By regulation, companies are often tasked with risk management. Yet, a lack of awareness and proper technology leaves them vulnerable to lawsuits, penalties, and bankruptcy.
Why is risk management important?
Research uncovers human biases that hinder accurate risk assessments, leading to accepting minor failures and dismissing early warnings as false alarms. Risk management combats these biases by proactively addressing potential pitfalls and mitigating the fallout.
Companies that embrace risk management gain the ability to foresee, evaluate, and control risks in advance, safeguarding their financial health. This heightened awareness instills confidence in achieving organizational goals as they consistently apply risk processes and controls across their operations.
Organizations can harness the latest technologies to enhance risk forecasts and assessments as risks grow in complexity. Here, we present the top 5 risk management software options in 2023:
1 Pirani
Overview
Pirani empowers businesses to centrally identify, measure, control, and monitor risks. Its user-friendly interface and comprehensive risk management capabilities cater to businesses of all sizes across 15 diverse industries, from banking and retail to healthcare, food, tech, and mining.
Gartner has consecutively recognized Pirani as a global leader in risk management. It boasts accolades from G2 for Best Relationship, Easiest to Use, and Best Usability, among others. Dispel the misconception that risk software is solely for the financial sector - Pirani is necessary to mitigate risks, regardless of their scale or severity.
Pirani offers a free 15-day trial requiring no credit card information so that users can test out its capabilities at no charge. With four subscription plans (Essential, Starter, Basic, and Pro) available for annual or monthly payments, clients can tailor pricing to their risk management needs. It features five different management systems: operational, information security, anti-money laundering, and compliance and audit.
Pirani staunchly adheres to global information security standards, safeguarding company data. Continuous training programs equip staff with the skills to execute data privacy protection processes, ensuring confidentiality.
The risk management software is fortified with technical standards that secure user information from tampering. Data is stored securely, isolated, and monitored within the AWS-RDS Database and AWS storage services, featuring encryption at rest and robust backup protocols for availability and additional security.
Pirani boasts over a decade of experience in guiding organizations through risk management. It serves paying clients in 19 countries and has users in 82 nations worldwide, ranging from central banks in Latin America to SMBs spanning 15 industries. Thanks to its web-based platform, account creation takes just two minutes, granting immediate access to the software.
While Pirani currently supports English and Spanish, web browser translators bridge the language gap. Users can seek answers to platform-related queries through the Help Center or explore Pirani Academy for valuable content in various formats.
Features
Risk Management Systems
Pirani features five risk management systems that can help companies improve their risk-related operations, from auditing processes to protecting information assets or ensuring compliance with internal and external regulations.
Pirani's Operational Risk Management system empowers companies to identify, measure, control, and monitor operational risks. It streamlines risk event tracking, enabling informed decisions and saving up to 60% of operational workload handling time.
Information Security Risk Management system is indispensable for safeguarding information assets. It facilitates the creation of action plans and strategic controls to mitigate security risks, defending against cyber threats that could compromise critical data.
Combatting money laundering and terrorism risks becomes more manageable with Pirani's Anti-money laundering system. It helps establish controls and risk measurement processes, fortifying your risk management strategy.
The Normative Compliance system ensures internal and external regulations are adhered to. It fosters a culture of compliance within organizations, enabling reporting of risk events and strengthening credibility through process documentation and regulation tracking.
Pirani's Audit system empowers companies to conduct robust internal audits. It offers centralized planning and secure storage of audit records. Customizable checklists streamline audits, providing detailed risk assessments with scores, observations, and attached evidence.
Plug & Play
Getting started with Pirani is a breeze. Pirani's dedicated team assists in setting up and customizing the platform to match your organization's size and methodology from day one.
Unlimited Users
Pirani accommodates unlimited users, allowing companies to expand their teams without incurring extra costs. Collaborators and consultants can join the effort, relieving the burden of solo risk management.
Report Events
Users can swiftly report risk events and security incidents from desktop or mobile devices, ensuring rapid response. Mobile reporting minimizes the window of vulnerability, safeguarding against information loss due to cyberattacks.
Artificial Intelligence
Pirani integrates with ChatGPT's artificial intelligence capabilities. Users can leverage AI risk suggestions based on system, industry, or process. The company's ongoing efforts are focused on expanding AI support to cover additional processes, controls, causes, and consequences.
Pirani democratizes risk management, offering an easy-to-use, web-based platform. Companies can rely on this software solution to mitigate risks, protect vital information assets, maintain compliance, and ensure business continuity and profitability- Trust Pirani to fortify risk management strategy and secure organization's future.
2 Riskonnect
Overview
Rikkonnect delivers the smartest risk insights so leaders of organizations can make decisions with confidence based on a holistic understanding of risk, its relationships, and its impact on the company. It utilizes an enterprise approach to risk management, centralizing risk and compliance to enable collaboration among members to quickly resolve uncertainty and achieve corporate objectives. With 24/7 support and 35 supported languages, it has gained over 2000 customers in six continents.
Features
Rikkonnect consolidates all risk data in one place, making it accessible for users to track the status of risk assessments and detect changes in key indicators. It also shows the connections between risks, controls, assessments, and other relevant factors involved in risk management.
The risk management software also streamlines data collection and validation, freeing up time so users can focus on more strategic tasks. It also displays risk events in real time and sends out automatic alerts whenever a risk indicator has crossed the threshold of acceptability.
With heat maps, Rikkonect offers a clear visualization of assessed risks so leaders can intelligently prioritize actions to mitigate their effects. Users can organize the risk data by category, location, business unit, or a custom figuration that fits the methodology of the organization. They can also build reports to deliver decision-ready insights.
With features for collaboration, analytics, and data visualization, companies can leverage the risk management software of Riskonnect to streamline risk assessment operations and increase ROI.
3 LogicManager
Overview
LogicManager helps companies plan by imagining the unimaginable. Recognized by Gartner in nine magic quadrants, it is a top risk management software solution provider for users worldwide. It also provides its customers with a team of advisory analysts, a signified investment for their success. Equipped with automated tools for improved risk management processes, it is a comprehensive solution that can protect and optimize businesses.
Features
LogicManager features a risk library that users can leverage to identify risks within an organization. Once identified, they can generate a dynamic enterprise heatmap for better visualization. The risk management software standardizes the risk analysis process so users can discover the root causes of systemic issues that affect the organization.
It also offers out-of-the-box risk assessments and templates that can streamline the evaluation process. Built with a taxonomy technology, LogicManager connects risk mitigation activities across silos for one centralized repository. It can also automatically identify misalignments and ineffective controls, eliminating redundancies or gaps in protection that can cause irreversible effects on the organization and cost its financial health.
LogicManager also features a robust reporting engine that can produce customized visualizations. With a click of a button, users can generate reports for audit, business continuity compliance, and more with detailed key risk indicators. The reports and dashboards show a dynamic view of the company's risk profile, making it easier to review the effectiveness of risk mitigations and implement new strategies for better risk management.
4 ServiceNow
Overview
ServiceNow empowers enterprises to make risk-informed decisions with real-time visibility and automated, cross-functional workflows. It simplifies and accelerates reporting at all levels so companies can improve business resilience while driving productivity for their team members.
Features
ServiceNow offers risk assessments that users can design and schedule based on maturity level to monitor risks and control accuracy. It displays key risk indicators that signify risk posture changes. This allows users to track critical risks and controls continuously and decide on the best course of action to address them.
The risk management software consolidates all vital information in a single place, making it easier to analyze the inherent risk trend, whether its impact is incidental or extreme. With mobile app support, users can stay updated in real-time on risk activities.
It also offers guidance to map risks and autogenerates controls based on the questionnaire answered by the user.
ServiceNow also features smart issues management where users can use AI or machine learning to assign, group, or suggest remediation, reducing the time spent on resolving risks from days to minutes. While its capabilities are fairly straightforward, the risk management software is versatile, containing many solutions for compliance, collaboration, and security that drive business resilience.
5 Resolver
Overview
Resolver helps enterprises understand the interconnections of risk and implement effective controls. It aims to transform how organizations conceptualize and manage risk, revealing its true business impact based on the collected data and contextual analysis. By turning risks into business metrics, enterprises can maximize them as opportunities to drive business profitability.
Features
Resolver breaks down organizational silos by centralizing all risk operations. Enterprises gain a comprehensive understanding of their risk landscape from a single risk management platform. All teams from compliance, audit, and internal control can access the consolidated data and operate with the most relevant information for better assessment.
Enterprises can streamline their operations further with Resolver's intuitive user interfaces, making adoption even for non-technical users. Moreover, with automated workflows, they can save valuable hours for risk, compliance, and audit teams while reducing the errors for other significant risk intelligence activities.
The risk management software also features a comprehensive list of dashboards, reports, and visualizations that can help enterprises understand their data. With a detailed view of risk trends, they can quickly assess if they're implementing the appropriate controls to mitigate risks.
Resolver is unique in its approach by highlighting the business value of every risk. Companies can leverage its ease of use, enabling one-click access to features and automated workflows for better time management.
Conclusion
If risks are not addressed, they may result in losses. Businesses can take advantage of the top 5 best risk management software in 2023 to equip them with the newest tools for recognizing and reducing risks. Even if some losses are unavoidable and unforeseeable, these solutions can make the circumstances leading up to a loss more predictable, which can lower the cost of restoring an organization's financial health.
