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Table of Contents

• What is Risk Management Software?
• The benefits of Risk Management Software
• Typical features of Risk Management Software
• The cost of Risk Management Software
• Considerations when purchasing Risk Management Software
• Relevant Risk Management Software Trends

What is Risk Management Software?

Risk Management Software helps organizations measure levels of risk in ongoing projects and processes and generate meaningful insights and action plans for mitigating risk. The software offers tools to document corporate governance, risk, and compliance tasks as well as ensure that these elements align with business objectives.

The benefits of Risk Management Software

• Mitigate risks and address threats in a timely fashion: Risk management software identifies threats and addresses them immediately. Unaddressed issues can result in project failure as well as scenarios that generate negative publicity or damage the brand. The software ensures that your projects, processes, or audits follow set guidelines. Leaders can intervene as soon as they detect a change from the regular course of action and make early moves to mitigate the risk.
• Create a risk-aware culture: The software can maintain a risk register, which includes in-depth details about a risk, its indicators, impact, and the actions required to avoid/minimize it. An organized database helps businesses train employees on risks, their impact, and the preventive actions to be taken. This helps in creating a workforce that’s more risk aware and trained to operate systematically.
• Risk prioritization and assignment: No two risks have the same impact level. The software assesses the risk and assigns relevant scores to each risk. This helps businesses prioritize risks and escalate them accordingly to the right stakeholders. It saves the time taken to resolve the issue and ensures that the impact is minimal.

Typical features of Risk Management Software

• Risk assessment: Assigns scores and ratings to risks or classifies issues based on multiple factors. Aggregates all risk scores and categories from each assessment to create a risk register.
• Dashboard: Sets and assigns key risk indicators (KRIs) and monitors these live on an interactive visual display.
• Alerts/notifications: Allows you to set and configure alerts for critical events and receive notifications in case of a breach or failure.
• Risk reporting: Defines and records the KRIs that measure the efficiency of a risk management program in a defined format.
• Compliance management: Ensures that risk management processes are compliant with all regulations by defining and tracking processes and rules.
• Auditing: Provides reports and tracks the status of risks and incidents to ensure accurate internal and external audits.

The cost of risk management

Most products in the market are priced on a per year basis, and can be divided into three pricing tiers based on their starting price.

Price ranges*:

• $70 - $400
• $400 - $10,000
• $10,000+

*The pricing included is for the entry-level/lowest-priced offering that was found on vendor websites on May 15, 2019. These ranges correspond to the 25th, 75th, and 100th percentile of the pricing information gathered from vendor websites of sample products.

The above list summarizes pricing for the base plans of most products. An enterprise, or premium product, which is priced higher, may include some additional features such as active directory integration, unlimited number of users, and advanced auditing.

Considerations when purchasing Risk Management Software

• Define your expectations from the software: Risk management software offers broad functionality—from project risk management to financial risk management. Each type of software has its own set of key functionalities. Buyers should list their specific expectations of the software before beginning to search for products.
• Plan for your budget: The software isn’t cheap—ranging from a few hundred to thousands of dollars per year. The advanced features cost more. Therefore, plan a budget and shortlist suitable vendors. We recommend shortlisting solutions that can meet the needs of your long-term business strategy.

Relevant Risk Management Trends

• Cognitive intelligence to augment traditional decision-making: Advancement in cognitive technologies, artificial intelligence (AI), and real-time data analytics have advanced the scope of risk management. These smart machines can detect, predict, and prevent risks by self-learning and self-managing the defences against old and new threats.