A Guide To The 20 Best Risk Management Software Of 2024
Best Risk Management Software Shortlist
I’ve assessed the top risk management tools, choosing the best to address your specific challenges and fill vital gaps in your strategy.
Our one-on-one guidance will help you find the perfect fit.
Navigating the intricate landscape of vulnerabilities and security risks is a daunting task for any organization. As someone who's grappled with the complex web of information security, I've come to appreciate the immense value of risk management software. This tool simplifies the process of identifying and addressing potential threats, ensuring business continuity, and maintaining a robust risk register.
Particularly useful for sectors like healthcare and business processes, these software solutions, available both as SaaS and on-premise, enable stakeholders to monitor metrics, manage third-party risks, and ensure operational risk management efficiently. So, if you're weary of juggling countless spreadsheets or manually tracking each vulnerability, I believe these software options might be the remedy you've been seeking.
What Is Risk Management Software?
Risk management software is a technological solution employed by businesses, government organizations, and various industry professionals to identify, assess, and prioritize risks. This software aids in systematically applying policies, procedures, and practices to analyze potential threats and uncertainties, allowing users to create strategies to minimize or completely mitigate the associated risks.
Whether used for financial, operational, compliance, or strategic risks, these tools enable organizations to make more informed decisions, aligning with the overall objectives and enhancing the resilience and success of the business.
Best Risk Management Software Summary
| Tools | Price | |
|---|---|---|
| Deel | Flat rate user pricing, with a free version for businesses with up to 200 people | Website |
| Mitratech | Pricing upon request | Website |
| Corporater | Pricing upon request | Website |
| Splunk Enterprise | From $150/user/month (billed annually) | Website |
| Resolver | Pricing upon request | Website |
| Cority | From $30/user/month (billed annually, min 5 seats) | Website |
| AMLYZE | From $20/user/month (billed annually) | Website |
| LogicGate Risk Cloud | Pricing upon request | Website |
| SAI360 | Pricing upon request | Website |
| Essential ERM | Pricing upon request | Website |
Compare Software Specs Side by Side
Use our comparison chart to review and evaluate software specs side-by-side.
Compare SoftwareBest Risk Management Software Reviews
Deel is an all-in-one global HR, payroll, and IT platform designed to simplify managing a distributed workforce across 130+ countries. Initially known for its payroll and HR services, Deel has expanded to offer a wide array of solutions, including IT and equipment management, making it a key player in helping businesses navigate the complexities of global compliance.
Why I Picked Deel: The platform’s ability to handle HR and payroll compliance across diverse regions significantly reduces the risk of non-compliance with local laws, labor regulations, and tax obligations. Deel’s SOC II Type 2 and ISO27001 certifications ensure that sensitive data is protected to the highest industry standards. It also has a compliance monitor that proactively monitors and flags regulatory compliance changes as they relate to your business.
On the IT side, Deel IT mitigates risks related to global equipment delivery and management. By automating device setup with security protocols, endpoint protection, and app access control, Deel reduces the risk of security breaches or data loss for remote employees. The platform also offers certified data erasure for returned equipment, protecting sensitive company and employee data.
Standout Features & Integrations:
In addition to its compliance and security features, Deel offers several standout tools. Its device lifecycle management ensures full visibility and control over global IT assets, allowing companies to track device health and manage deployments effectively. Another key feature is its 24/7 global support, which provides quick diagnostics, repairs, and loaner devices.
Integrations include BambooHR, Greenhouse, Lever, Workday, SAP, Slack, QuickBooks, Xero, NetSuite, Rippling, Gusto, ADP, and Papaya Global.
Pros and cons
Pros:
- Can pre-configure devices before they're shipped
- Supports compliance measures in over 130 countries
- Can combine HR and IT asset risk management in one
Cons:
- May not be ideal for teams with very complex risk management needs related to IT
- Could offer more advanced risk management features, like analysis
Mitratech Alyne is a cloud-based platform designed to help organizations manage risk and compliance. It caters to a variety of industries, offering solutions that automate assessments and track compliance standards across teams.
Why I Picked Mitratech Alyne: Alyne allows your team to scale risk assessments by offering customizable templates and an intuitive dashboard. Its user-friendly interface enables quick assessments across departments without requiring specialized expertise. One key feature is its continuous control monitoring, which lets you keep an eye on multiple risks in real-time. With automated reporting and advanced analytics, you’ll gain clear insights that can inform your strategic decisions, ensuring nothing falls through the cracks.
You can also easily configure Alyne’s risk-scoring methods to fit your organization's unique risk thresholds. This flexibility is essential for businesses that deal with constantly changing regulatory landscapes. Alyne’s capability to scale assessments and provide actionable insights ensures that your team stays ahead of potential risks without getting bogged down by manual processes.
Standout Features & Integrations:
Alyne's key features include risk identification, compliance mapping, information governance, and reporting capabilities, all of which contribute to an organization's adaptability to legal requirements.
Its integration with existing systems and third-party applications allows for a cohesive workflow, simplifying the process of managing complex compliance structures.
Pros and cons
Pros:
- Centralized compliance structure
- Compatibility with various regulations and standards
- Continuous monitoring and reporting capabilities
Cons:
- Learning curve for new users
- Initial setup can be complex
Corporater is a comprehensive business management platform that offers integrated GRC solutions to help organizations manage and mitigate risks, ensure compliance with regulations, and drive business performance.
Why I Picked Corporater: I like that Corporater has the ability to integrate multiple risk management functions into a single platform. This includes enterprise risk management, compliance risk management, internal audit management, performance and strategy management, business continuity management, and third-party risk management.
By consolidating these functions, Corporater enables organizations to break down departmental silos and create a unified view of risk. The software also supports various risk management frameworks such as COSO, ISO 27005, and ISO 31000, providing flexibility and ensuring compliance with industry standards.
Standout Features & Integrations:
Corporater offers powerful data integration capabilities, allowing organizations to aggregate data from multiple sources into a single source of truth. The software also provides comprehensive risk dashboards, enabling users to create custom dashboards for a complete overview of risks and their potential impact.
Integrations include but not limited to Excel, CSV, SQL, Web-Services, SAP, Amazon AWS, and Power BI.
Pros and cons
Pros:
- Connects the strategic, tactical, and operational layers of business
- Advanced features for integrated risk management
- Highly customizable platform
Cons:
- Creating report layouts requires a high level of expertise
- New users may find it challenging to navigate the extensive features
Splunk Enterprise is designed to provide incident management analytics, making it an essential tool for organizations needing real-time insights into incidents and events. With powerful search and investigative capabilities, it helps in quick analysis and response to incidents, thereby standing out as the best for incident management analytics.
Why I Picked Splunk Enterprise: I chose Splunk Enterprise for its unique capability to analyze and visualize machine data from various sources. After careful comparison and judgment, I determined that its robust search functionality and flexible dashboards set it apart from other solutions.
It is my opinion that Splunk Enterprise's ability to transform data into actionable insights makes it the best tool for incident management analytics.
Standout Features & Integrations:
Splunk Enterprise offers features like real-time search, monitoring, analysis, and visualization of machine-generated data. These features enable efficient incident response and management.
The platform integrates seamlessly with many third-party applications, including security information, event management systems, and other data sources, ensuring comprehensive incident analysis.
Pros and cons
Pros:
- Real-time monitoring and alerting functionality
- Integration with numerous third-party applications
- Extensive search and analytics capabilities for incident management
Cons:
- May require specialized training to fully utilize all features
- Pricing might be high for small to medium enterprises
- Complexity in setup and configuration
Resolver is a platform designed to provide global risk analysis, facilitating an organization's ability to understand, manage, and monitor risks across the world. By offering a comprehensive view of risks and allowing users to analyze and respond to them in a holistic manner, Resolver stands out as the best tool for global risk analysis.
Why I Picked Resolver: I chose Resolver after comparing various tools for global risk management, and it stood out due to its sophisticated analysis capabilities. What makes Resolver different is its capacity to integrate data across multiple geographies, providing a unified view of risks.
In my judgment, Resolver is best for global risk analysis because it facilitates understanding and handling of risks on an international scale, connecting disparate data points to offer actionable insights.
Standout Features & Integrations:
Resolver offers features that allow organizations to visualize, report, and analyze risks from different parts of the world. Its dynamic risk modeling and customizable risk scoring enable detailed and tailored risk assessments.
The tool integrates well with other systems, such as Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) platforms, allowing a more seamless flow of data for comprehensive analysis.
Pros and cons
Pros:
- Capable of handling complex, multi-location risk structures
- Integrates with various ERP and CRM systems
- Robust global risk analysis with customizable features
Cons:
- Complexity might be daunting for small organizations
- May require specific training to utilize fully
- Lack of transparency in pricing
Cority offers a dedicated solution for managing environmental and occupational safety within organizations. By focusing on these specialized areas of risk, Cority provides tools that allow companies to proactively address safety concerns and maintain compliance with relevant regulations.
Its emphasis on both environmental and occupational safety makes it the best choice for organizations looking to tackle these specific challenges.
Why I Picked Cority: I chose Cority due to its well-structured approach to handling both environmental and occupational safety risks. In comparing various platforms, Cority's commitment to these specific areas stood out, offering targeted solutions that cater to the unique requirements of safety management.
It's clear that Cority is best for environmental and occupational safety, thanks to its dedicated functionality and attention to industry standards.
Standout Features & Integrations:
Cority’s key features include compliance tracking, incident management, safety internal audit, and reporting tools. These are essential in promoting a safe work environment and ensuring that environmental standards are upheld.
Integrating with various other safety and environmental systems, Cority offers a seamless connection between different areas of safety management, thereby enhancing overall efficiency and compliance.
Pros and cons
Pros:
- Integration with various other safety systems
- Robust compliance tracking and reporting tools
- Dedicated solutions for environmental and occupational safety
Cons:
- Potential complexity in setup and configuration for newcomers
- Limited functionality in areas outside environmental and occupational safety
- Minimum seat requirement may be a barrier for smaller businesses
AMLYZE is a specialized tool for assessing and analyzing the risks associated with cryptocurrency investments and trading. It provides users with comprehensive insights into market trends, volatility, and potential investment dangers. This focus on cryptocurrency-specific risks explains why it is best for cryptocurrency risk assessment, offering a targeted solution for those engaged in digital currency trading or investment.
Why I Picked AMLYZE: I chose AMLYZE for this list after evaluating various tools designed to analyze risk within the financial sector. What makes AMLYZE stand out is its emphasis on the rapidly growing and highly volatile field of cryptocurrencies. Its ability to provide in-depth and relevant analyses for different cryptocurrencies aligns with the need for specialized assessment tools in this domain, justifying why I think it's best for cryptocurrency risk assessment.
Standout Features & Integrations:
AMLYZE offers features like real-time market monitoring, AI-driven risk predictions, and customizable alert notification settings based on user-defined risk thresholds. These functionalities are essential for anyone trading or investing in cryptocurrencies.
The platform integrates seamlessly with major cryptocurrency exchanges, data aggregators, and portfolio management systems, providing an end-to-end solution for managing crypto-related risks.
Pros and cons
Pros:
- Integrates with major cryptocurrency exchanges
- Real-time market monitoring and AI-driven predictions
- Tailored specifically for cryptocurrency risk assessment
Cons:
- Limited functionality outside the cryptocurrency domain
- The pricing model may be challenging for individual investors
- May not be suitable for those looking for broader financial risk management
LogicGate Risk Cloud is a cloud-based risk management platform designed to manage risk across an organization through a highly flexible and customizable interface. It supports creating risk management frameworks tailored to specific needs, making it a fit for organizations of different sizes and industries.
The tool's adaptability in handling various risk management processes scenarios is what positions it as best for flexible risk program management.
Why I Picked LogicGate Risk Cloud: I picked LogicGate Risk Cloud because of its unique ability to offer a flexible platform for managing diverse risk scenarios. The flexibility of the tool enables it to stand out by accommodating various risk management requirements, from compliance to operational risks.
Its ability to tailor the risk program to the unique needs of different organizations makes it best for flexible risk program management.
Standout Features & Integrations:
LogicGate Risk Cloud’s essential features include customizable risk management workflows, real-time risk reporting, and integration with existing systems and tools. These allow organizations to create a personalized risk program that fits their unique structure and needs.
LogicGate Risk Cloud integrates with various third-party systems, ensuring that risk data can be pulled from different sources, offering a more comprehensive view of the organization's risk profile.
Pros and cons
Pros:
- Integration with various third-party systems allows for a cohesive view of risks
- Real-time risk reporting provides immediate insights
- Highly flexible and customizable to fit specific organizational needs
Cons:
- Potential over-complexity for small businesses with simpler risk management needs
- May require technical expertise to set up customized workflows
- Lack of transparent pricing can make budget planning challenging
SAI360 is a software platform designed to provide integrated solutions for governance, risk management, and compliance (GRC). By unifying these critical aspects of business operations, it allows for streamlined monitoring, reporting, and management of organizational governance structures. It's best for integrated governance, risk, and compliance, as it brings together these essential elements under one platform, enhancing efficiency and effectiveness.
Why I Picked SAI360: I selected SAI360 after evaluating various GRC solutions, recognizing its unique ability to offer an integrated approach. What makes SAI360 stand out is its cohesive and flexible template, which adapts to different industries and organizational needs.
Based on my comparison and judgment, SAI360 is best for integrated governance, risk, and compliance due to its unified platform that simplifies complex processes while providing in-depth analysis and control.
Standout Features & Integrations:
SAI360 provides features like risk mapping, compliance tracking, and governance structure modeling. Its real-time dashboard allows for easy monitoring and decision-making. Among the integrations, it includes connections to various third-party financial, legal, and HR systems, enabling a 360-degree view of the organization's governance, risk, and compliance landscape.
Pros and cons
Pros:
- Adaptable to different industry requirements
- Real-time monitoring and decision support
- Comprehensive integration of governance, risk, and compliance
Cons:
- Complexity may make it less suitable for smaller organizations
- May require significant time and resources for implementation
- Lack of transparency in pricing
Essential ERM is a web-based Enterprise Risk Management system designed to assist organizations in identifying, evaluating, and prioritizing risks across the enterprise. It offers a comprehensive framework for managing these risks, helping companies align their strategies with regulatory requirements and business goals.
This makes it the best enterprise risk management software as it focuses on coordinating risk control activities and reporting functions across an organization.
Why I Picked Essential ERM: I chose Essential ERM after careful analysis and comparison of various risk management tools. Its dedicated focus on enterprise-wide risk control, along with customizable features, led me to select this tool for the list. Its ability to connect various departments within a company under a single risk management strategy makes it stand out and justifies why I consider it best for enterprise risk management.
Standout Features & Integrations:
Essential ERM comes with features such as risk heat maps, regulatory compliance tracking, and automated reporting. These features work together to provide an intuitive and complete view of the enterprise's risk landscape.
Important integrations include connections with financial software, human resource systems, and legal compliance databases, which make it easier for different departments to collaborate on risk management.
Pros and cons
Pros:
- Facilitates cross-departmental collaboration
- Customizable features to suit different organizational needs
- Specialized focus on enterprise risk management
Cons:
- Might be over-complex for smaller businesses
- May require specialized training to fully utilize
- Pricing information is not readily available
Other Risk Management Software
Below is a list of additional risk management software that I shortlisted, but did not make it to the top 12. They are definitely worth checking out.
- Lockpath Keylight Platform
For governance, risk, and compliance needs
- Riskonnect
For integrating risk management information
- Diligent
For IT risk management solutions
- Drata
For automated security compliance
- SolarWinds Service Desk
Good for IT service management and support ticketing
- Wrike
Good for project risk management with real-time collaboration
- Cyabra
Good for detecting and analyzing disinformation campaigns
- Allgress Insight Risk Management
Good for providing a comprehensive view of organizational risk
- IBM OpenPages
Good for governance, risk, and compliance (GRC) within large corporations
- Quantivate IT Risk Management
Good for IT risk assessment and regulatory compliance tracking
Selection Criteria for Risk Management Software
When it comes to selecting the best risk management software, the process can be both exciting and daunting. With numerous tools available in the market, pinpointing the right one for your organization requires careful consideration. In my experience, having evaluated dozens of risk management tools, I was particularly focused on functionality, specific features, and usability tailored to the unique requirements of risk management. Here's what mattered most in my evaluation:
Core Functionality
Risk management software must fulfill several fundamental functions, including:
- Risk Identification: Ability to identify and document potential risks.
- Risk Analysis: Analyzing the possible impact and probability of identified risks.
- Risk Mitigation Planning: Creating plans to prevent or minimize the effect of risks.
- Compliance Management: Ensuring that all relevant regulatory standards are met.
- Reporting and Dashboards: Providing clear insights and visualization of the risk landscape.
Key Features
In my search for the ideal risk management tool, I specifically looked for these key features:
- Integration with Other Systems: Ability to communicate with other tools like ERP or CRM.
- Customization: Tailoring the tool to meet the specific requirements of the organization.
- Collaboration: Enabling team members to work together on risk assessments and plans.
- Real-time Monitoring: Continuous monitoring of risks and alerting as needed.
- Mobile Access: Accessibility through mobile devices for on-the-go monitoring and action.
Usability
The usability aspect was paramount in my assessment, focusing on these specific areas:
- Intuitive Interface: A user-friendly interface that doesn't require extensive training, with clear navigation and guidance.
- Quick Onboarding: The tool must allow new users to get started quickly, with minimal learning curves.
- Role-based Access Control: The ability to configure different access levels based on roles within the organization, enhancing both security and collaboration.
- Quality Customer Support: Availability of support through various channels like chat, email, or phone, along with a comprehensive knowledge base for self-help.
- Interactive Dashboards: Graphical representation of data, allowing for easy interpretation and understanding of risks and compliance status.
By focusing on these specific criteria, I was able to sift through the myriad of options and highlight the ones that truly stood out in terms of core functionality, key features, and usability tailored to the needs of risk management professionals.
Most Common Questions Regarding Risk Management Software
What are the benefits of using a risk management software?
Risk management software offers several advantages to organizations seeking to mitigate potential threats and uncertainties. Some of the key benefits include:
- Identifying and Analyzing Risks: These tools help in identifying potential risks and providing in-depth analysis to understand their impact.
- Compliance Management: Ensuring adherence to various regulations and standards becomes easier with automated compliance features.
- Centralized Data Management: Having all risk-related data in one place enables better decision-making and tracking.
- Customizable Solutions: Many tools offer customization to cater to the specific needs of different industries or businesses.
- Enhanced Collaboration: Team collaboration is facilitated through shared access to risk assessments, reports, and mitigation plans.
How much do risk management tools cost?
The pricing of risk management tools can vary significantly based on the functionality, size of the organization, and other specific needs. Some tools offer pricing based on the number of users, while others may have pricing based on features or data usage.
What are the common pricing models for risk management software?
Risk management software often follows one of these pricing models:
- Per User/Per Month: Charges based on the number of users.
- Feature-based Pricing: Different prices for different sets of features or modules.
- Custom Pricing: Tailored pricing depending on the unique requirements of the organization. Some providers might also offer tiered pricing, with packages ranging from basic to premium.
What is the typical range of pricing for risk management software?
The typical range of pricing for risk management software can be anywhere from $10/user/month for basic plans to over $100/user/month for more comprehensive solutions.
What are some of the cheapest and most expensive risk management software options?
The cheapest risk management software options might start as low as $10/user/month for minimal features, while the more expensive ones, designed for enterprise-level use with a plethora of features, could go beyond $100/user/month.
Are there any free risk management tools available?
Yes, some risk management tools offer free versions or trials, usually with limited features or for a limited time. These can be useful for small businesses or those looking to explore different options before making a commitment to a paid plan.
How do I choose the right risk management software for my organization?
Choosing the right risk management software requires understanding the specific needs and goals of your organization. Consider factors such as the type and level of risks you need to manage, integration with existing systems, scalability, user-friendliness, and of course, budget. It might be beneficial to take advantage of free trials or demos offered by various providers to get hands-on experience with the tool before making a decision.
Can risk management software integrate with other tools I’m using?
Most risk management software offers integration with other popular business tools like CRM, ERP, project management platforms, and more. This enables seamless information flow and collaboration between different departments within an organization, ensuring that risk management is aligned with other business functions. Always check with the software provider for specific integration capabilities that suit your needs.
More Risk Management Software Reviews
Summary
Selecting the best risk management software is a critical decision that can significantly impact an organization's ability to identify, analyze, and mitigate risks. The right tool can not only streamline processes but also align with specific business needs. Here's a helpful summary of the main points to guide your decision:
Key Takeaways
- Core functionality matters: Look for software that covers essential functions such as risk identification, analysis, mitigation planning, compliance management, and robust reporting. These core elements are vital to effective risk management and should be non-negotiable in your selection.
- Features tailored to your needs: Pay attention to key features like integration with other systems, customization, collaboration, real-time monitoring, and mobile access. The best tool for your organization will have features that align closely with your specific use case and industry requirements.
- Usability is key: Don't overlook the importance of an intuitive interface, quick onboarding, role-based access control, quality customer support, and interactive dashboards. These factors directly impact the user experience and can significantly influence how effectively your team adopts and utilizes the tool.
In summary, focusing on core functionality, key features, and usability will guide you in choosing the best risk management software for your needs. Take the time to evaluate these aspects in relation to your unique requirements, and you'll be well on your way to finding the tool that perfectly fits your organization.
What Do You Think?
If you've come across a risk management software solution that has impressed you or believe there's a hidden gem I might have overlooked, please feel free to share it. I'm always eager to learn about new tools and potentially include them in future updates. Your insights and recommendations are invaluable, and together, I can create a comprehensive resource for everyone in the field.