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14 Best Risk Management Software in 2021

What is Risk Management Software?

Risk management tools and software which helps organizations identify and resolve potential risks. With risk management software, one can make decisions easily and take the necessary measures to prevent a potential crisis. Risk is a potential problem that might cause harm in the future. Risks are of

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IBM InfoSphere Optim Data Privacy
IBM InfoSphere Optim Data Privacy provides extensive capabilities to effectively mask sensitive data across non-producti... Read More About IBM InfoSphere Optim Data Privacy
Privacy Protection Transforming Encryption +1 More
IBM OpenPages

IBM OpenPages

By IBM

PRICE ON REQUEST

IBM OpenPagesis a complete Risk Management Software designed to serve Startups, SMBs, SMEs and Agencies. This Risk Manag... Read More About IBM OpenPages
Risk Indicator Tracking Single Data Repository Analysis & Decision Support +4 More
IBM Trusteer

IBM Trusteer

By IBM

PRICE ON REQUEST

IBM Trusteer provides a set of features for business users to increase productivity and perform core functions accuratel... Read More About IBM Trusteer
Continuous Digital Identity Assurance Scalable Agile Cloud Platform +3 More
VComply

VComply

By VComply

(4 reviews)

Starting Price

₹330,317/Year

Inclusive of all taxes

VComply makes governance an effortless process within a few clicks. Assign tasks and set conditions such as mandatory up... Read More About VComply
Compliance Risk Assessment Notification Business Process Control +3 More

Top Products

Nuix Ediscovery

Nuix Ediscovery

By NUIX

PRICE ON REQUEST

Nuix Ediscovery is a complete Risk Management Software designed to serve Startups, SMBs, SMEs and Agencies. This Risk Ma... Read More About Nuix Ediscovery
Practice League Compliance Management
With Compliance Management solution, users can manage complete compliance agenda for both, date and event driven complia... Read More About Practice League Compliance Management
Compliance Dashboard Compliance Calendar Alert Management +5 More
LexComply Compliance Management Solution
Compliance Management Solution having most comprehensive coverage of compliance amongst the available compliance solutio... Read More About LexComply Compliance Management Solution
Comprehensive coverage Organogram & Controls Dashboard +7 More
ERachana Easy Compliance

ERachana Easy Compliance

By ERachana Technologies

Starting Price

₹1,180

Inclusive of all taxes

ERachana Easy Compliance is a web-based compliance risk management solution for enterprises, enabling them to have an o... Read More About ERachana Easy Compliance
Streamlined Workflows Role-based access Compliance Management +6 More

Related Categories

Manageengine Log360
Log360 is a one-stop solution for all your log management and network security challenges. This tightly-integrated solut... Read More About Manageengine Log360
Active Directory Network Security Management Administrative Support +2 More
BWise

BWise

By BWise

PRICE ON REQUEST

BWise is a complete Risk Management Software designed to serve Startups, SMBs, SMEs and Agencies. This Risk Management S... Read More About BWise
Risk Management Internal Audit Management Regulatory Compliance +1 More
Qualys Container Security
Qualys Container Security provides a set of features for business users to increase productivity and perform core functi... Read More About Qualys Container Security
Rapid7 Insightops

Rapid7 Insightops

By rapid7

PRICE ON REQUEST

Rapid7 Insightops provides a set of features for business users to increase productivity and perform core functions accu... Read More About Rapid7 Insightops
Tectalik RiskBots

Tectalik RiskBots

By Tectalik

PRICE ON REQUEST

Looking for an apt risk monitoring tool that would run easily on your ERP system. Tectalik Risk Bots business software... Read More About Tectalik RiskBots
Risk Library Easy Integration Customer Management +6 More
CaseTrac

CaseTrac

By Ethix360

PRICE ON REQUEST

CaseTrac is a complete Risk Management Software designed to serve Startups, SMBs, SMEs and Agencies. This Risk Managemen... Read More About CaseTrac
Compliance Management Auditing and reports tools Predictive Analytics +3 More

Last Updated on : 24 Oct, 2021

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Buyer's Guide for Top Risk Management Software

Found our list of Risk Management Software helpful? We’re here to help you make the right choice and automate your business processes. Let’s discover some of the essential factors that you must consider to make a smarter decision!

What is Risk Management Software?

Risk management tools and software which helps organizations identify and resolve potential risks. With risk management software, one can make decisions easily and take the necessary measures to prevent a potential crisis. Risk is a potential problem that might cause harm in the future. Risks are often caused due to ignorance or lack of information. 

Nowadays risk management tools are very popular in fast-growing entrepreneurs and companies in India. This tool can make decision strong for prediction, investing and analyse data.

Risk Management Software for Various Industries (Types of)


Project risk management software

This risk project management software is useful in understanding and managing risks in a project with the right tools. It intuitively guides the users to identify as well as mitigate potential risks in the project.


Healthcare risk management software

This risk healthcare management software provides hospitals with the right tools to protect themselves from the variety of risks that could hamper their system. This type of healthcare management software is required to take care of clinical, administrative and financial factors. It changes the way hospitals can respond to threats. The primary end-users of healthcare risk management software are risk managers.


Financial risk management software

This risk financial management software helps perform analysis and generate reports based on potential risks. It is used by financial service institutions to conduct an analysis of different investments and deals. This helps identify, measure and generate plans accordingly.


Operational risk management software

This type of software identifies and addresses all operational risks in the company. Factors like inaccurate processes, wrong behaviour and unreliable technology are taken into consideration. One can implement strategies and streamline processes with operational risk management software. This software is majorly used by compliance managers and company owners to prevent and mitigate risks.


Risk management software engineering

Risk management in software engineering is done in the development phase to identify and manage risks in the product or software. There are mainly three types of processes involved in risk management software engineering - risk identification, risk analysis, and risk control.


Enterprise risk management software

With this type of software, one can automate all the risk management processes. Send automatic updates and reminders to the concerned people, and track project status with the help of real-time graphical representations of what is actually happening in the enterprise.


Risk management software for banks

Banks need to control the risks that are defined by Federal Reserve, FDIC, OCC and other regulatory bodies. There should be a high level of a risk management system that helps banks assess operational, strategic as well as liquidity risks. Risk management software for banks lets you allocate your resources efficiently with its automatic assessments.

Here are the benefits of risk management software


Risk priority

Get a deeper understanding of which risks need your attention and which can be avoided. The risk management experts can provide you with a list which can be leveraged to filter the risks. The risks that are needed to be addressed immediately can be resolved on priority.


Providing insights

Important insights about the company risks can be provided to the stakeholders to help them have a bigger picture.


Cooperating credit

Regulatory agencies often give credit to companies that have a risk prevention program running. With this, a company has the necessary security measures in place to prevent any mishap.


Reducing liability

Litigation risk is often viewed as business liability. Reduction in liability makes a company an attractive option for investment.


Framing regulatory issues

You have the ability to frame regulatory issues according to various factors which later allows the company to focus more on its structure.


Identifying issues

With risk management software, it becomes easy to troubleshoot the problem areas. One can know in advance that a project is not going as per the plan, and hence can strategize it accordingly.


Minimum surprises

You can identify risks early in the lifecycle of a project with the help of a risk management system. Problem-solving becomes easy and efficient when you get to know about what is lying ahead.


Better data quality

Get better data quality with a good risk management system. Senior team members can now make intelligent business decisions with the help of this software.


Better communication

Discussions between the team members and the stakeholders often depend on the quality of data available in hand. This creates a better working relationship in the organization.


Better budgeting

Now you can plan your budget in a better way with risk management software. It helps eliminate unwanted costs and promotes implementing better plans.


Greater success expectation

When you know everything that can go wrong is taken care of with the help of risk management software, the possibility of failure decreases to a huge extend.


Better focus

After using risk management software, you can now concentrate on the impending risk that needs your attention rather than focusing on each and every potential risk. It makes the whole process of resolving the complications much easier.


Easier escalations

By a proper risk management structure, only the risks that cannot be resolved at the lower level are transferred to the upper level or upper management. This makes the whole processes of escalation much easier.


Frequently Search Software

FAQ iconRisk Management Software FAQs

The following are the best risk management software tools available:

  1. Vyapin Office 365 Manager
  2. VComply
  3. IBM OpenPages
  4. IBM InfoSphere Optim Data Privacy
  5. RSJ Lexsys Enterprise Risk Management
  6. Thomson Risk Management
  7. RSJ Lexsys Compliance Management
  8. nTireCompliance
  9. GRC SoftExpert
  10. Compliance Management
  11. ProSapien Risk Assessment

There are several risk management software that are available for free. We have software applications like ntaskmanager, SimpleRisk and Project Risk Manager that can help you with risk management. But there is a catch. Free risk management software might not have all the features that you need. On the other hand, if you buy software applications like

  • Vyapin Office 365 Manager
  • VComply
  • IBM OpenPages
  • IBM InfoSphere Optim Data Privacy
  • RSJ Lexsys Enterprise Risk Management

you can get additional security and all the features that one needs in a good risk management software.

Some of the most used risk management tools and techniques are:

  • Root Cause Analysis: This risk analysis technique focuses on cause of the problem and analyses if the effects can be prevented completely.
  • The Delphi Technique: Under this technique, a panel of experts provides answers to questions sequentially.
  • Benchmarking: This technique focuses on analyzing the anomalies in benchmarking data. This helps detect risks that went unnoticed earlier.
  • Diagramming Techniques: This includes cause and effect diagrams along with other graphical tools like flow chart and influence diagrams to analyse risks. 

Risk management is about identifying potential risks and minimizing their impact. Risk management is important to manage potential risks and devise the strategy to prevent cyber threats, system slowdown and other potential risks due to manmade or natural sources.

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