13 Risk Management Software Systems (With Features)

By Indeed Editorial Team

Published 23 October 2022

The Indeed Editorial Team comprises a diverse and talented team of writers, researchers and subject matter experts equipped with Indeed's data and insights to deliver useful tips to help guide your career journey.

Most companies use effective risk management protocols to help them assess investment opportunities and determine the potential for financial loss or protect employees from harm. They do this using software tools that help them identify and analyse risks to decide the best course of action from their investigations. Learning to use risk management software can help you discover the best solutions to various business risks to benefit the company. In this article, we provide a list of 13 risk management software tools, explain their features and offer some tips on how to use them.

13 risk management software tools

There are numerous risk management software options to consider. You can choose the features you want based on the type of risk and business to ensure they work efficiently for your situation. Here's a look at 13 programs you can consider when choosing risk management tools:

1. Camms.Risk

Camms.Risk is a cloud-based service that allows users to create plans and reports using pre-made templates. Camms.Risk includes a helpful layout that divides your risk management plans into separate tabs, which makes it easier to view and organise data. You can also use the colour-coded organisation options to help you categorise risks into minor or major ones. These features make it easy to identify existing areas of risk, their scale and how to address them based on their importance.

Related: 12 Business Risk Examples (Plus Risk Management Benefits)

2. Dun & Bradstreet Credit

Dun and Bradstreet Credit is another service that exists purely as cloud-based software. It helps those working in a financial role, such as accounting or data analysis, to predict and evaluate the impact of financial decisions, such as the credit applications of business partnerships. The features this program offers can also assess the risks associated with investment opportunities and highlight any potential benefits to help you make the most informed decision possible.

Related: What Is a Risk Register? (With Tips for Effective Use)

3. ServiceNow Governance, Risk and Compliance (GRC)

GRC offers businesses a comprehensive assessment tool that analyses industrial risks and considers the relevant regulatory requirements and compliance factors. One of its key features allows a business to find any potentially vulnerable areas in compliance protocols. This service can help a company create a contingency plan for each risk and develop achievable goals for the business. You can also take advantage of this tool's continuous monitoring component, which allows you to set alerts about any potential risks based on specific parameters and conditions in real time.

Related: What Is Construction Management Software? And Its Importance

4. LogicGate Risk Cloud

LogicGate Risk Cloud is another cloud-based program that allows users to access information on-site and remotely. One of the key aspects of LogicGate Risk Cloud is that it analyses a risk scenario and creates a visual representation with graphs and charts. This service can make it easy to see and understand how an organisation's structure and decisions can create unexpected situations that impact the business. You can use the pre-built functions to construct a risk management infrastructure easily and take advantage of its diverse customisation options to match the program to the business's specific requirements.

Related: Risk vs Compliance: Definitions and Key Differences

5. NTask

NTask is easy to use, with a straightforward interface that's extremely effective at simplifying business operations and achieving effective results. NTask allows you to tag risk management team members and assign them different areas of the process to focus on. The positive effect of this feature is that these individuals can create specialised contingency plans and specific solutions to risk factors. You can use this tool to create a risk matrix automatically to help you visualise critical data about important risk factors, such as the frequency and the likelihood of occurrence.

Related: How to Use a Risk Assessment Matrix

6. Reciprocity

Reciprocity combines all aspects of a business's risk management process into a single dashboard, which makes it easier to highlight specific behaviours and policies that may pose a potential risk. The goal of Reciprocity is to analyse the data to suggest methods of mitigating the issues. You can use the customisation tool to identify different risk factors ranked by severity. You can also use the calculation feature of this software to perform a real-time analysis of trends and updates, which helps you receive the most accurate information.

Related: Different Types of Software for Project Management

7. InsightVM

The specific focus of InsightVM is to protect a business from all information and technology risks, such as hacking or denial of service (DoS) attacks. This software offers extensive research and relevant data on the behaviours of digital assailants. It also provides an up-to-date database with the susceptible access points known in common security systems. You can use the functions of InsightVM to highlight any potential weak areas in the business's cybersecurity systems and create alerts to warn you when the software identifies an issue.

Related: What Is Asset Management Software? (With Implementation Tips)

8. Resolver

Resolver offers a comprehensive assessment across a wide range of areas. It analyses risks using relevant business data and algorithms to automatically rank the severity of the risks it identifies. These features help you to determine which risks require the most consideration to save the business from financial losses or regulatory concerns. You also can use the management features of Resolver to organise a business's response to risks easily and efficiently.

Related: 5 Common Risk Management Roles (With Salaries and Duties)

9. Kyriba

Kyriba may help those working in areas such as accounting or finance, as it focuses specifically on the risks involved with financial transactions. It specialises in helping a business manage risks to payment, cash flow and liquidity with a single software application. In addition, you can use the tools and modules in Kyriba to access real-time trends in information to help you assess potential risks and plan solutions to reduce their impact.

Related: A Definitive Guide to Risk Management Tools (With Examples)

10. LogicManager

This risk management program identifies risks and highlights how one may cause another to predict a chain of events. LogicManager offers users a wide range of risk management tools, checklists, templates and solutions. You can customise the specific features of this program depending on the business, such as enhancing the operations schedule to improve the efficiency of assessing issues.

11. Fusion Framework System

Fusion Framework System offers you the tools to reduce potential risks, coordinate within the business to respond to situations and prepare against any future issues. For example, you can use the specialised flow chart to display the company's hierarchical structure to show how each division relies on the other to operate successfully. This specific tool can help you identify the areas that may require the most attention and help you plan solutions to understand how they affect each department. You can also use the dashboard feature to assess the risks the program identifies to rank their severity.

12. Donesafe

Donesafe offers specialised risk management focusing on safety in the workplace. You can use this software on multiple devices, such as a desktop, laptop or mobile device, allowing multiple employees to operate the same system simultaneously. It allows you to log risks as they happen in real time, which helps produce the most up-to-date response. You can use Donesafe to develop response plans to any safety risks the software identifies in the business.

13. Archer IT Security & Risk Management Suite

This comprehensive risk management program allows you to identify issues about IT security, report on results from an audit and document any regulatory requirements. It also gives you access to the Archer database of all documented risks and threat-assessment methodologies. You can use this information to develop your security protocols for the business. Also, you can use this data to help prepare for the results of a government audit.

Please note that none of the companies, institutions or organisations mentioned in this article are affiliated with Indeed.

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