Categories   >   Risk Management Software
Last Reviewed: November 20th, 2024

Best Risk Management Software Of 2024

What is Risk Management Software?

Risk management software empowers organizations to proactively identify, assess, and mitigate potential threats. It tackles the challenge of uncertainty by streamlining complex processes like risk identification, analysis, and response planning. This proactive approach minimizes losses, ensures compliance, and fosters resilience, leading to improved decision-making and overall business health. Key functionalities include scenario modeling, real-time monitoring, and automated reporting. Emerging features leverage AI and machine learning for predictive analytics and dynamic risk assessments. Executives, project managers, and compliance officers across various industries reap the benefits, particularly those in highly regulated sectors like finance or healthcare. While limitations like data accuracy and reliance on user input exist, risk management software remains a valuable tool for navigating an uncertain world, offering enhanced preparedness and a proactive edge.

What Are The Key Benefits of Risk Management Software?

  • Proactive risk identification
  • Streamlined risk assessment
  • Prioritized risk mitigation
  • Improved decision-making
  • Enhanced compliance assurance
  • Reduced operational disruptions
  • Boosted financial resilience
  • Data-driven risk insights
  • Collaborative risk management
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SelectHub Award Winners - Array

Our Research Analysts evaluated 120 solutions and determined the following solutions are the best Risk Management Software overall:

Overall

  • 95 RSA Archer
    Best Overall, Audit Management, Business Continuity Management
  • 94 MetricStream
    Best for Business Continuity Management, Compliance, Operational Risk Management and IT Security
  • 93 LogicManager
    Best for Audit Management, Business Continuity Management, Integration and Extensibility
  • 92 Diligent
    Best for Regulatory Management
  • 92 ServiceNow GRC
    Best for Integration and Extensibility, Platform Capabilities
  • 90 SAI360
    Best for Vendor Risk Management
  • 89 Resolver
  • 88 OneTrust GRC
    Best for Incident Management, Integration and Extensibility
  • 87 Riskonnect
    Best for Compliance, Policy Management, Regulatory Management
  • 86 LogicGate
    Best for Regulatory Management
RSA Archer Award
RSA Archer
RSA Archer
Start Price
$14,000
Annually
Analyst Rating
95
SelectHub’s Analyst Rating for RSA Archer, is based on data from our 400+ point analysis of Risk Management Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
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Deployment
Cloud On-Premise
Platform
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Why We Picked RSA Archer

RSA Archer is frequently lauded for its comprehensive approach to risk management. It provides a centralized platform where organizations can identify, assess, and mitigate risks across various domains, including IT, finance, and operations. Users appreciate the ability to consolidate risk information from different sources, creating a holistic view of their risk landscape. This comprehensive approach is particularly valuable for organizations with complex risk profiles or those operating in highly regulated industries. Additionally, RSA Archer's scalability allows it to adapt to the needs of organizations of all sizes, making it a versatile solution for growing businesses.

However, some users note that RSA Archer's extensive features can lead to a steeper learning curve compared to simpler risk management tools. Implementing and customizing the platform may require dedicated resources and expertise. While RSA Archer offers robust capabilities, its strength can also be its weakness for organizations seeking a more straightforward solution. Despite this, RSA Archer remains a top choice for organizations that prioritize a comprehensive and scalable risk management approach. Its ability to provide a centralized view of risk, automate workflows, and facilitate compliance makes it well-suited for businesses seeking to mature their risk management programs and navigate the complexities of today's ever-evolving risk landscape.

Pros & Cons

  • Centralized Risk Management: Provides a single platform to manage various types of risks, including IT, operational, third-party, and compliance risks, offering a holistic view of an organization's risk landscape.
  • Flexibility and Customization: Caters to diverse risk management needs with its flexible framework and customizable features, allowing organizations to tailor the platform to their specific requirements and workflows.
  • Advanced Reporting and Analytics: Offers robust reporting and analytics capabilities, enabling organizations to gain insights into their risk data, identify trends, and make data-driven decisions to mitigate risks effectively.
  • Compliance Management: Supports compliance with various industry regulations and standards by providing tools for managing policies, controls, and assessments, helping organizations meet their compliance obligations.
  • Integration Capabilities: Integrates with other business systems and applications, such as GRC platforms, vulnerability scanners, and threat intelligence feeds, to streamline risk management processes and improve data accuracy.
  • Usability Challenges: Users frequently mention a steep learning curve due to the platform's complexity and lack of intuitive design, leading to frustration and decreased efficiency. Archer's interface can feel clunky and outdated, hindering user adoption and requiring extensive training for new team members.
  • Reporting Limitations: Generating reports can be cumbersome and time-consuming, often requiring manual data manipulation or custom scripting. While Archer offers reporting capabilities, they may not meet the specific needs of all organizations, leading to reliance on external tools or workarounds.
  • Customization Complexities: Tailoring Archer to specific workflows and requirements can be challenging and may necessitate specialized technical expertise. The platform's flexibility can be a double-edged sword, as extensive customization can introduce complexity and increase maintenance overhead.
  • Performance Concerns: Some users report performance issues, particularly with large data sets or complex configurations, leading to slow response times and decreased productivity. As the volume of data and users grows, Archer's performance may become a bottleneck for risk management operations.

Key Features

  • Application Builder: Build custom applications via simple point-and-click setup. Streamline workflows, implement controls, automate operations, run reports and do more, according to the organization’s methodologies and business objectives. 
  • Dashboard and Reports: Customize the dashboard interface and run reports with preconfigured templates. Use keyword search to review risk and compliance ratings. 
  • Business Workflow: Automatically manage tasks, reviews, approvals and statuses. Create custom workflows to assign tasks based on the administration’s obligation, prioritization and escalation policies. Use the advanced workflow engine to define processes as flowcharts. 
  • Role-Based Controls: Implementing role-based controls to limit access to application, system, record and field data. 
  • Integration: Integrate with various third-party applications to manage governance, risk and compliance from within the same platform. The Archer GRC Community provides access to multiple pre-configured applications and integrations. 
  • Data Visualization: Run reports to find hidden connections between risks and incidents. Visualize relationships to predict future risks and make data-driven decisions. 
  • Global Support: Process multiple languages with double-byte character support. Deploy the platform in numerous regions and languages. 
MetricStream Award
MetricStream
MetricStream
Start Price
$75,000
Annually, Quote-based
Analyst Rating
94
SelectHub’s Analyst Rating for MetricStream, is based on data from our 400+ point analysis of Risk Management Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
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Why We Picked MetricStream

MetricStream has emerged as a popular choice for organizations seeking a comprehensive solution. User reviews from the past year highlight its strengths in ease of use, flexibility, and scalability, making it a valuable tool for managing various risks, including compliance, governance, and operational risks. The platform's intuitive interface and customizable features allow users to tailor it to their specific needs, while its ability to handle large amounts of data ensures it can grow alongside the organization.

However, some users have pointed out that MetricStream's implementation process can be complex, requiring careful planning and potentially additional resources. Additionally, there have been reports of slow support response times, which can be frustrating for users facing urgent issues. Despite these drawbacks, MetricStream remains a strong contender in the GRC software market, particularly for organizations with complex risk management needs and the capacity to invest in proper implementation and ongoing support. Its ability to centralize risk data, automate workflows, and provide real-time insights empowers businesses to make informed decisions and proactively mitigate potential threats. For organizations seeking a robust and adaptable GRC solution, MetricStream offers a compelling option, but careful consideration of its implementation and support aspects is crucial for a successful experience.

Pros & Cons

  • Centralized Platform: MetricStream provides a single platform for managing various GRC activities, including risk management, compliance, audit, and policy management. This can help organizations to streamline their processes and improve efficiency.
  • Flexibility and Customization: The platform is highly configurable, allowing organizations to tailor it to their specific needs and requirements. This includes the ability to create custom workflows, reports, and dashboards.
  • Scalability: MetricStream is a scalable solution that can grow with an organization's needs. This makes it a suitable choice for both small and large organizations.
  • Reporting and Analytics: The platform provides robust reporting and analytics capabilities, allowing organizations to gain insights into their GRC activities and make data-driven decisions. This includes the ability to generate custom reports, dashboards, and heat maps.
  • Steep Learning Curve: MetricStream's interface can be overwhelming for new users due to its complexity and extensive features, often requiring significant training and onboarding time.
  • Customization Challenges: While MetricStream offers customization options, implementing them can be technically demanding and may necessitate specialized IT skills or external consultants, potentially leading to increased costs and implementation timelines.
  • Reporting Limitations: Generating specific or ad-hoc reports can be cumbersome, as the platform's reporting capabilities may not always align with the unique needs of every organization, requiring additional effort to extract and manipulate data.

Key Features

  • Centralized Risk Repository: Navigate enterprise risk with pre-defined relationships across incidents, assets, processes, regulations and more. Securely store all risk information in a centralized federated data framework and intelligent content libraries. Create and standardize an integrated risk taxonomy.  
  • AppStudio: Create, extend and configure various applications and products to ensure flexibility and scalability of business processes. 
  • APIs: Design new APIs in compliance with OpenAPI. Integrate with third-party applications via intuitive Business APIs. 
  • Artificial Intelligence: Leverage predictive analytics and semantic search functionalities to anticipate future risks. 
  • Continuous Control Monitoring: Automatically collect evidence in the event of vulnerabilities and workplace incidents. Set up controls to cover against manual assessments with a limited sample size. 
  • Reporting and Analytics: Use the intelligent dashboard to run reports via preconfigured extensions or existing BI tools. Leverage in-depth insights and data visualizations to get a 360-degree view of risk. Define risk parameters and attach cautionary values to risks. 
  • Hierarchy Mapping: Chalk out a map of the corporate ladder, geographies and business units. Provide risk owners with complete visibility over risk and compliance postures, risk preparedness and resilience. 
  • Risk and Control Assessments: Run regular risk and control assessments according to preset schedules. Test the efficacy of risk control measures. Evaluate, aggregate and score inherent and residual risks. 
  • Business Impact Analysis: Analyze the potential impact of disruptions on various business processes via BIA surveys. Utilize Map Recovery Time Objective and Recovery Point Objective to assign a criticality score to essential operations. 
  • Risk Monitoring: Track KRIs, KPIs and control indicators for potential threats. Set up alerts based on risk thresholds. 
  • Operational Loss Event Management: Manage risk incidents and losses across multiple organizations in compliance with regulations such as the Basel Accords. 
  • Disaster Management: Turn early disaster data into actionable intelligence. Proactively monitor third-party suppliers and critical business processes for warning signs. Improve the organization’s situational awareness and resilience. 
LogicManager Award
LogicManager
LogicManager
Start Price
$10,000
Annually
Analyst Rating
93
SelectHub’s Analyst Rating for LogicManager, is based on data from our 400+ point analysis of Risk Management Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
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Why We Picked LogicManager

LogicManager, a cloud-based risk management solution, has been helping businesses for almost two decades. Its comprehensive features, like risk maturity modeling and assessment templates, enable organizations to identify, assess, and mitigate risks effectively. However, recent user feedback paints a mixed picture of the software's performance and value proposition.

Users appreciate LogicManager's user-friendly interface and its ability to streamline risk management processes. The software's intuitive design and comprehensive features allow users to efficiently identify, assess, and mitigate potential risks, ultimately leading to improved business performance. Additionally, LogicManager's extensive user base and established reputation provide a sense of reliability and community support. However, some users express concerns about the software's cost and rigidity. The price point may be a barrier for smaller businesses or those with limited budgets. Additionally, the software's lack of flexibility can make it challenging to adapt to unique or evolving business needs. Compared to competitors like MetricStream and Archer, LogicManager offers a more user-friendly experience but may lack the advanced customization options of its counterparts.

LogicManager appears well-suited for established businesses seeking a reliable and comprehensive risk management solution. Its ease of use and established track record make it a dependable choice for organizations looking to enhance their risk management practices. However, businesses with limited budgets or those requiring a high degree of customization may need to explore alternative options. It's important to note that software capabilities and market trends can change rapidly. Therefore, it's recommended to consult the latest online resources and reviews for the most current information before making a software decision.

Pros & Cons

  • Centralized Platform: LogicManager allows users to consolidate risk data, assessments, and mitigation plans in one place, providing a comprehensive view of an organization's risk landscape. This can be particularly helpful for organizations with multiple departments or business units, as it enables better collaboration and communication around risk management.
  • Customizable: The platform's flexibility allows users to tailor it to their specific needs and risk management frameworks. This includes the ability to create custom risk assessments, workflows, and reports. Customizable dashboards and reports provide insights into key risk indicators and trends, enabling data-driven decision-making.
  • User-Friendly Interface: LogicManager is generally considered to have an intuitive interface that is easy to navigate, even for users with limited technical expertise. This can help to encourage user adoption and engagement with the platform.
  • Integrations: LogicManager integrates with a variety of other business applications, such as GRC platforms, ERPs, and BI tools. This can help to streamline risk management processes and improve data accuracy.
  • Steep Learning Curve: Many users report that LogicManager has a steep learning curve due to its complex interface and extensive features. This can make it challenging for new users to get up to speed quickly and efficiently.
  • Customization Challenges: While LogicManager offers customization options, some users find it difficult to tailor the platform to their specific needs. This can lead to frustration and a less-than-optimal user experience.
  • Reporting Limitations: Some users have expressed dissatisfaction with LogicManager's reporting capabilities, citing limitations in generating custom reports or extracting data in desired formats. This can hinder effective risk analysis and decision-making.

Key Features

  • Risk Management: Standardize the risk identification process with preconfigured, custom risk criteria. Identify systemic vulnerabilities and perform root cause analysis to pinpoint upstream and downstream dependencies, duplication and redundancies. 
    • Assessment: Use a preconfigured risk library to standardize remediation measures and establish a universal risk language across multiple business units. Use best practice regulations, standards and frameworks to prioritize the most critical risks and minimize business impact. 
  • Risk Mitigation: Monitor risks and internal controls in real time and connect risks to associated controls, processes and resources. Automate workflows and notify risk owners of changes in local circumstances. Automatically diagnose misalignments, ineffective controls, redundancies and gaps in risk protection. 
  • Risk Monitoring: Monitor key performance indicators (KPIs) and key risk indicators (KRIs) with integrated control solutions. Configure custom risk thresholds, incident report forms and automated workflows. Standardize risk assessments throughout the organization with common frameworks. Identify emerging risk trends to proactively address vulnerabilities. 
  • Risk Reporting: Leverage the intelligent dashboard to run reports for audits, incidents, compliance, vendor management, SOX, business continuity and more. Improve stakeholder engagement with heat maps and data matrices. Automatically update existing reports and data visualizations to reflect new circumstances and information. Get a 360-degree view of remediation efficacy, controls and risk metrics with centralized controls and processes. 
  • One-click Compliance: Choose from hundreds of pre-existing controls in line with applicable regulations, frameworks and standards. Link controls to associated compliance with a taxonomy-driven artificial intelligence.  
  • Integrations: Integrate third-party applications with a simple, no-code, templated architecture. Some of the most popular integrations include Jira Software, DocuSign, Slack, Office 365, Google, etc. 
Diligent Award
Diligent
Diligent
Start Price
$5,000
Annually
Analyst Rating
92
SelectHub’s Analyst Rating for Diligent, is based on data from our 400+ point analysis of Risk Management Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
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Deployment
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Why We Picked Diligent

Diligent emerges as a robust governance, risk, and compliance (GRC) platform, streamlining board management, entity management, and more. Users consistently praise its intuitive interface and user-friendly design, making navigation and adoption seamless for teams of all technical backgrounds. Diligent's strength lies in its comprehensive suite of features, encompassing everything from board meeting management and secure document sharing to real-time collaboration tools and data-driven insights. The platform's ability to centralize critical information and automate routine tasks empowers organizations to enhance efficiency and make informed decisions. Furthermore, Diligent's robust security measures and compliance certifications instill confidence in users regarding data protection and regulatory adherence.

However, some users note that Diligent's extensive feature set can initially feel overwhelming, requiring dedicated training and support to fully leverage its capabilities. Additionally, while Diligent offers a range of integrations with third-party applications, some users express a desire for more extensive integration options to further streamline workflows. Cost considerations also arise, as Diligent's pricing structure may pose challenges for smaller organizations or those with limited budgets.

Diligent distinguishes itself through its commitment to innovation and customer-centricity. The platform continuously evolves with regular updates and enhancements based on user feedback, ensuring it remains at the forefront of GRC technology. Diligent's dedicated customer support team is highly responsive and knowledgeable, providing timely assistance and guidance to users. This focus on user experience and continuous improvement sets Diligent apart from competitors and fosters long-term customer loyalty.

Diligent is best suited for mid-sized to large organizations, particularly those operating in highly regulated industries or with complex governance structures. Its comprehensive features, scalability, and security make it an ideal choice for organizations seeking to enhance GRC practices, improve board effectiveness, and mitigate risks. Diligent's ability to streamline processes, centralize information, and provide data-driven insights empowers organizations to make informed decisions, drive growth, and achieve their strategic objectives.

Pros & Cons

  • Centralized Platform: Provides a single location for managing audits, risks, policies, and incidents, which streamlines workflows and enhances collaboration.
  • Compliance Management: Offers tools and features to help organizations adhere to industry regulations and internal policies, reducing compliance risks.
  • Risk Assessment: Enables users to identify, assess, and prioritize risks, facilitating proactive risk mitigation strategies.
  • Reporting and Analytics: Generates comprehensive reports and dashboards, providing insights into risk and compliance performance.
  • Third-Party Risk Management: Helps organizations assess and monitor the risks associated with third-party vendors and suppliers.
  • Steep Learning Curve: Diligent's interface can be overwhelming for new users due to its extensive features and functionalities. This complexity can lead to a longer onboarding process and require additional training resources.
  • Customization Challenges: Adapting Diligent to specific workflows or unique risk management requirements can be difficult. The platform's rigidity may limit flexibility and hinder seamless integration with existing systems or processes.
  • Cost Considerations: Diligent's pricing structure can be a barrier for smaller organizations or those with budget constraints. The subscription fees and potential additional costs for implementation or support services may require careful financial evaluation.

Key Features

  • Risk Management: Create a centralized risk register for the entire organization and implement automated workflows to identify, assess and neutralize all recorded risks. 
    • Integrated Risk: Continually integrate and analyze available data sets to address vulnerabilities in real time. Use data visualizations, dashboards and reporting to make data-driven decisions concerning critical threats. Connect existing data to assign risk scores. 
    • Enterprise Risk: The ERM module provides risk detection and response, compliance and reporting capabilities. Use existing best-practice risk and control libraries or customize to keep up with regulatory standards. Improve stakeholder engagement with data visualizations and storyboarding and discover errors, omissions and anomalies. 
    • IT Risk: Access preconfigured workflows to get visibility into exploits and vulnerabilities. Automate repetitive processes and customize existing workflows to adapt to changing needs. 
    • Third-Party Risk: Use storyboards, data visualizations, reports and analytics to identify and prioritize critical risks. Integrate third-party information across the system to streamline contract negotiations. Categorize vendors based on impact, exposure and risk and centralize all data on the inventory of third parties. 
  • Modern Compliance: Perform conflict checks, fraud and bribery inspections, and regulatory non-compliance inspections. Create microlearning resources to provide visibility into compliance and create an ethical workplace atmosphere. 
  • Governance: Conduct digital and in-person board, committee and leadership meetings, and manage entities, subsidiaries and corporate records. Set up custom corporate compensation plans and keep tabs on brand effectiveness and reputation. Automatically flag any issues for immediate resolution. 
  • Audit Management: Set up automated workflows to track KPIs, KRIs, control processes and audit tasks. Customize audits according to the company’s needs. Use data visualization to describe performance to external auditors and regulators. Identify areas of concern and perform remote audits. 
    • Internal Controls: Optimize the control testing process with automated workflows and data integration from third-party apps like Salesforce, SAP and Concur. Consolidate risk data from existing frameworks and external sources to build risk and control libraries. 
    • Financial Reporting: Access plug-and-play dashboards designed for SOX reporting. Run audits, share results and notify stakeholders with a single button. Standardize SOX, UK SOX and J-SOX reporting with pre-existing SOX templates. 
    • IT Audit: Get complete visibility over key IT controls and activities. Eliminate bottlenecks and duplication with automated workflows, best-practice work papers and centrally accessible risk and control libraries. 
    • Performance Audit: Monitor public sector programs for incidents of waste, abuse and transactional fraud. Streamline audits with access to .gov content frameworks and toolkits. 
ServiceNow GRC Award
ServiceNow GRC
ServiceNow GRC
Start Price
$50,000
Annually, Quote-based
Analyst Rating
92
SelectHub’s Analyst Rating for ServiceNow GRC, is based on data from our 400+ point analysis of Risk Management Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
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Deployment
Cloud On-Premise
Platform
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Why We Picked ServiceNow GRC

Imagine a bustling airport control tower, where air traffic controllers efficiently manage the complex comings and goings of countless aircraft. ServiceNow GRC acts as a similar control tower for an organization's governance, risk, and compliance landscape, providing a centralized platform to oversee and orchestrate these critical functions. User reviews from the past year paint a picture of a powerful and comprehensive solution, but one that requires careful consideration before implementation.

ServiceNow GRC received praise for its ability to streamline GRC processes, replacing siloed spreadsheets and manual tracking with a unified system. This centralized approach enhances visibility and control, enabling organizations to proactively identify and mitigate risks, ensure compliance with regulations, and make informed decisions based on real-time data. Users also appreciated the platform's scalability and flexibility, allowing it to adapt to the evolving needs of growing businesses. The seamless integration with other ServiceNow products further extends its functionality, creating a cohesive ecosystem for managing various aspects of an organization's operations.

However, some users expressed concerns about the platform's cost and complexity. The initial investment and ongoing maintenance expenses may pose challenges for smaller organizations or those with limited budgets. Additionally, the implementation process can be intricate, requiring careful planning and potentially involving external consultants. These factors highlight the importance of thoroughly evaluating the organization's needs and resources before adopting ServiceNow GRC. While the platform offers robust capabilities, its suitability depends on the specific context and requirements of each organization. For larger enterprises with complex GRC needs and the resources to invest in a comprehensive solution, ServiceNow GRC can be a valuable asset in navigating the ever-changing landscape of governance, risk, and compliance.

Pros & Cons

  • Streamlined Risk and Compliance Management: ServiceNow GRC helps organizations efficiently manage risks and compliance requirements, providing a centralized platform to assess, monitor, and mitigate potential threats. This can lead to improved decision-making and a more proactive approach to risk management.
  • Enhanced Visibility and Reporting: The platform offers robust reporting and analytics capabilities, enabling organizations to gain deeper insights into their risk landscape. This improved visibility helps identify trends, track key metrics, and demonstrate compliance to stakeholders.
  • Automation and Efficiency: ServiceNow GRC automates many manual tasks associated with risk management and compliance, such as data collection, control testing, and issue remediation. This automation frees up valuable time and resources, allowing teams to focus on more strategic initiatives.
  • Integration with ServiceNow Ecosystem: As part of the ServiceNow platform, GRC seamlessly integrates with other ServiceNow applications, such as IT Service Management (ITSM) and Security Operations (SecOps). This integration provides a holistic view of risk and compliance across the organization, fostering better collaboration and communication.
  • Cost: The licensing structure can be complex and expensive, especially for larger organizations or those with advanced GRC needs. This can make it difficult to predict and manage costs, potentially leading to budget overruns.
  • Complexity: Implementing and customizing ServiceNow GRC can be a complex and time-consuming process, often requiring specialized expertise. This can lead to extended implementation timelines and increased costs.
  • Usability: Some users find the interface to be unintuitive and cumbersome, particularly for those who are not familiar with ServiceNow's platform. This can lead to a steep learning curve and reduced user adoption.
  • Integrations: While ServiceNow offers a range of integrations, some users report challenges with integrating GRC with other systems, such as HR or financial applications. This can limit the effectiveness of GRC and create data silos.

Key Features

  • Policy and Compliance: Access tried and tested tools to manage lifecycles, compliance processes and corporate policies. 
    • Controls Testing: Test controls in real time to identify anomalies and streamline threat detection. 
    • Policy Lifecycle: Set up automated workflows to review and approve policies throughout their predefined lifecycles. Build a strong compliance framework and include provisions for policy exceptions. 
    • Control Mapping: Consolidate the testing framework with a map of controls governing policies and regulations. 
    • Smart Remediation: Leverage AI and machine learning to pursue the best remediation plan. 
    • Custom Workspaces: Design custom workplaces based on the user’s persona and preferences. 
  • Risk Management: Monitor high-impact risks to predict any disruptions. Use the dashboard and analytics module to study risk data and trends. Automated workflows review recorded threats and assign ownership and responses based on historical data. 
    • Mobile App: Remotely track risk activities. 
    • Risk Register: Store all recorded risk, control and remediation information in a secure and centralized database. 
    • Risk Scores: Assign risk scores based on qualitative and quantitative risk analysis. Allot risk ownership based on urgency for the sake of business continuity. 
    • Assessment: Run self-assessment tests to verify the integrity and accuracy of controls and registers. 
    • Identification: Automatically identify risks and generate appropriate controls based on threat maps and questionnaires. 
    • Performance Indicators: Run regular tests to identify failing controls in advance. 
  • Business Continuity: Prepare and test recovery plans for potential disruptions and disasters. 
    • Impact Analysis: Produce recovery time objectives (RTO) and recovery point objectives (RPO) with business services. Simulate different disasters to compute optimal recovery periods. 
    • Continuity Planning: Ensure protection and recovery of company personnel and assets in the event of a disaster. 
    • Crisis Management: Carefully execute business continuity plans and track progress during a crisis. 
    • Gap Identification: Map the configuration management database (CMDB) to identify gaps in recovery plans. 
  • Vendor Risk: Get greater visibility over third-party risks with regular assessments, transparent reports, tested remediation and IRM integration. Set up automated correction plans for specific risk areas like bankruptcy, security and delivery. 
    • Vendor Manager Workspace: Use a single portal to access all third-party risk and performance information. Store vendor data in a centrally accessible portfolio secured with a single sign-on (SSO) authentication. 
    • Risk Scores: Assess and assign top-down and bottom-up risk scores for all external vendors. 
    • Tier Management: Categorize vendors in appropriate tiers to assign questionnaires and frequency of assessments. 
    • Monitoring Framework: Cross-check ratings and scores from content providers against the platform’s assessment data. 
    • Assessment Management: Access best-practice online assessments for faster and more accurate results. 
  • Operational Risk: Monitor risks and controls across the system with flexible data and assessments. Use AI and predictive analytics to create and assign remediation strategies to issues. 
    • Analytics: Analyze risk events to drill deeper into risk posture, hierarchy and exposure. 
    • Assessment: Run risk assessments on any group, including location, regulation, inherent and residual risk, and auditable unit. Review the effectiveness of mitigation controls. 
    • Control Assurance: Create and store control test plans in a centralized repository. Test the effectiveness of controls against various crisis scenarios. 
    • Monitoring: Monitor risk and control indicator data across the platform and automatically alert concerned personnel about anomalies. 
    • Incident and Loss Capture: Record granular details about incidents, recorded vulnerabilities and near misses, including monetary loss and root cause. 
  • Continuous Monitoring: Use a system security plan to monitor the risk management framework (RMF) for emerging risks and compliance violations. Automatically mitigate common categories of threats with baseline controls. 
    • Asset Identification: Leverage CMDB to identify and manage assets in real time. 
    • Dashboard: Get a live feed of vulnerabilities, security incidents, milestones, configuration failures and action plans directly in the dashboard. 
    • POA&M Management: Set up a clear plan of action and milestones for responding to ineffective and failing controls. 
  • Privacy Management: Track privacy risk across multiple business domains to comply with global privacy regulations. Monitor the framework continuously to identify violations faster than the point-in-time approach. 
    • Framework: Centrally access a database of personal information and existing rules. Import new regulations into a common taxonomy for simpler adoption. 
    • Response-Triggered Actions: Set up trigger-based assessment responses to apply controls, tag personal information and update processing records. 
    • Activity Identification: Track processing activities with a record of processing activity (ROPA) or automatically detect changes. 
    • Policy Management: Create a self-sustaining review and approval process for active policies throughout their lifecycle. Factor in a room for exceptions depending on the compliance posture. 
    • Assessments: Assess how the company collects, stores and shares personal information. 
  • Integrations: Access low-code information and use automation to simplify the integration process. Supports custom integrations through REST, SOAP, JSON, JDBC and more. 
SAI360 Award
SAI360
SAI360
Analyst Rating
90
SelectHub’s Analyst Rating for SAI360, is based on data from our 400+ point analysis of Risk Management Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
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Deployment
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Platform
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Why We Picked SAI360

SAI360, a risk management software platform, has received positive feedback for its user-friendly interface and comprehensive features. Users appreciate the ability to quickly gain insights into their current risk landscape, which is particularly valuable for executive management. The platform's risk register is considered more efficient than traditional spreadsheets, allowing for the collection and evaluation of risk and control data, loss event data, and audit findings. Additionally, SAI360 facilitates GDPR management and security management, further enhancing its value proposition.

However, some users have noted that the initial setup and configuration of SAI360 can be time-consuming. Integrating the platform with existing systems may also require additional effort. Despite these challenges, users generally agree that the benefits of using SAI360 outweigh the drawbacks. The platform's ability to streamline risk management processes, improve decision-making, and enhance overall risk visibility makes it a valuable tool for organizations of all sizes. SAI360 is particularly well-suited for organizations with complex risk management needs, as it offers a wide range of features and customization options. Its scalability and flexibility make it adaptable to various industries and organizational structures. Furthermore, SAI360's focus on continuous improvement and its responsiveness to user feedback ensures that the platform remains relevant and effective in addressing evolving risk management challenges.

Pros & Cons

  • Centralized Risk Management: SAI360 provides a single platform for managing various risk types, including IT, operational, third-party, and compliance risks. This centralized approach helps organizations gain a comprehensive view of their risk landscape and streamline risk management processes.
  • Scalability and Flexibility: The platform is highly scalable and can accommodate the needs of organizations of all sizes. It also offers a high degree of flexibility, allowing users to customize the system to meet their specific requirements. This adaptability ensures that SAI360 can evolve alongside an organization's changing risk management needs.
  • Automation and Efficiency: SAI360 automates many manual risk management tasks, such as data collection, risk assessments, and reporting. This automation frees up valuable time for risk management teams, allowing them to focus on more strategic initiatives. Moreover, it reduces the likelihood of errors and inconsistencies, leading to more accurate risk assessments and more effective risk mitigation strategies.
  • Advanced Analytics and Reporting: The platform provides robust analytics and reporting capabilities, enabling organizations to gain insights into their risk data and make data-driven decisions. Users can generate custom reports, dashboards, and visualizations to track key risk indicators, identify trends, and monitor the effectiveness of risk mitigation efforts.
  • Compliance Management: SAI360 helps organizations comply with relevant regulations and industry standards. The platform includes pre-built content libraries and templates for various regulations, such as GDPR, HIPAA, and ISO 27001. This feature simplifies compliance management and reduces the risk of non-compliance penalties.
  • Steep Learning Curve: SAI360 is known for its complexity, especially for users without a strong background in GRC platforms. The interface can be overwhelming, and setting up workflows or generating reports often requires extensive training and experience.
  • Customization Challenges: While SAI360 offers customization options, implementing them can be difficult and time-consuming. Users often report needing assistance from SAI Global's professional services team, which can add to the overall cost and implementation time.
  • Performance Issues: Some users experience slow loading times and system lags, particularly when dealing with large amounts of data or complex reports. This can hinder productivity and user satisfaction.
  • Cost: SAI360 is a premium GRC solution, and its pricing reflects that. The cost can be a barrier for smaller organizations or those with limited budgets.

Key Features

  • Compliance Management: Use built-in workflows to automate tasks, notifications and communications. Continuously assess the organization’s compliance status and keep a centralized record of information. Run reports directly from a dashboard to remediate gaps and be audit-ready. 
    • Flexibility: Customize compliance forms and processes to meet requirements and secure information with personalized granular authorization levels. Allow external parties to perform audits in the Virtual Evidence Room. 
  • IT Risk: Get complete visibility into IT systems with external data feeds, incidents, risk assessments and vulnerability scanning tools. Set up automated workflows and track the entire process in real time, from threat detection to mitigation. 
    • IT Compliance: Automatically check IT compliance with requirements pre-mapped to common risk and control frameworks, including ITIL, ISO 27001, ISO 31000, COBIT and PCI. Train employees on cybersecurity, data protection, data privacy and information security regulations. 
    • Policies: Store all policies in a centralized policy library with custom fields and search capabilities. Automatically review policies from time to time to identify expired and ineffective policies. 
  • Environment, Health, Safety & Sustainability: Track incidents, accidents, inspections, audits and hazards with various data-capture tools such as geo-location tracking, text-to-speech and photo attachments. Search for information with document search and get automated notifications on important events. 
    • EHS&S Services: Provide the best environment, health, safety and sustainability services with 20+ purpose-built modules. Customize existing programs, automatically assign tasks, and generate notifications, escalations and reminders. 
    • Insights: Generate accurate reports on the company’s performance metrics, including data visualizations, lagging indicators, trend spotting and more. 
  • Operational Risk: Leverage dynamic risk indicators to continuously monitor risks. Store risk data and action plans in a risk register. Prepare trigger-based workflows and risk consolidation techniques to accurately assess and treat enterprise and operational risks. 
    • Reporting: Create custom reports and dashboards to track risk meetings, risk dimensions, and impact and likelihood scales. Measure risk against global frameworks like COSO, COBIT and ISO.  
  • Audit Management: Securely access and edit all audit information from a centralized database. Manage audit procedures with automated workflows and a transparent audit trail. Customize built-in audit templates to create work papers. 
    • Coverage: Identify risk-prone areas with risk-based scoping capabilities and distribute audit resources based on vulnerability levels. Streamline audit planning and train employees on audit regulations and industry best practices. 
    • Insights: Analyze exported data for greater insights into the organization’s audit status. One-click reports allow appropriate personnel to approve, review and track audit progress in real time. 
  • Business Continuity: Prepare and execute business continuity plans in a crisis or disaster. Automatically assign tasks to relevant personnel and track plan progress. Eliminate information silos by creating a hierarchical map connecting critical processes and assets to internal controls. Establish a common risk language across the organization. 
    • Reports: Run reports with customizable fields, forms and authorizations. Collect information with intuitive forms and improve efficiency with workflows. 
  • Data Privacy: Keep a record of data privacy regulations and personal and vendor data in a centralized database. Prepare workflows to manage data requests, policies and response measures. 
    • Documentation and Reporting: Automatically create records of data breaches and respond quickly with incident response workflows. Maintain breach data audit trails for complete transparency and run built-in reports for additional insights. 
  • Third-Party Risk: Designate a single source of truth for vendor records, including risk profiles, scoring data, assets, geographical location and more. Access pre-mapped control frameworks and regulations to identify high-priority vendors. Provides configurable forms and questionnaires to assign risk profiles to vendors. Screen all associated third parties for exposure to financial, cyber and operational risks through WorldCheck, Argos Risk and SecurityScorecard. 
    • Contract Management: Store and manage all third-party contracts from a central repository. Use automated workflows to review and approve vendor contracts and get reminders for important dates and tasks. 
  • Regulatory Change: Track regulatory requirements with access to structured regulatory content, evidentiary documentation and regular updates. Assign assessment tasks to relevant personnel and use the dashboard for a consolidated view of regulatory changes. 
  • Internal Control & SOX Compliance: Create policies and train employees on SOX compliance. Export 404 and 302 certifications with ease. 
  • Security: Provides 24/7 security to data centers located in ISO 27001 certified colocation centers. Data encryption and multi-tiered firewall protection protect consumer data both during transit and at rest. Prevent unauthorized access with Single Sign-On via SAML 2.0 or Shibboleth protocols and password protection using SHA 256 hashing algorithm. 
Resolver
Resolver
Start Price
$10,000
Annually
Analyst Rating
89
SelectHub’s Analyst Rating for Resolver, is based on data from our 400+ point analysis of Risk Management Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
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Deployment
Cloud On-Premise
Platform
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Why We Picked Resolver

Resolver provides enterprise risk management, incident management, and security and investigation modules in a stable and easy-to-use package. It offers a high degree of flexibility and customizability to ensure seamless scaling with changes and requirements. The ability to create custom reports further adds to its price to performance value. However, the platform’s lengthy implementation process can negatively impact time to market.

All things considered, Resolver offers excellent functionalities for this price range as long as you don’t have to compromise on integration options important to your business.

Pros & Cons

  • Functionality: The solution offers multiple features for governance, risk and compliance management, according to 88% of users who reviewed this aspect.
  • Ease of Use: According to 72% of users reviewing this element, the platform’s intuitive UI and customizability make it easy to use.
  • Speed and Performance: 67% of users who mentioned the platform’s performance said it’s fast and reliable.
  • Reporting: Regarding this feature, 75% of reviewers expressed satisfaction with flexible and highly customizable reports.
  • Service and Support: 89% of users who reviewed the customer support said it’s friendly and useful with great incident management skills.
  • Integrations: The platform needs wider and better integration options, according to 100% of users who reviewed this aspect.
  • Implementation and Setup: All the users who mentioned this element said the implementation process is time-consuming.

Key Features

  • Incident Management: Simplify the organization’s incident reporting process. Automate incident remediation with artificial intelligence. Track root causes, location, trends and charts to prevent future occurrences. 
    • Intelligent Triage: Leverage artificial intelligence algorithms to tag corporate incidents and prioritize remediation. 
    • Customization: Create, customize and define data fields, forms and workflows in a low-code environment. 
    • Geo-Mapping: Track specific elements within incident reports to create a geo-map and visualize possible connections and associations. 
    • Data Warehouse, Analytics & Reporting: Run reports on investigative efficiency, incident volumes, high-risk assets and more. Analyze the organization’s data to generate predictive models. 
  • Investigation Management: Drill down into investigation reports to link evidence, narratives, losses, incident properties, persons of interest, logs, attachments, recoveries and more. Get a holistic view of the organization’s security risks. 
    • Integrate with Incident Management: Interact directly with the incident management module to supply context for investigations. 
    • Automation: Streamline the investigation process with custom workflows. Automate incident reporting, investigation, approval and triage. 
    • Data Collection: Provide context to investigations with incident-specific data on locations, assets, individuals and more. Collect evidence with an unbroken chain of custody. 
    • Investigation Insights: Get detailed insights on performance metrics including unresolved investigations, expenses, time per investigation and more. Improve future investigations with reports on failed controls and gaps in remediation. 
    • Management and Resolution: Find connections between related incidents with forensic data analysis. Group related incidents and investigations together to streamline case management. 
  • Risk Management: Optimize enterprise security risk management with integrated incident reporting capabilities. Perform audits securely and analyze audit scores. Prepare effective security policies and automate submission, approval and remediation processes. 
    • Location-Based Asset Planning: Prepare custom controls and security measures tailored to protect critical assets present in different locations. 
    • Track Assets & Risks: Create an inventory, track actual and perceived values and identify critical assets. Maintain a real-time risk register with incident metrics and live KPIs to predict future risks. 
    • Manage Corrective Actions: Monitor issues from identification to remediation, all from the same platform. 
    • Risk Prioritization: Maximize return on investment with automated risk prioritization. 
    • Data Storage: Create and keep track of all security incidents in a central database. 
OneTrust GRC Award
OneTrust GRC
OneTrust GRC
Start Price
$30
Monthly
Analyst Rating
88
SelectHub’s Analyst Rating for OneTrust GRC, is based on data from our 400+ point analysis of Risk Management Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
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Deployment
Cloud On-Premise
Platform
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Why We Picked OneTrust GRC

Navigating the complex world of Governance, Risk, and Compliance (GRC) can feel like trying to find your way through a jungle without a map. Fortunately, software solutions like OneTrust GRC aim to simplify this journey for organizations. But how does it stack up against the competition, and is it the right fit for your needs? Let's delve into the experiences of users over the past year to find out.

OneTrust GRC consistently receives praise for its user-friendly interface and ease of implementation. Unlike some of its counterparts, such as IBM Security Verify, SAP GRC, and Oracle Risk Management, which can have steeper learning curves, OneTrust GRC appears more intuitive and accessible for users with varying levels of technical expertise. This is particularly important for organizations that may not have dedicated IT teams or extensive resources to invest in training. Additionally, OneTrust GRC's modular format allows organizations to select and implement only the features they need, providing flexibility and cost-effectiveness.

However, it's not all sunshine and roses. Some users have noted that OneTrust GRC's reporting capabilities could be more robust, particularly for generating complex or customized reports. Additionally, while the platform offers a wide range of features, some users have expressed a desire for more advanced functionality in certain areas, such as risk analytics and predictive modeling. These limitations may be a consideration for larger enterprises with more sophisticated GRC requirements.

Overall, OneTrust GRC appears well-suited for organizations seeking a comprehensive yet user-friendly GRC solution. Its ease of use, flexibility, and scalability make it a compelling option for businesses of all sizes, especially those with growing or evolving GRC needs. However, organizations with highly complex reporting or analytics requirements may want to explore additional options or consider supplementing OneTrust GRC with specialized tools. As always, it's recommended to thoroughly evaluate your specific needs and compare different solutions before making a decision.

Pros & Cons

  • Centralized Platform: Streamlines risk management processes by consolidating data, assessments, and workflows in one place.
  • Customizable: Adapts to specific organizational needs with flexible workflows, assessments, and reporting capabilities.
  • Automation: Reduces manual tasks and improves efficiency through automated workflows, notifications, and data collection.
  • Reporting and Analytics: Provides insights into risk posture with comprehensive reporting and analytics tools, enabling data-driven decision-making.
  • Scalability: Supports organizations of all sizes and complexities, accommodating growth and evolving risk management requirements.
  • Customization Challenges: OneTrust may present difficulties when tailoring the platform to specific organizational workflows or unique risk management requirements, potentially necessitating extra configuration or coding.
  • Usability Concerns: The user interface can feel intricate and overwhelming, particularly for those new to GRC platforms or with limited technical expertise, potentially leading to a steep learning curve and impacting user adoption.
  • Cost Considerations: Depending on the chosen modules and features, OneTrust can be a significant investment for organizations, especially smaller ones or those with budget constraints. Careful evaluation of pricing structures and potential hidden costs is crucial.
  • Integration Complexities: Integrating OneTrust with existing enterprise systems or third-party applications may require additional effort and technical expertise, potentially posing challenges for seamless data exchange and workflow automation.

Key Features

  • IT and Security Risk: Incorporate enterprise data to calculate risk scores and set acceptable risk tolerance thresholds. Maintain up-to-date risk libraries and automatically flag potential threats. Continuously monitor risk detection and remediation tasks and external compliance activities. 
    • Data Collection: Create a centralized digital inventory of IT assets, data flows and business processes. Perform automated assessments to collect new risk data and pre-populate relevant fields. Leverage the open API framework to integrate external systems and collaborate on risk data across mapped fields. 
    • Integrations: Use conditional logic-based triggers to automate data exchange across multiple systems. Choose from over 500 integration options. 
    • Control Management: Risk owners can use a built-in control library or create new controls. Automatically link controls to frameworks, standards and best practices through AI. Perform continual self-assessment and business scans to determine control maturity and efficacy. 
    • Risk Quantification: Perform qualitative and quantitative risk assessments with a preconfigured risk matrix. Adjust values and range adequately and document risk exposure. Equip risk assessment technology with risk values to auto-flag issues and anomalies. 
    • Regulation and Policy Framework: The built-in regulatory intelligence platform, Onetrust DataGuidance, automatically provides updates to security and regulatory standards. Access all the leading risk, threat and control libraries and compliance frameworks, including ISO, SOC 2, GDPR, NIST and more. 
    • Workflow: Use preconfigured workflows to designate clear first-line response measures, automate task assignment and analyze control effectiveness. Maintain a transparent documentation procedure for risk processing, exception handling and more. 
    • Performance Tracking: Run reports on KRIs, aggregated risk score, risk timeline history and more. Data lineage mapping tracks the flow of data through critical processes and IT assets. Use an intuitive dashboard to visualize risk appetite, reports and audits, and create heatmaps. 
  • Enterprise and Operational Risk: Get visibility into internal and external threats. Categorically organize different operational risks to build a scalable threat response system. Use automation to execute risk remediation action items and run reports to periodically benchmark system performance. 
    • Risk Mapping: Map out relationships between assets, opportunities, risks and threats to determine a risk appetite and tolerance threshold. Prepare a risk methodology in sync with enterprise risk standards. Directly link the centralized risk register to the dashboard. 
    • Scalable Defense: Prepare smart questionnaires to predict and identify risks in real time. Standardize the tracking of KRIs across multiple applications and integrate GRC functions and notifications throughout the system. Streamline task assignments with configurable workflows and role-based functions. 
    • Automation: Stay on top of non-compliance issues with automated control mapping from OneTrust Athena AI. Notify stakeholders about potentially threatening risk scores and automatically trigger risk mitigation responses based on system updates. Perform regular risk assessments to eliminate blind spots. 
    • Risk Reporting: Run reports to measure risk across multiple domains and simulate best and worst-case scenarios for registered potential vulnerabilities. Create unique risk formulations and calculate the potential impact of disasters and disruptions on business operations. 
  • Audit Management: Use a centralized configuration management database (CMDB) to standardize data across risk registers and inventory records. Offers guided task workflows to schedule regular internal audits and update risk values. Benchmark performance against industry standards. 
    • Documentation: Provides automated assessments to record granular details of control readiness, internal and external system integrations, deficient controls, risk exposure, and remediation plans. Link internal controls to leading industry standards and attach evidence to support findings and summary explanations. 
    • Control Testing: Test control design, track status, test effectiveness, flag issues and calculate risk based on risk exposure and control status. Adopt a hybrid approach by mapping custom controls to both industry standards and the company’s internal policy. 
    • Execution and Response: Prepare detailed workpapers for execution and documentation of GRC auditing procedures. Outline risk remediation plans to fortify new, existing and modified controls. Use a secure portal for task-related communication and attach evidentiary documents to findings reports. 
  • Third-Party Risk Management: The OneTrust Vendorpedia module provides ad-hoc functionalities for identification, analysis and remediation of third-party risks. Manage the entire vendor lifecycle with assessment templates, automated controls identification and questionnaire builders. Leverage AI-based intelligence to implement risk mitigation workflows. Prepare business continuity plans and perform due diligence on associated third parties. 
    • Risk and Performance Insights: Identify and prioritize third-party vendors with the highest risk exposure. Find vendors that fail to comply with SLAs and underperform. Regularly monitor security, regulatory and vendor landscape for possible breaches and trigger response workflows and notifications. Benchmark performance and record findings for reference during audits. 
    • Vendor Assessments: Verify security certifications information and compliance with industry standards and regulatory frameworks, including SIG, NIST, ISO and more. 
    • Research and Intelligence: Risk owners can use AI-based intelligence and regulatory research to predict performance issues and adapt quickly to regulatory changes. OneTrust Athena AI and OneTrust DataGuidance include access to over 500 purpose-built plugins configured for robotic process automation. 
    • Integration Marketplace: Integrate third-party apps with built-in plugins. 
    • Vendor Response Portal: Provide vendors with a dedicated portal to answer questionnaires and collaborate with representatives. 
  • Incident Management: Predict, identify and resolve workplace incidents with tried and tested response measures. Create a response playbook for active reference and notify stakeholders of relevant details. Maintain compliance with appropriate regulatory bodies. 
    • Response Playbook: Record best-practice response strategies with custom workflows in compliance with regulatory requirements. Identify anomalies and violations in data elements. 
    • Incident Scope: Analyze workplace incidents and data breaches to recognize impacted jurisdictions and regulatory bodies. 
    • Business Activities: Create a catalog of workplace incidents with relevant context and business perspective. Identify processes and controls associated with individual incidents. 
    • Notification Guidance: Find violated guidelines, calculate potential fallout on critical operations and notify relevant stakeholders. 
    • Documentation and Execution: Streamline response times with tried and tested templates. Cross-reference several regulatory standards to identify notification requirements, remediation tasks and resolution timelines. Maintain detailed documentation of all processes with an audit trail. 
  • Policy Management: Implement a single source of truth for company policies with centralized policy development. Create new documentation or choose from various built-in corporate and security policies. Access automated workflows to review, approve and renew policies. Create tailored roles for stakeholders involved in different phases of the procedure and send automated status updates. 
    • Information Collaboration: Maintain detailed records of revisions, summary updates and archived policies with complete version history through the policy portal. 
    • Compliance Alignment: Sync company policies with business scope, structure hierarchy and risk profile. Link policy performance to control effectiveness. 
    • Policy Adoption: Identify out-of-date, underperforming and expiring policies. Track policy attestations for individuals, stakeholders and business units and analyze them for trends and improvement opportunities. 
  • Data Discovery: Use AI to discover and categorize private and non-personal information in compliance with global privacy regulations. 
    • Data Classification: Leverage machine learning to label data with ad-hoc and custom tags. Capture information with deep scans and record both business and technical metadata. 
    • Data Coverage: Discover and classify all data types in cloud, on-premise and legacy systems. Parse unstructured file shares, SaaS apps, Big Data storage and structured databases in any format, including CSV, text, PDF, Zip and images. Supports data discovery at scale and in-built OCR capabilities. 
    • Data Protection: Protect at-risk data with policy controls, encryption, masking and access controls. Map out privacy regulations, such as GDPR, CCPA and LGPD. Create comprehensive data inventories and record all processing activities. During a data breach, automatically create article 30 records, notify relevant authorities, enforce retention policies and link necessary consent records. 
    • AI-Based Entity Resolution: Discover relationships between unrelated data and link personal data to the associated individual. Create identity graphs, view confidence levels of proposed matches and correct false positives. 
    • Automated Privacy Rights: AI-based privacy rights request workflows automate the discovery and detection of confidential information. Use the dashboard to add exceptions, redact certain sections and run subject-facing data reports. 
Riskonnect Award
Riskonnect
Riskonnect
Start Price
$283,000
Annually
Analyst Rating
87
SelectHub’s Analyst Rating for Riskonnect, is based on data from our 400+ point analysis of Risk Management Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
Company Size
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Deployment
Cloud On-Premise
Platform
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Why We Picked Riskonnect

Can Riskonnect help you reconnect with a sense of control over your organization's risk landscape? User reviews from the past year suggest that it can, particularly for those seeking a comprehensive and integrated approach to risk management. Users praise Riskonnect for its user-friendly interface and robust features, highlighting its ability to centralize risk data, streamline risk assessment processes, and facilitate informed decision-making. For example, the software's bow tie analysis feature allows users to visually map out the causes and consequences of potential risks, enabling proactive risk mitigation. This comprehensive approach sets Riskonnect apart from competitors that may focus on only specific aspects of risk management.

However, some users have noted that the initial setup of Riskonnect can be complex and the software can be expensive. These drawbacks may make it less suitable for smaller organizations with limited budgets and technical expertise. Overall, Riskonnect appears to be best suited for larger organizations with complex risk profiles and the resources to implement and manage a sophisticated risk management solution. Its ability to integrate risk information across different departments and provide a holistic view of organizational risk makes it a valuable tool for enterprises seeking to enhance their risk management posture.

Pros & Cons

  • Centralized Risk Management: Riskonnect provides a centralized platform to manage various risk types, including operational, IT, third-party, and compliance risks. This allows organizations to gain a comprehensive view of their risk landscape and make informed decisions.
  • Customizable and Scalable: The platform's flexibility allows organizations to tailor it to their specific needs and risk management processes. As businesses evolve, Riskonnect can scale to accommodate growth and changing requirements.
  • Improved Reporting and Analytics: Riskonnect offers robust reporting and analytics capabilities, enabling organizations to generate insightful reports, identify trends, and track key risk indicators. This data-driven approach facilitates better risk management decision-making.
  • Enhanced Collaboration: The platform fosters collaboration among risk management teams, departments, and stakeholders. It streamlines communication, facilitates information sharing, and promotes a more coordinated approach to risk management.
  • Usability Challenges: The platform's interface can feel clunky and outdated, leading to a steep learning curve for new users. Common tasks, like generating reports or navigating between modules, can be more cumbersome than anticipated.
  • Performance Issues: Users occasionally experience slow loading times and system lags, especially when dealing with large data sets or complex workflows. This can hinder productivity and cause frustration, particularly for time-sensitive risk management tasks.
  • Customization Limitations: While Riskonnect offers some degree of customization, users may find it restrictive when tailoring the platform to their specific needs and workflows. This can lead to workarounds and inefficiencies as users try to adapt the system to their unique requirements.

Key Features

  • Risk Management Information System: Consolidate system, risk and people data from multiple sources into a single source of truth. Streamline and automate regulatory, risk and incident management processes with custom workflows. Investigate the shifting risk landscape to discover unprecedented insights, hidden relationships and actionable information. 
  • Claims Administration: Integrate incident entry, claims data, people information and compliance status under the same platform. Automate intake processes, documentation management, data entry and validation. Manage indemnity-based benefit plans and return-to-work initiatives in accordance with Official Disability Guidelines. 
    • Electronic Report of Injury: Follow workers’ compensation guidelines in creating and filing the First Report of Injury (FROI) and Subsequent Report of Injury (SROI). Automatically populate entries with existing data. Submit electronic data interchange reports in accordance with standard IAIABC EDI requirements, including SIEDRS. 
    • Data Transformation Services: Clean, process, transform and validate data from multiple external sources used by carriers and TPAs. 
  • Internal Audit: Perform internal audits for operational, compliance, IT and financial processes. Automate task assignment, document management, data deduplication, status reports, data entry, productivity reports and more. Use the intuitive dashboard to create remediation measures and storyboard-driven reports. 
  • Third-Party Risk Assessment: Consolidate all third-party supplier information, including vendor agreements, policies, access credentials and contracts. A dedicated vendor portal tracks documentation, issues, questionnaires and responses. Create point-and-click reports and assign vendor risk scores and overall classification. 
    • Certificate Management: Access all certificates of insurance (COI) through a common portal. Automate compliance management, administration and review of COIs. Issue alerts for vendors with out-of-compliance certifications. 
  • Enterprise Risk Management: Get a 360-degree view of risk with integrated identification, remediation and monitoring. Use the dashboard to track risk assessments based on KPIs and KRIs. Correlate risks and run custom reports with drag-and-drop builders. Set up custom risk thresholds. 
    • Risk Register: Identify vulnerable business processes with a heat map of assessed risks. Categorize risks according to location, business unit or risk score. 
  • Healthcare: Securely manage safety and risk obligations, including enterprise risk, third-party suppliers, compliance, patient safety, provider quality and more. Eliminate information silos and share actionable, accurate and critical data across multiple departments. 
    • Patient Safety: Manage the entire range of patient experience from non-clinical rounding to long-term care. Track incidents throughout the patient lifecycle, capture incidents, send alerts, visualize satisfaction metrics and more. Connect clinical data to corporate and legal regulations. 
    • Provider Quality Management: Streamline the provider accreditation appraisal process for Ongoing Professional Practice Evaluation (OPPE) and Focused Professional Practice Evaluation (FPPE). 
    • Risk and Insurance: Automatically consolidate claims data and categorize entries based on department, specialty, event date, similarity and allegation. Track healthcare and payment history. 
  • Compliance: Manage corporate and legal policies, procedures and requirements. Implement control frameworks and automate assessments, remediation and testing. Link risks to associated assets, processes and patients. Comply with frameworks, regulations and industry guidelines including NIST CSF, HIPAA, COBIT, FDA, SOX, GLBA, ISO 27001 / 27002 / 31000, and more. 
    • Regulatory Change Management: Always keep an eye out for changes in federal and state regulations. Automatically notify key stakeholders and administrators about essential changes. 
    • Content Framework: Import content associated with tens of thousands of controls and regulations via the Unified Compliance Framework. 
    • Corporate Policy Management: Manage corporate policies, reviews, approvals and training with built-in workflows. Categorize based on policy metadata, key dates, domain, title, vendor and other important information. Identify policy violations through continuous surveillance. 
  • Health and Safety: Get a comprehensive view of safety processes, compliance requirements, hazard data and workplace incidents to spot trends and warning signs. Leverage easy-to-use screens, anonymous entry, web-based access and intuitive forms to streamline the incident reporting process. Automatically alert incident investigators and transfer data across channels with preloaded protocols. 
    • Claims Regulatory Compliance: Use existing safety data to track deadlines and reportable incidents in real time. Create timelines for critical reports. 
    • Audit: Continuously evaluate the status of existing incident reports and compare results against past audit scores. 
LogicGate Award
LogicGate
LogicGate
Analyst Rating
86
SelectHub’s Analyst Rating for LogicGate, is based on data from our 400+ point analysis of Risk Management Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
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Deployment
Cloud On-Premise
Platform
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Why We Picked LogicGate

LogicGate's Risk Cloud platform has attracted attention for its ability to streamline risk management processes. Users frequently highlight its user-friendly interface and intuitive design, making it accessible even for individuals without extensive risk management experience. The platform's flexibility allows it to adapt to various risk types, including operational, financial, and compliance risks, making it a versatile solution for diverse organizations. Additionally, LogicGate's automation capabilities, such as automated risk assessments and control evidence collection, save time and effort for risk management teams.

While LogicGate receives praise for its strengths, some users note areas for improvement. Some users mention that the platform's reporting features could be more robust, offering greater customization and data visualization options. Additionally, while LogicGate integrates with various third-party tools, expanding its integration ecosystem could further enhance its value proposition. Despite these considerations, LogicGate remains a strong contender in the risk management software market.

LogicGate distinguishes itself through its no-code approach, empowering users to build custom workflows and applications without requiring coding expertise. This feature democratizes risk management, enabling broader participation from various departments within an organization. Furthermore, LogicGate's graph database technology facilitates the identification of complex relationships between risks and controls, providing a holistic view of an organization's risk landscape. This comprehensive approach aids in informed decision-making and proactive risk mitigation.

LogicGate is well-suited for organizations seeking a user-friendly and comprehensive risk management solution. Its adaptability to different risk types and its automation capabilities make it valuable for businesses of all sizes. Organizations with limited IT resources or those looking to empower non-technical users in risk management processes will particularly benefit from LogicGate's no-code platform. However, organizations requiring highly customized reporting or extensive integrations with niche tools may need to consider additional solutions or customizations to fully meet their needs.

Pros & Cons

  • No-Code Platform: Users appreciate the platform's user-friendly, no-code approach, which allows those without coding experience to easily build and customize workflows, forms, and reports. This empowers business users to take ownership of risk management processes without relying on IT support.
  • Flexibility and Customization: LogicGate's flexibility allows users to tailor the platform to their specific needs. Users can create custom objects, fields, and relationships to model their unique risk and compliance requirements. This adaptability ensures the platform can evolve alongside changing business needs.
  • Integrations: LogicGate offers integrations with various third-party applications, such as GRC platforms, single sign-on providers, and data visualization tools. These integrations enable users to connect LogicGate with their existing technology stack, streamlining data flow and enhancing overall efficiency.
  • Scalability: The platform is designed to scale with organizations as they grow. Whether managing a small team or a large enterprise, LogicGate can accommodate increasing data volumes and user numbers without compromising performance.
  • Steep Learning Curve: The platform's interface can be challenging for new users due to its complexity and lack of intuitive design, leading to a longer onboarding process and potential frustration.
  • Customization Limitations: LogicGate may not offer the level of customization required by some organizations with unique risk management workflows or reporting needs, potentially hindering their ability to tailor the platform to their specific requirements.
  • Reporting Challenges: Generating reports can be cumbersome, and the available reporting features may not provide the flexibility and depth of analysis needed for comprehensive risk assessments and decision-making.

Key Features

  • Enterprise Risk Management: Continuously monitor critical processes for any sign of vulnerability. Perform customizable calculations to predict the potential impact of a disaster. 
    • Workstreams: Set up automation-driven workflows for document collections, notifications, deadline-triggered requests and transparent tracking. 
    • Assessments: Stakeholders can assess the risk register across multiple business domains. Use assessment data to prepare effective mitigation strategies. 
    • Questionnaires: Prepare dynamic questionnaires to process data from interview and survey inputs. 
    • Risk Alignment: Convert assessment data into task items with deadlines and notifications and assign them to individual risk owners. Track the status of ongoing remediation activities and send alerts to related stakeholders. 
    • Visual Data: Run custom analytics and reporting for a real-time heat map of critical risks across the program. 
  • COSO Framework: Integrate the Committee of Sponsoring Organizations (COSO) framework guidance on risk strategy and performance. Automatically calculate risk scores and perform risk assessments based on enterprise and operational risks, impact, likelihood, and vulnerability rubrics. 
    • Centralized Tracking: Eliminate information silos and track logged risks and remediation measures from a centrally accessible location. Run built-in reports with complete transparency. 
    • Analytics: Study the relationship between the organization’s operational and functional level goals and available risk scores. Notify risk owners of pending tasks and deadlines. 
  • Issues Management: Prioritize issue mitigation based on automatically calculated issue urgency scores and track progress with built-in reporting and dashboard. Send in-app and email notifications to keep risk owners informed. 
    • GRC Initiatives: Track and manage issues, remediation strategies and risk ownership via one central location. 
    • Visibility: Get granular details on logged issues and mitigation responses with out-of-the-box reporting and status reports. 
  • Regulations: Leverage a regulatory inventory index to define regulatory categories. Run compliance assessments to identify potential non-compliance risks and sanctions. Create plans to incorporate regulatory changes and assign task ownership to relevant personnel. 
    • Tracking: Use the corrective action plan (CAP) module to solve existing issues, track previous violations and minimize negative publicity. 
    • Regulation Partnership: Partner with Ascent to track compliance using AI. Get access to over 125 regulators, gain insights from new markets, products, industries and regions, and identify coverage gaps. Available regulators include SEC, FDIC, OCC, FINRA, CFTC, FinCEN and more. 
    • Obligations: Use AI to identify important obligations. Automatically update regulators and get granular data on all obligations, including laws and standards. 
  • IT Security: Protect IT assets and infosec risk processes with effective controls in compliance with industry standards. 
    • ISO 27005: Track risks in the framework with content designed for ISO/IEC 27005:2018(E)’s information security risk management process. Identify, assess and mitigate risks and record all vulnerabilities in a secure database. Calculate risk scores of assets with NIST 800-206 guidance following ISO 27005 recommendations. 
    • Real-Time Protection:  Continuously update residual risk reports, assessments and controls testing activities. Assign risk tolerance thresholds and automatically administer mitigation measures on crossing over. Eliminate ineffective controls and processes. 
    • Evaluation: Evaluate critical procedures for vulnerabilities. Use a flexible data model to record elements and identify threat actors and events. Follow up on evaluations with reports and remediation plans. 
    • Controls Register: Prepare a custom risk assessment methodology with personalized controls and rules. Apply appropriate control frameworks, including ISO 27002, NIST 800-53 and NIST CSF. 
    • Vulnerability Management: Prioritize mitigation of vulnerabilities with the most impact on critical business processes. Keep a record of essential assets, assessments, vulnerabilities and treatments with built-in workflows. Run reports to map the company’s vulnerability status and import records from Risk Cloud Tenable.io integration, third-party integrations or CSV files. 
  • Third-Party Risk Management: Access templates and applications to manage relationships from the same portal. 
    • ISO 27001: Map relationships with third-party vendors with pre-built questionnaires aligned with Annex A information security requirements framework. Record proprietary data, financial information, intellectual property and employee details according to ISO/IEC 2700 family of standards. 
    • SIG Lite: Optimize vendor relationships with a questionnaire created by Risk Cloud’s third-party risk management SIG Lite app. Quickly verify all incoming vendor information, automate daily tasks and collect vendor responses for maximum visibility. Get significant insights into third-party relationships with 329 questions covering 18 domains. 
    • Procurement and Contract Management: Monitor service level agreements (SLAs) and vendor contracts and schedule due diligence on all associations. Send automated notifications for key events and maintain a central database of vendor data, including billing information, contract details, SLAs and payment terms. 
    • Compromise Assessment: Measure the impact of third-party vulnerabilities to manage risks. Use automated workflows and templates to initiate impact assessments, link vulnerabilities and register information for complete visibility into vendor relationships. 
  • Audit Controls Management: Use comprehensive reports and automated workflows to track audits and control processes. Assess internal controls and policies against AICPA’s five Trust Services Criteria and obtain SOC 2 compliance. The platform is HITRUST approved and includes SOX compliant financial reports. Run CMMC compliant self-assessments. Audit management frameworks include PCI DSS, FedRAMP, HIPAA, FFIEC CAT, NIST 800-171 and more. 
    • Controls Management: Set up automated control assessments at custom intervals. Run real-time auto-generated reports and link controls to the Risk Cloud Controls repository. 
    • Audit Management: Regulate the internal audit process with audit-control testing, reporting and due date reminders. Create and execute a centralized Audit Universe and plan for the entire company. Maintain a central evidence database and prepare in advance for external audits. 
  • Compliance: Provides clearly defined regulatory categories and an inventory index. Automatically assign ownership, stay up-to-date on laws and perform risk assessments to identify potential non-compliance penalties. Implement and collaborate on corrective action plans. 
    • Employee Compliance: Maintain a centralized inventory of employee information and policy acknowledgments. Schedule automated reminders and due date alerts for policies. Automatically assign policy acknowledgments and certification requests and get status updates. Create customized workflows to keep up with training requirements and policy attestations. 
  • Policy Management: Leverage process automation to request, write, approve and update policies, eliminate duplicate policies, and set up reminders. Centralize the policy administration system to directly link policies and procedures and eliminate information silos. Create hierarchical maps connecting risks, regulations and business units. 
  • Incident Management: Build a single incident repository to respond faster and standardize the incident playbook. Automate processes with conditional workflow logic and custom rules handling, alerts and activity routing. Identify vulnerabilities, bottlenecks and compliance failures by auditing incident management procedures. 
  • Privacy: Stay compliant with consumer privacy laws, including GDPR and CCPA. 
  • Business Continuity: Carefully document and execute crisis response tasks in the event of a major crisis or disaster. Set up workflows to identify and safeguard crucial processes and physical, intellectual and financial assets. 
    • Disaster Response Resource Repository: Create a standardized repository of instructions and procedures for reference in an emergency. Store important company information such as asset locations, processes, passwords and business functions in a centrally accessible database. 
  • Security: Encrypt all end-user data both during transit and at rest using best-practice services. Provides fine-grained access controls and Single Sign-On (SSO) delivered via SAML 2.0. Protect the entire infrastructure with firewalls. 
  • Integration: Integrate with third-party apps via a secure RESTful API. Application Programming Interface requires OAUTH 2.0 authentication. 

COMPARE THE BEST Risk Management Software

Select up to 5 Products from the list below to compare

 
Product
Score
i
SelectHub’s Analyst Rating is based on data from our 400+ point analysis of Risk Management Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
Start Price
Free Trial
Company Size
Deployment
Platform
Logo
RSA Archer
95
$14,000
Annually
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
RSA Archer
MetricStream
94
$75,000
Annually, Quote-based
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
MetricStream
LogicManager
93
$10,000
Annually
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
LogicManager
Diligent
92
$5,000
Annually
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Diligent
ServiceNow GRC
92
$50,000
Annually, Quote-based
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
ServiceNow GRC
SAI360
90
Undisclosed
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
SAI360
Resolver
89
$10,000
Annually
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Resolver
OneTrust GRC
88
$30
Monthly
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
OneTrust GRC
Riskonnect
87
$283,000
Annually
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Riskonnect
LogicGate
86
Undisclosed
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
LogicGate

All Risk Management Software (120 found)

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Riskonnect

by Riskonnect Inc.
Riskonnect
Riskonnect is a cloud-based solution to manage enterprise risk, improve efficiency and boost performance. Its reporting and analytics modules integrate insurable and non-insurable risks to correlate their associations and prevent future occurrences. Users can automate routine processes, break down information silos, drive cross-platform collaboration and coordinate risk mitigation. Provides intuitive data visualizations to propel data-driven decisions and transformation.It compiles all data securely under one roof and provides detection, analysis and response modules against third-party risk, enterprise risk and health and safety risk. Users can monitor the administration of claims, handle legal and corporate compliance, and manage audits and healthcare from one interface.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$1,000 or more
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NICE Actimize

by Nice Actimize
NICE Actimize
NICE Actimize provides organizations with a single centralized view of enterprise risk to manage fraud, money laundering and compliance deviations. Users get real-time access to fraud prevention, anti-money laundering, and trade and market surveillance to boost operational efficiency. Its reporting and analysis modules correlate and consolidate the centralized data to provide customer lifecycle management. Its artificial intelligence generates actionable insights designed to streamline critical workflows, assign tasks, ensure oversight, lower compliance expenses and update regulatory guidelines.It uses AI and biometrics to screen parties and payments for global sanctions to secure international trade. Machine learning provides predictive models for understanding and detecting customer risk.
User Sentiment User satisfaction level icon: good
Cost Breakdown
$100 - $500
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PlexTrac

by PlexTrac
PlexTrac
PlexTrac is a popular software product that ranks 44 among all Risk Management Software according to our research analysts. Starting from $3500, PlexTrac is priced within reason, offers a free trial on occasion and is most applicable for companies large and small. PlexTrac can be deployed in the cloud. Similar alternatives to PlexTrac include KPA Risk Management Center, ARMATURE Fabric and Contentverse.
Cost Breakdown
$1,000 or more
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CENTRL

by CENTRL
CENTRL
CENTRL is a cloud-based software that allows businesses to manage risk and meet compliance needs. It helps identify potential threats, develop and implement effective risk management strategies, and monitor and report suspicious activities.It offers a wide range of features, including customizable risk assessments, incident management, compliance tracking, and policy and procedure management. Organizations can handle risk and compliance effectively, improve operational efficiency, and avoid costly incidents and penalties.
Cost Breakdown
$100 - $500
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Aclaimant

by Aclaimant
Aclaimant
Aclaimant is a well-known software platform that ranks 46 among all Risk Management Software according to our research analysts. Starting from $0, Aclaimant is priced free of charge to start and is most advisable for any sized company. Aclaimant can be deployed online and is accessible from a handful of platforms including Windows devices. Similar alternatives to Aclaimant include ThreatMark, HIPAAtrek and RiskRate.
Cost Breakdown
$10 or less
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Emailage

by Emailage
Emailage
LexisNexis Risk (formerly Emailage) provides organizations with a fraud prevention solution powered by email intelligence. Its risk detection modules perform consumer identity verifications and threat evaluations at multiple stages like account formation, account configuration and online transactions. It uses emails as a core risk identifier to evaluate metadata information like domain details, email details and other biometric data if available. Users can access the transaction history and behavioral patterns of email addresses to protect genuine customers and act against accounts with high email risk scores.It combines digital and traditional data with dynamic fraud signals and access to the vendor’s extensive network to reduce false positives and consumer risk. Provides predictive models through artificial intelligence and machine learning to prevent fraudulent online transactions and auto-approve genuine consumers. Its email risk score helps identify fraudsters while increasing top-line revenue and improving overall customer satisfaction.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$1,000 or more
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Crownpeak

by Crownpeak Technology
Crownpeak
Crownpeak is a popular platform that ranks 92 among all CMS Software according to our research analysts and 4 crowd-sourced reviews from 1 source. Crownpeak is most advisable for medium-to-large-sized enterprises. Crownpeak can be deployed in the cloud and is accessible from a handful of platforms including Windows and Linux devices. Similar alternatives to Crownpeak include Pulse CMS, OnSign and eWizard.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$100 - $500
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MetricStream

by MetricStream Inc.
MetricStream
MetricStream leverages a purpose-built platform to help organizations manage enterprise risk, cybersecurity, compliance and audits across various industries. Its AI generates deep domain expertise and actionable insights by analyzing embedded content and integrated data. Machine learning ensures its adaptability and scalability to future obligations. Its advanced reporting and analytics modules analyze business and market trends to generate practical, topical and real-time intelligence for agile business decisions and better stakeholder engagement.It centralizes all data under one environment in a federated data model to remove information silos and enable data correlation and visualization. Users can create new APIs or integrate third-party ones through its intuitive dashboard. Provides predictive models for more intelligent threat detection. It automates incident evidence collection, document generation and corporate hierarchy mapping for streamlined task ownership and accountability.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$1,000 or more
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LogicManager

by LogicManager, Inc
LogicManager
LogicManager is a fully integrated governance, risk and compliance (GRC) solution. Users can easily incorporate its taxonomy infrastructure into any department, ensuring scalability and adaptability. It stockpiles all data centrally under one secure repository to assess bank risks, location-specific risks, third-party risks, regulatory risks and gaps in control processes. Provides ready-made libraries to house risks, standards and regulatory documentation for intuitive tracking of compliance obligations, claims, internal audits and risk assessments. Compliant with ISO, NIST, COBIT, GDPR CCPA and more frameworks and regulations.Its intuitive dashboard and advanced analytics modules provide risk-intelligent reporting of vulnerability assessments with configurable data visualizations. Taxonomy technology links regulations, risk and controls across departments, uncovering correlational data and dependencies for higher operational efficiency. Users can automate task assignments, threat remediation plans, document generation, alerts, reminders and more.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$1,000 or more
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Enablon

by Enablon
Enablon
The Enablon platform helps organizations manage critical operational risk and compliance, security, engineering operations, environmental health safety, quality and sustainability. Users can track global and local regulatory requirements, internal policies and procedures, and manage any audits or claims with reporting and analytics. It standardizes enterprise risk detection and response methodologies with a consistent and automated assessment of KRIs and KPIs. Its interactive dashboard eliminates information silos and allows users to keep track of risks, audits and regulatory compliance under one roof. Provides secure centralization of all document workflow processes with internal controls to track changes, increase data visualizations and limit user access across various levels. Its multi-device interface allows users to manage threats and audits globally. Automated notifications keep organizations informed of upcoming regulatory, compliance and licensing issues. Compliant with the ISO 31000 Risk Management guidelines.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$1,000 or more
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TS Imagine

by Imagine Software
TS Imagine
TS Imagine is a popular software application that ranks 52 among all Risk Management Software according to our research analysts. Starting from $5000, TS Imagine is priced moderately and is most advisable for small-to-mid-sized businesses with less than 1000 employees. TS Imagine can be deployed in the cloud. Similar alternatives to TS Imagine include KPA Risk Management Center, ARMATURE Fabric and Contentverse.
Cost Breakdown
$1,000 or more
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Platform
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ServiceNow GRC

by ServiceNow
ServiceNow GRC
ServiceNow GRC integrates governance, risk and compliance management into a single end-to-end vulnerability resilience solution. It provides real-time insights into an organization’s compliance posture and risk exposure. The risk management module protects against potential disruptions to maintain business continuity. Monitor corporate policies, vendors and third-party assets for any sign of operational risks.The privacy management functionality prioritizes the security of the company’s people, processes and facilities. The different modules interact with each other to work out the best possible remediation strategies. It helps build a culture of resilience and stability for everyone involved.
Cost Breakdown
$1,000 or more
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ComplyWorks

by ComplyWorks
ComplyWorks
ComplyWorks offers a comprehensive software solution designed to streamline risk management and compliance tasks. This platform is particularly well-suited for industries with stringent regulatory requirements, such as construction, energy, and manufacturing, due to its robust capabilities in managing contractor compliance, safety protocols, and workforce qualifications. Users appreciate the software's intuitive interface, which simplifies the tracking of compliance documents and the monitoring of risk factors in real-time. One of the standout features is its ability to automate compliance workflows, reducing administrative burdens and minimizing human error. Additionally, the software provides detailed analytics and reporting tools, enabling organizations to make informed decisions based on accurate data. Pricing for ComplyWorks typically varies based on the number of users and the specific modules required, with options for monthly or annual payments, making it flexible for different budgetary needs. Compared to similar products, users often highlight ComplyWorks' user-friendly design and the efficiency it brings to compliance management. The platform's ability to integrate seamlessly with existing systems further enhances its appeal, ensuring a smooth transition and ongoing operation. Overall, ComplyWorks stands out for its reliability and effectiveness in mitigating risks and ensuring compliance.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$100 - $500
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OpenPages

by IBM
OpenPages
OpenPages is a sophisticated software solution designed to streamline Governance, Risk, and Compliance (GRC) management, as well as security compliance tasks. It is particularly well-suited for industries such as finance, healthcare, and manufacturing, where regulatory compliance and risk management are critical. The platform offers unique benefits like integrated risk management, real-time analytics, and customizable dashboards, which empower organizations to make informed decisions and maintain compliance with ease. Users appreciate its robust features, including automated workflows and comprehensive reporting capabilities, which enhance operational efficiency. Compared to similar products, OpenPages is often praised for its scalability and user-friendly interface, making it a preferred choice for large enterprises. Pricing details are not readily available, so it is advisable for potential users to contact SelectHub for a tailored quote based on their specific requirements. This ensures that organizations can align the software's capabilities with their budget and operational needs.
Cost Breakdown
$500 - $1,000
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TrustLayer

by TrustLayer
TrustLayer
TrustLayer is a sophisticated software solution designed to streamline and enhance risk management processes. It automates the verification of insurance, licenses, and compliance documents, making it particularly beneficial for businesses that manage numerous vendors, contractors, or partners. The platform is ideal for industries such as construction, real estate, and finance, where managing risk and compliance is critical. Key benefits of TrustLayer include reducing administrative burdens, minimizing human error, and ensuring continuous compliance. Popular features encompass automated certificate of insurance (COI) tracking, real-time verification, and seamless integration with existing systems. Users appreciate its intuitive interface and robust reporting capabilities, which provide actionable insights into risk exposure. Compared to similar products, TrustLayer stands out for its user-friendly design and comprehensive automation features, which significantly cut down on manual tasks. Pricing details are not readily available, so it is recommended to contact SelectHub for a tailored quote based on specific needs.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$1,000 or more
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Panorays

by Panorays
Panorays
Panorays is a unique software solution that ranks 57 among all Risk Management Software according to our research analysts and 2 crowd-sourced reviews from 1 source. Starting from $2500, Panorays is priced reasonably, offers a free trial on occasion and is most advisable for large companies of greater than 1001 employees. Panorays can be deployed online. Similar alternatives to Panorays include KPA Risk Management Center, ARMATURE Fabric and Contentverse.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$1,000 or more
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SAP GRC

by SAP, Inc.
SAP GRC
SAP governance, risk and compliance (GRC) provides organizations with a suite of integrated, automated and embedded solutions to manage enterprise risk. Its reporting and analytics modules combine with artificial intelligence to secure against identity theft, cyber threats, international trade oversight and compliance failure. It monitors data continuously in real time to enable faster, risk-aware decisions. It connects all data centrally under a single environment to simplify incident assessments, evidence documentation and risk remediation. Users can generate automated reports globally to streamline internal audits and compliance efforts. Provides predictive models and configurable rule sets to study large amounts of transactional data for fraud, irregularities or policy violations. It allows users to streamline international trade by automating document generation and order validation against border regulations. Its intuitive dashboard simplifies data visualization while allowing admins to control employee access across different levels. Users can automate task assignments, employee role management, periodic certifications and scan users and applications for vulnerabilities.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$500 - $1,000
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ePSM

by Innovative Refrigeration Systems
ePSM
EPSM is a noteworthy software system that ranks 59 among all Risk Management Software according to our research analysts and 12 crowd-sourced reviews from 1 source. EPSM can be deployed in the cloud. Similar alternatives to ePSM include KPA Risk Management Center, ARMATURE Fabric and SecurityGate.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$100 - $500
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TRUCE Software

by TRUCE Software
TRUCE Software
TRUCE Software is a unique software application that ranks 60 among all Risk Management Software according to our research analysts and 81 crowd-sourced reviews from 1 source. Starting from $0, TRUCE Software is priced initially at no cost, has offered a free trial in the past and is most suitable for businesses large and small. TRUCE Software can be deployed in the cloud. Similar alternatives to TRUCE Software include ThreatMark, HIPAAtrek and Merlin Project.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$10 or less
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Deployment
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BaseCap

by BaseCap Analytics
BaseCap
BaseCap is a unique software product that ranks 61 among all Risk Management Software according to our research analysts. Starting from $800, BaseCap is priced higher than average and is most applicable for companies on the smaller side. BaseCap can be deployed online and is accessible from a limited set of platforms including Windows and Linux devices. Similar alternatives to BaseCap include Scytale, Drata and Vanta.
Cost Breakdown
$500 - $1,000
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Buyer's Guide

Risk Management Software Is All About Securely Managing It, Security and Compliance With One Integrated Solution 

By Shauvik Roy, Technical Content Writer at SelectHub

Risk Management Software BG Intro

Risk management helps organizations detect and mitigate enterprise risks and get a 360-degree view of corporate security, system governance and compliance. It allows users to monitor a continuous feed of operational data, connected devices and user accounts to respond to vulnerabilities in real time. You can leverage built-in dashboards to index and quarantine compromised data. It helps run reports on detected breaches, identify risk trends, predict threat behavior and create data visualizations to streamline risk remediation strategies. 

This guide will give you a general overview of what to expect before beginning your software selection journey. Next, it will provide a rundown of key features and benefits, followed by a pricing guide and comparison strategy. To finish things, we’ll leave you with a few essential questions to consider while identifying which risk management software would be suitable for your needs.

Executive Summary

  • Risk management software streamlines the detection and remediation of operational risks and third-party vulnerabilities.
  • It helps maintain compliance with various state and federal regulations.
  • Automated risk mitigation workflows and powerful reporting capabilities eliminate the stress and paperwork associated with risk and compliance management, allowing organizations to focus more on their primary services.
What This Guide Covers:

What Is Risk Management Software?

Risk management software is an enterprise-grade solution that uses robust data analysis tools, artificial intelligence and guided workflows to track system vulnerabilities in real time. You can get complete visibility over your IT and cloud infrastructure, web applications and endpoint security. The platform indexes all security information to provide you with a single source of truth.

Maintain an up-to-date infrastructure inventory with continuous surveillance and file integrity monitoring. You can manage assets, set remediation priorities, check for vulnerabilities and quarantine compromised data. A real-time risk data feed allows you to prioritize critical threats and choose an appropriate remediation response.

Large organizations deal with multiple endpoint devices daily. Risk management software can help maintain a complete inventory of foreign devices and external vendors to check for vulnerabilities, misconfigurations and third-party risks. Enterprise risk management (ERM) software can check the company’s compliance posture and implement it across the system to avoid conflicts with IT policies, mandates and data protection laws.

In addition, risk management software lets you run security assessments and compliance reports for risk owners and shareholders. Carry out customized security audits to benchmark your security position and take remedial action if necessary. Most vendors allow you to build your application with an API-based architecture or integrate with various third-party applications.

In the last decade, many industries have switched to a paperless environment, embracing daily risks. According to Mordor Intelligence, the risk analytics market is estimated to reach an approximate value of $52.33 billion by 2026, with a CAGR of 14%.

Risk Management Software Statistics

However, with increased usage of risk management software, there’s a lot to unpack. What remains unaffected is the software’s ability to give you a comprehensive view of your risk and compliance position, regardless of what industry you’re in.

 

Primary Benefits

Now that we have a general idea of what the software does, it’s time to discuss some of the primary benefits that make it a worthwhile investment. Visit the list of products in our product directory to see industry-specific benefits provided by particular risk management solutions.

Risk Management Software Benefits

Timely Risk Remediation

Risk management software will be your vanguard against any potential threats and vulnerabilities. It acts as an early warning system, equipped with automated workflows and remediation measures to provide a hassle-free risk mitigation experience. You can run compliance audits and security reports based on your requirements and always have the necessary information at your disposal to make risk-aware decisions.

Always Have Someone Available During Emergencies

Establish clear-cut risk ownership throughout your organization. Your risk owners will be the first responders to any breaches, threats or workplace incidents. Built-in workflows, along with your company guidelines, should allow them to deal with vulnerabilities effectively.

Protect Core Functions

You can assign risk scores to all recorded threats, endpoint devices, user accounts and third-party vendors.

Configure your risk prioritization procedure to work in tandem with recorded risk scores. This way, the software will always prioritize your critical processes in case of risk incidents.

Get Real-time Updates on All Company Assets

Risk management software provides a real-time inventory of existing IT infrastructure, endpoint devices and web applications. You can track every item's security and compliance posture without breaking a sweat.

Increase Risk Awareness

Working in close proximity to risk automatically creates a risk-aware working environment. Along with regular training, risk consciousness makes it easier for employees to identify risk indicators and authorize the best course of action.

Key Features & Functionality

Risk Management Software Features

Risk Identification

Risk identification is step one in your risk management journey. Good platforms will do all the heavy lifting for you, thoroughly analyzing system vulnerabilities and third-party risks across all operational domains. As you encounter newer and more advanced threats, you can keep adding definitions to the risk dictionary for a more secure future.
Risk Assessment

This feature allows risk owners to track and analyze business processes in real time. Based on their evaluations, you can prepare a register of critical risk data. Assign risk scores to classify known vulnerabilities.
Risk Prioritization

The ability to single out critical threats can be crucial to agencies dealing with a large number of risks daily. You can assign risk ratings based on their potential impact on your business. You can secure all critical processes when combined with a repository of known risk controls, risk thresholds and remediation responses.
Reporting

Most risk management solutions come equipped with tried and tested reports on data governance, compliance and system vulnerabilities. Back up your decisions with actionable business intelligence insights and data visualization tools.
Threat Visibility

With a built-in dashboard, you get unrestricted access to the entire platform. You can track active risks in real time, evaluate risk data, configure workflows and get regular alerts.
Risk Auditing

Built-in auditing capabilities can provide risk owners with a competitive edge. Benchmark your organization’s performance, track audits, document issues and measure the efficiency of specific remediation strategies.

Implement a standardized risk reporting language with preconfigured templates and combine it with automated reporting and evidence gathering to nurture a risk-aware work environment.
Compliance

Compliance is one of the most sought-after features of risk management software. You can set up a compliance framework to detect and remedy failures automatically. Implement deficiency controls wherever applicable, and never worry about compliance another day in your life.
Risk Monitoring

You can set up independent workflows and monitor key performance indicators (KPIs) of critical business processes.

Software Comparison Strategy

With numerous risk management solutions available in the market, conducting a software comparison can become overwhelming. Therefore, we strongly recommend having a requirements list in hand to identify the perfect risk management software.

First, you have to consider what deployment mode is preferable to your organization — an on-premise or a cloud-based solution.

There are specific risk management platforms that specialize in certain industries. If possible, get recommendations from within the industry. Ask around to get a feel of what’s good and what exactly makes it tick.

Another vital consideration is data migration and integration support. Organizations switching from an existing platform might need help to move large amounts of data. Also, the ability to retain any previous integrations with third-party applications can be a significant selling point.

Finally, if your company needs to comply with specific regulations or access certain reporting standards like FERC regulations or GDPR control deficiencies, you’ll have to temper your shortlist accordingly.

We can’t point you to particular risk management software and guarantee it’ll be a good match. Keep your shortlist handy, and your requirements list close; before long, you’ll be able to find the perfect fit.

Cost & Pricing Considerations

Two significant factors that determine software pricing are your organization’s size and preferred deployment option.

On-premise deployments often involve additional charges, including installation, regular maintenance and upgrades. On the other hand, the pricing of cloud-based software depends on the total number of authorized users.

A few more factors can influence the cost of risk management software:

  • Add-on services, including data migration, onboarding and implementation.
  • Some vendors offer on-site product training services for a fee.

Questions To Ask

Risk Management Software Key Questions to Ask

Now that you have a basic idea about risk management software, we’ll recommend a few questions to ask yourself and software vendors to communicate your requirements clearly.

Here are a few internal questions to help define your expectations:

  • What risks are of immediate concern to our industry?
  • What’s our total budget?
  • Do we need global accessibility?
  • Which existing applications do we need to integrate with, if any?
  • What regulatory requirements do we need to comply with?

Use these questions to jump-start a conversation with vendors:

  • What kind of customer service does the vendor provide? What are the support timings?
  • Does the software have any industrial specializations?
  • Does the vendor offer data migration services? Does it incur additional charges?
  • What kind of compliance coverage can we expect from the software?
  • What’s the vendor’s security and encryption posture?

In Conclusion

In the 21st century, organizations have to deal with all sorts of risks and vulnerabilities on a daily basis. Selecting the right risk management software can save you from massive financial losses in the future. So, it’s okay to take some time to figure out your exact requirements and shape your expectations accordingly. We hope this guide will help you find the perfect match for your risk management needs.

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About The Contributors

The following expert team members are responsible for creating, reviewing, and fact checking the accuracy of this content.

Shauvik
By Shauvik Roy
Technical Content Writer
Shauvik Roy is a Market Analyst at Selecthub. He writes content for the insurance, risk management and legal domains. Hailing from the city of Kolkata, he has a Master's Degree in English from the University of Hyderabad. When he's not busy pitting one software against another, you will find him playing video games, reading sci-fi books or tinkering with his PC.
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Rohit Dutta
Technical Research By Rohit Dutta Mazumder
Senior Analyst
Hailing from the serene landscapes of Assam, India, Rohit is a seasoned professional with diverse expertise in several software categories. Armed with a Bachelor of Technology in Mechanical Engineering and an MBA in Operations Management, he brings a unique blend of technical acumen and strategic thinking to the table. His proficiency extends across dynamic fields such as Product Lifecycle Management, Hotel Management, Ecommerce, Accounting and Finance.
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Shashank
Technical Review By Shashank K K
Principal Analyst
After graduating with a Masters in Finance from Trinity College Dublin, K K Shashank's research and detail-oriented skills led them to SelectHub. He has diverse knowledge across various software categories like Accounting, Financial Planning and Analysis, Ecommerce, Risk Management, PLM, Insurance and more since 2020.
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Pooja
Edited By Pooja Verma
Content Editor
Pooja Verma is a Content Editor and Senior Market Analyst at SelectHub, who writes and edits content for endpoint security, legal, CRM, fundraising software, eCommerce, and mental health software. She earned a literature degree from Miranda House, DU and also holds Master’s in Journalism from Symbiosis Institute of Media and Communication in India. In her free time, you can spot her reading a book or binge-watching the latest web series and movies.
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