.

Top risk management software solutions

Whether you’re looking to identify high-risk IT vulnerabilities or manage risk for a specific project, software can help you better protect your business and avoid future crises. 

While risk management software will require a financial investment, it can potentially pay off by saving your business from losses in time and money as well as from the emotional toll of dealing with a crisis.

1. Resolver

Resolver

Resolver focuses on identifying and planning for risks, helping you pinpoint potential issues early on so you’re still in a project stage where you can easily respond to them. You can integrate Resolver with more than 100 apps that allow you to share your risk inventory with your project team for brainstorming, risk control, and risk mitigation.

The software’s data-driven approach allows for customized reporting that you can then convert into both spreadsheets and presentations, so you can easily share identified risks with stakeholders and others.

2. Diligent

Diligent

Designed to improve continuity across your business, Diligent offers a full suite of business risk mitigation features. It can help you identify potential risks before launching a new program, plan corrective and preventative actions, analyze data to help you identify risk impact and root causes, and even create audit trails.

With workflow management, surveys, risk assessment, detailed metrics, analytics features, and more, this platform is a comprehensive option for businesses of all sizes.

3. TrackMyRisks

TrackMyRisks

TrackMyRisks offers an intuitive, streamlined system that saves you time on administrative tasks. Templates help you simplify workflows, and you can easily upload and share Microsoft Office documents, images, and other files in one centralized location. This is essential for compliance checks and audits.

In-system notifications alert you to real-time changes, and features like document revision history and user access tracking help keep your data safe.

4. nTask

nTask

nTask is not only a risk assessment tool; it’s also a project management tool that lets you focus on your work while still receiving risk alerts and updates.

With nTask, you can create and assign different types of risk to your project managers for monitoring and mitigation, and a risk matrix feature highlights both risk probability of occurrence and frequency. You can access the matrix with one click, giving you a comprehensive view of all of the risks.

5. Qualys

Qualys

With Qualys, you can quickly identify project-specific vulnerabilities. Features like malware detection and remediation tracking make Qualys an excellent pairing for other security solutions. Host scanning of an entire business perimeter identifies potential risks and brings them to your attention so you can incorporate them into your risk management plan.

Ideal for cloud security, IT security, asset management, and more, this versatile software can help you avoid online risks that could threaten your project.

6. Essential ERM

Essential ERM

This enterprise risk management software is equipped with various features that make it a top choice for managing IT, legal, operational, reputational, and other risks.

Equipped with risk bow-tie modeling functionality, heat maps, a board reporting module, and frameworks and thresholds, Essential ERM is ideal for mid-sized businesses and organizations. Both online and in-person training is available, and this management system is easy to learn and use.

7. Jotform

Jotform’s risk assessment form template allows your business to collect risk assessments. With the connected table template, you can consolidate that data into a risk management log. 

Using the table view makes it easy for your team to track a risk and identify its trigger. You can easily filter data by risk severity and monitor the risk management process through its entire life cycle. The risk management log allows for seamless online collaboration with your entire risk analysis team.

A worthwhile investment

These risk management tools are available at various pricing options. When deciding which tool is right for you, consider how many team members will be using it, the key features that are most important to your business, and the types of data that you want to access.

Purchasing risk management software can be a worthwhile investment for any business, because it will support your decision making, risk management methodology, and other essential functions that can contribute to the success of your business.

This article is originally published on Sep 29, 2021, and updated on Nov 11, 2021.
AUTHOR
A journalist and digital consultant, John Boitnott has worked for TV, newspapers, radio, and Internet companies for 25 years. He’s written for Inc.com, Fast Company, NBC, Entrepreneur, USA Today, and Business Insider, among others.

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