Best Risk Management Software for 2021

Every organization needs visibility into the potential threats they face daily. Enterprise risk management software can provide risk monitoring, identification, analysis, assessment, and mitigation, all in one solution. 

While a number of solutions focus on the operational and financial risks posed to enterprises, this article focuses on software vendors specializing in cybersecurity risk management. Here are the top picks for risk management software vendors and solutions, followed by what every buyer needs to know and consider before purchasing.

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Top Risk Management Software Vendors

1 Reciprocity

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Reciprocity equips organizations with the fastest, easiest and most prescriptive risk and compliance solution in the market. Our ZenGRC platform powers a full catalog of compliance and risk applications. ZenGRC delivers intelligent customer experiences through increased transparency, actionable insights and benchmark reporting. Supported by our award-winning customer service and industry-leading GRC expert teams, we help businesses realize fast time to value while fostering in-house expertise.

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2 InsightVM

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Rapid7 InsightVM, our leading vulnerability risk management solution powered by the Insight cloud, gives you clarity into the risk across your ecosystem, extends security’s influence across the organization, and helps you see shared progress with other technical teams.

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3 LogicManager

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LogicManager is an enterprise risk management (ERM) software tool that uses taxonomy technology with nearly 100 different point solution packages to improve business performance. You can create unlimited, customizable dashboards, which makes this a powerful tool for small, medium, and large enterprises that need to monitor and resolve risk and maintain governance, risk, and compliance (GRC).

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4 Resolver

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Resolver is a cloud-based risk management tool designed to provide visibility into all incidents from a single dashboard. Incidents can be viewed in the dashboard by custom dimensions, such as the severity of the threat, the importance of resources affected, dollars lost, and more. Resolver allows users to create custom workflows and corresponding alerts. Different risks can be assigned to automatically notify specific personnel based on incident type, location, or several other parameters.

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5 StandardFusion

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StandardFusion risk management aims to simplify the complexities of governance, risk, and GRC using automation, all at an affordable price. It's highly versatile, scalable, and intuitive to make a good fit for organizations of any size, industry, and tech proficiency. StandardFusion is also popular for its easy-to-use interface, and a wealth of product training sessions and user guides to help teams quickly get started with the product.

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6 Netwrix

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Netwrix Auditor is a cloud-based risk visibility and governance platform. The tool uses security analytics to detect anomalous activity that deviates from a baseline of "normal" user behaviors and notifies parties when unusual behavior occurs. As its name suggests, Netwrix Auditor specializes in robust auditing capabilities. It can audit file servers, database servers, Windows servers, Active Directory servers, SharePoint servers, and virtual machine (VM) architectures.

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7 MasterControl Quality Excellence

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MasterControl Quality Excellence is a SaaS risk management solution that also aims to provide other significant benefits for optimizing business processes. It offers risk assessment, auditing, incident management, mitigation, and compliance management to ensure a solid security posture. MasterControl stands out in its ability to increase efficiencies by automating and securely managing business-critical tasks throughout an organization's entire product lifecycle.

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8 Qualys

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Qualys is a vulnerability management tool built to identify threats and vulnerabilities. This tool continuously scans your network to identify threats as they arise and offers patches and quarantine capabilities to stop them dead in their tracks so teams can work quickly towards mitigation. When alerted to threats or vulnerabilities, all information can be easily accessed from a single dashboard with critical remediation steps.

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9 CURA

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CURA is a web-based software that manages enterprise risks, project risks, incidents, business continuity, compliance, and information security. CURA is a suite of risk management software tools tailored to specific industries based on their business needs, including finance, healthcare, insurance, telecommunications, and more. CURA offers visibility into each team member's performance and activities related to risk mediation and potential weaknesses.

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10 SAS

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SAS is an innovative software solution designed to adapt and manage the unique risks that threaten companies of all sizes and industries. One of this tool's biggest perks is how intuitive its dashboard is. Users can easily view threat and vulnerability logs, real-time performance metrics, and reporting with just a few clicks. While modern organizations move tools to the cloud, SAS can be hosted in the cloud or on-premises dedicated servers, regardless of an organization's existing system.

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11 MetricStream

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The MetricStream Risk Management Solution was built to streamline operational risk management. With the M7 intelligence platform, this risk management solution empowers collaboration between members of all levels to make more informed business decisions. By analyzing threats in extreme detail, comparing them against what business resources are most vulnerable and valuable, teams can remediate issues that would have the most significant impact.

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12 LogicGate

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LogicGate is a cloud-based SaaS solution that uses automation to help teams manage risk and maintain compliance. It offers a library of customizable process apps to automate GRC processes, all within a no-code environment and uses a graph database that can evolve with businesses over time to continuously offer the best risk and compliance management for their unique needs. The combination of powerful automation and out-of-the-box functionalities makes LogicGate a robust tool.

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What is Risk Management?

Risk management is the process of identifying threats, monitoring their exploitability status, conducting internal audits, and managing risks to mitigate harm to a company or organization. 

Before the IT revolution, brick-and-mortar stores and enterprise offices protected physical assets from threat actors using security guards, alarms, and CCTV. Behind closed doors, a lock safeguarded cash, patents, and more.

Today sensitive user data and proprietary technologies are accessible to hackers without physical access, meaning RM needs to evolve to meet advancing threats of IT environments. With the broad workforce adoption of IT tools, risk assessment and mitigation are more crucial than ever.

Read more: Top Governance, Risk, and Compliance (GRC) Tools & Software for 2021

An infographic showing the five stages of the risk management cycle: Identify, Measure, Examine, Implement, Monitor

What is Enterprise Risk Management?

Enterprise risk management (ERM) is the methodology for managing risk for organizations with thousands of employees, global networks, and an increasingly complex IT environment. While traditional risk management frameworks empower division managers with risk strategy, ERM is the macro-view and RM process for an organization’s collective risk posture.

Organizations scaling would be wise to hire a chief risk officer (CRO) and accompanying staff to establish an ERM strategy. As a centralized risk owner, a CRO has the cross-environment visibility and influence to preserve business continuity. To meet this demand, vendors also offer ERM software for larger organizations that require a robust and granular risk management process.

Also read: IoT Devices a Huge Risk to Enterprises

Considerations for Risk Management Software

  • What risks does this software seek to address, and how?
  • Does the solution integrate with existing infrastructure and systems?
  • How long does implementation take, and in what form (installed or hosted)?
  • What access to support and resources do clients have?
  • How does this risk management software compare to alternatives?
  • Is the vendor addressing current RM challenges?

Types of IT Risk Management

Information security’s objectives – confidentiality, integrity, and availability – offer an idea of the types of threats that endanger IT environments. 

Organizations must keep some extent of client or proprietary data confidential, ensure that data is reliable and available to respective users like staff and clients. Most IT risk falls under one of these objectives, if not some overlap considering the increasingly interconnected and complex nature of managing risk across the enterprise.

Examples of Common Risks

IT Threat TypeRelates to…Examples
PhysicalAccess to physical systemsNatural disaster, fire, shoulder surfing
TechnicalSystem failureSoftware bug, crash, loss of data
DigitalSystem compromisePhishing, malware, ransomware
Human ErrorStaff of user accessAccidental misconfiguration
3rd PartyExternal partiesSuppliers, partners, and stakeholders

Enterprises Today Rely on IT Risk Management

Though the above IT threats directly impact today’s digital infrastructure, failing to manage these risks can have extensive consequences for companies and organizations.

For organizations working with personally identifiable information (PII), obligated to regulatory compliance, a breach can compromise protected user or patient information. On top of remediating the incident, the breach could mean legal liability, financial issues, and uncertainty. Excessive downtime has no legal ramifications, but staff, users, and clients relying on high availability quickly move on if the service isn’t functioning correctly.

To avoid these threats to business continuity, IT risk management planning and tools are necessary for today’s enterprise organizations.

Also read: Top Vulnerability Management Tools for 2021

Benefits of Risk Management Software

Maintaining an efficient security infrastructure requires the ability to act fast to stop attackers in their tracks. The benefit of risk management software includes quickly identifying threats, assessing how dangerous they are, and improving risk mitigation efforts.

The ability to prioritize what risks take priority first ensures the proper allocation of resources. Organizations, in turn, can avoid the financial and operational risks presented by breaches or downtime altogether. With the rapid pace of IT adoption and the economy’s reliance on its continued functionality, managing these risks becomes more costly by the day, considering legal and compliance consequences.

Risk Management Software Features

  • Risk Identification: Scans networks and identifies risks and vulnerabilities as they arise
  • Alert System: Identifies and alerts specific team members of potential threats
  • Risk Assessment: Analysis of risks and vulnerabilities to determine how severe the threat is and what resources it would affect
  • Risk Prioritization: Prioritize what risks will cause the most damage and alert operators to the appropriate task
  • Centralized Dashboard: All logs of threats and vulnerabilities visible in a single dashboard with automatic patching and mitigation capabilities
  • Reporting and Audits: Generate reports on risks and save historical data on past incidents to help inform future responses
  • Regulatory Compliance: Risk management software should help maintain GRC and internal standards

Read more: Cloud Bucket Vulnerability Management in 2021

How to Choose a Risk Management Solution

Organization Needs

First, you should identify your essential requirements. Some risk management software targets specific types of risk. For example, some tools specialize in project risk management, whereas others specialize in financial risk management. Several top risk management software products offer specific protection for compliance-related risks like GDPR, GLBA, and HIPAA.

Similarly, an SMB organization serving a specific region won’t require the exact extent of enterprise-level features that a global network of offices needs.

Integration with Existing Systems

The next factor to consider is how a solution will fit with your current technology stack. You should ensure that the products you are considering can integrate with other security solutions you already have in place, including:

Choosing a program that doesn’t integrate with your current security architecture could lead to gaps in security or expensive overhauls of tools to match the risk management solution.

Budget and Contract

Finally, identify your budget and contract requirements. Advanced RM tools, such as those that use artificial intelligence (AI) or those built for enormous organizations, are often substantially more expensive than other options. If you don’t require these more advanced features, make sure you’re not paying more than what you need.

Also read: Best Patch Management Software for 2021

The Future of Risk Management

As with most software, the future of risk management tools will include further advancements and machine learning and AI adoption. These new technologies help RM software better identify and prevent gaps in cybersecurity, identify signatures of known attacks, and predict more advanced threats through anomaly detection. As potential threats become more advanced, security solutions are sure to follow suit to manage tomorrow’s risks.

Sam Ingalls
Sam Ingalls is a content writer and researcher covering enterprise technology, IT trends, and network security for eSecurityPlanet.com, Webopedia.com, ChannelInsider.com, and ServerWatch.com.

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