Risk Management Software:

Risk management is the process of identifying, assessing and controlling threats to an organization's capital and earnings. These threats, or risks, could stem from a wide variety of sources, including financial uncertainty, legal liabilities, strategic management errors, accidents and natural disasters. Risk management software is a type of enterprise software that helps companies to actively manage risk. Many of these tools are analytical in nature, and use existing data or projections to help human decision makers identify risk and take measures to avoid potential crisis.

Enterprise Risk Management has become a must for all organisations, regardless of size, complexity and industry sector. Companies are asked by regulators, shareholders and other stakeholders to demonstrate that the organisation has risk-management policies and procedures implemented and embedded. No longer is it sufficient to show that an organisation understands its material risks, but needs to demonstrate how their approach to risk management is driving enhanced performance against objectives.

Risk Management software checklist...

1. Must be relevant to your company’s specific risk types
2. Easy to use and customizable risk tracking process
3. Consistent and organized monitoring of events
4. Address both quantitative and qualitative risks
5. Identifying instigating events and root causes
6. Real-time risk notification
7. Customizable reports and share able dashboards
8. Predictive analytics that help predict future areas of potential risk
9. Automatic updates as compliance and regulations change in your industry
10. Easily share able within your company to achieve the transparency and secure buy-in
11. Customizable assessment forms
12. Intuitive scoring methodology
13. The ability to add categories such as health and safety incidents, conflict of interest declarations, or audit forms and outcomes

It is still possible to do risk management manually. However, if you want to be more efficient, you should consider getting risk management software. Not only does it make risk management easier, but the software also gives more accurate results compared to traditional risk management. Identify the risks in your company and avoid them quickly with the right software for your business.