What is Risk Management Software?
Risk management and, for larger organizations, enterprise risk management are crucial to the health and sustainability of a business. There are a range of risk management software solutions available to help businesses identify, assess, and mitigate emerging and existing threats to a company’s technology, finances, data, hardware, and more.
Read more: What is the 5-Step Risk Management Process?
Best Risk Management Software
CIO Insight explored a wide range of risk management solutions. Here are our top picks in no particular order.
Apptega is a platform that facilitates easy and efficient cybersecurity and compliance management. With Apptega you can assess, build, manage, and generate reports from your cybersecurity and compliance program based on common frameworks — such as GDPR, HIPAA, ISO, and more.
Apptega’s automated cybersecurity framework crosswalks are a plus if your business is beholden to multiple regulatory frameworks. These “crosswalks” automatically consolidate and map controls across frameworks. This reduces redundancy in overhead and documentation.
Popular among SMBs, Apptega isn’t as comprehensive as other risk management platforms, and might not be the best solution for enterprises that need risk management for hardware. However, it may meet your company’s risk management needs more narrowly, in terms of cybersecurity, compliance, and auditing.
- Customized report generation
- Cybersecurity framework crosswalks
- Compliance & auditing management
Camms.Risks is a comprehensive software solution that integrates audit management, risk management, compliance, and more. Camms.Risk not only helps your company define corporate strategy and business plans, but also helps identify and segregate strategic and operational risks.
Camms.Risk provides ample documentation and references in its library, identifies and prioritizes changing regulations, tracks progress toward compliance obligations being met, stores your internal documentation in one central spot, and more.
To handle risk management, you can create risk treatments and then track them for each risk. After remediation, you can convert them to controls for monitoring in the future. There is also an optional forecasting/risk targeting assessment.
Because of its reporting and visualization versatility, Camms.Risk is a great option when multiple stakeholders need access to the information. Camms.Risk features heatmaps and bow-tie analysis of cybersecurity risks. The Risk Register provides CEOs and other executives with filterable, essential information about risks and their priority level. Another advantage Camms.Risk has over other vendors is its mobile app, where users can log hazards, issues, and risks anytime, anywhere.
- Compliance libraries and documentation
- Predictive analytics for risk management
- Versatile data visualization capabilities
- Mobile app
Read more: Why Healthcare Risk Management Is Important
FastPath Assure is a centralized auditing platform that tracks, reviews, and mitigates risks to your company’s networks. Compatible with major ERP and CRM systems on today’s market, Assure is great for enterprises. With cross-platform functionality, it’s capable of handling risk management efficiently and ensuring maximum visibility across the tech stack.
FastPath Assure affords a comprehensive grasp of who is accessing what parts of your network and when. You can use report templates and run instant, automated reports for audits. The Identity Manager function automatically creates users, edits their profile or access, and if necessary, deletes the user and/or terminates their access. This makes access control easier for enterprises managing a global workforce.
Assure also makes Segregation of Duties (SOD) reviews easier by including a customizable ruleset, as well as continuous monitoring. Paired with the Identity Manager, Assure affords great visibility into access requests, reporting conflicts in user access-granting processes.
Assure facilitates collaboration, allowing users to share, sign, and approve documentation in preparation for audits. Any changes made within your system, databases, or schema are tracked in Assure’s Audit Trail module, which is helpful for pinpointing errors and their sources.
- Access control with Identity Manager
- SOD reviews
- Collaborative Audit Trail module
LogicManager’s complete platform features 10 different solution areas to address all of your company’s risk management needs in one central hub.
A standout feature of LogicManager’s offering is that its tools are backed by AI. For instance, its risk taxonomy provides visibility over relationships between business units, units’ unique risks, and their associated mitigation activities. Using AI, Taxonomy Insights automatically proposes mitigation strategies.
LogicManager’s pre-built reporting templates save you time, and LogicManager can build customized reports for you. Users report, however, that they would like the reporting process to be improved in terms of customization and reflecting real-time changes. LogicManager is a great solution if you prefer an outsourced consultant instead of a self-serve model.
- AI-powered tools
- Risk taxonomy
- Report templates
Read more: 4 Benefits of Using AI in Cybersecurity
Onspring offers a range of solutions that tackle eight different areas to cover your risk management needs — such as enterprise risk management and third-party risk management — all with a dedicated client success representative to guide the adoption process.
Onspring offers a comprehensive risk register to organize and prioritize risks according to impact and likelihood. Customizable dashboards allow stakeholders to see the most relevant information based on their team or role. As an add-on, you can integrate third-party solutions like Google Drive into Onspring.
Onspring affords visibility into your entire third-party ecosystem in one spot. Data on third-party vendors can be easily transferred across departments in your organization. Onspring also automatically tracks and scores third-party risk assessments, so you can focus on essential business functions.
- Customizable dashboards
- Third-party add-ons
- Automated third-party risk management
- Easily organize risk assessments
RiskCloud by LogicGate
RiskCloud is a risk management solution that focuses on compliance. Further, within its suite of solutions is included modules for enterprise risk management, controls management, policy management, and more.
RiskCloud identifies and prioritizes the most critical risks using a weighted scoring system, so you can craft an action plan for the most pressing issues first. With its color palette of cool shades, RiskCloud’s heat map is not as intuitive as some tools. But when a risk has been identified, RiskCloud automatically assigns tasks, sends reminders, and tracks overall progress towards the mitigation plan goals.
RiskCloud centralizes and simplifies compliance management. It automates repeatable tasks and ensures all relevant stakeholders are informed of progress towards benchmarks. Its control management application, for example, streamlines the process for assessing and remediating controls by allowing you to automate controls assessments and designate tasks to particular stakeholders. Additionally, auto-reporting saves time and gives you an understanding of your organization’s controls effectiveness.
RiskCloud connects policy to procedure by automating the communication and deployment across the organization when policy changes or violations occur. RiskCloud features a library of widely-recognized international standards from which you can link to RiskCloud’s applications.
- Automated risk management and risk assessment
- Compliance management
- Policy-to-procedure streamlining
Read more: Top Cybersecurity Threats to Organizations
SecurityScorecard’s strength and focus is in cybersecurity risk management. It monitors internal critical data points, such as applications and networks. It also scans externally for threats, tracking hacker chatter and your company’s IP reputation. Gathering data from its comprehensive monitoring, it presents, as its name suggests, a scorecard.
SecurityScorecard’s portfolio of solutions are designed to protect your company against security risks within your supply chain and device ecosystems. A standout feature is SecurityScorecard’s cyber insurance solution, which centralizes documentation and facilitates exchange among brokers, underwriters, insurers, and insureds. Cyber insurance protects your company and informs you about the security posture of companies you do business with.
SecurityScorecard also helps you protect your assets and select vendors. It scans your digital footprint for threats and secures endpoints in your device ecosystem. It also vets third parties for things like security posture and cyber health before contracts are finalized.
Finally, SecurityScorecard addresses a neglected area of business, namely mergers and acquisitions (M&As) and the proper vetting process that needs to be in place to assess and follow through on them. Because of this, SecurityScorecard is geared more towards enterprises that have the financial resources to undertake M&As.
- Comprehensive cyber security
- Cyber insurance
- Endpoint security
- Third-party risk management
ZenGRC by Reciprocity
Reciprocity’s ZenGRC platform fits to your company’s existing GRC platform or serves as your company’s sole central hub to continuously monitor your infrastructure, efficiently manage your auditing processes, and more.
ZenGRC does include cybersecurity risk management within its overarching risk management functions. However, Reciprocity’s additional Risk Intellect tool for enhanced cybersecurity risk management suggests that the original cybersecurity risk management capabilities included in the ZenGRC platform are limited.
ZenGRC’s compliance management function continuously monitors for updates and serves as a one-stop hub to oversee the various frameworks that you have to remain compliant to. Out-of-box, you get dashboard templates and Reciprocity’s Security Control Framework product, which supports and unifies 32 domains and over 750 controls, respectively.
The compliance management dashboard shows the overall “control health” score for a quick impression of how compliant your organization is. It also drills deeper to visualize and automate the compliance and auditing processes, showing to whom tasks are assigned and how much progress has been made.
ZenGRC is a great solution for midsize companies, as it provides basic functionality with enough room for customization and scalability to grow with your company.
- Risk Intellect tool
- Security Control Framework templates
- Control health snapshots
How Do You Choose the Best Risk Management Software?
Taking the table above and user reviews into consideration, we have a few holistic suggestions for starting points in thinking about which vendor(s) to evaluate further.
Out-of-box vs. Customization
How much control do you want over the various processes and mechanisms in your risk management? A vendor like LogicManager or Onspring is a good choice for a customized solution, while ZenGRC provides a solid base of materials to start from.
Small to medium-sized businesses may find the former approach more appealing. With out-of-box solutions, SMBs can focus on core business functions instead of getting lost in the configuration process. However, as a business grows, so does the need for more complexity and customization in a risk management solution.
Access & Collaboration
One of the central purposes of risk management is to break down silos to avoid duplication, miscommunication, and potential compliance violations that may come with a scattered risk management strategy.
Risk management is a cross-functional endeavor, so information in your software of choice should be widely available across the organization. This isn’t to say that all information should be open to everyone. The software should also allow for access control. Camms.Risk and SecurityScorecard offer flexible, customizable dashboards that match your needs according to varying user roles. RiskCloud facilitates cross-unit collaboration, and FastPath Assure enables varying access control levels.
Compliance Across Multiple Frameworks
Your company is likely beholden to multiple standards and frameworks. Having one central location to track gaps, differences, and overlaps in various compliance requirements will reduce redundancy and thus save you time and money. For multi-framework versatility, Apptega is an excellent choice.