Every organization needs visibility into the potential threats they face on a daily basis. Risk management software can provide risk monitoring, identification, analysis, assessment and mitigation, all in one solution.
Top Risk Management Software Vendors
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).
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.
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.
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.
5 MasterControl Quality Excellence
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.
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.
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.
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.
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.
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.
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 is it helps to quickly identify threats, assess how dangerous they are and improve mitigation efforts. The ability to prioritize what risks should be handled first ensures that resources are allocated properly.
Key features of risk management tools
Here are some of the key features you should look for in a risk management solution:
- Risk identification: This feature scans networks and identifies risks and vulnerabilities as they arise.
- Alert system: These tools should be able to send alerts to specific team members when potential threats are identified.
- Risk assessment: Risks and vulnerabilities are then analyzed to determine how serious the threat is and what resources it would affect.
- Risk prioritization: Based on the assessment, risk management tools can then prioritize what risks will cause the most damage to a specific organization. Teams can take action to remediate the most serious issues first.
- Centralized dashboard: All logs of threats and vulnerabilities can be seen from a single dashboard. Most risk management solutions also have features on their dashboards for automatic patching and mitigation capabilities.
- Reporting and audits: These tools can generate reports on risks and save historical data on past incidents to help inform future response and mitigation methods.
- Regulatory compliance: Risk management software should help maintain GRC and internal standards.
How to choose a risk management solution
There are three main factors to consider when choosing a risk management solution. First, you should identify your key requirements. Some risk management software is tailored towards specific types of risk. For example, some tools specialize in project risk management, whereas others specialize in financial risk management.
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. Choosing a program that doesn’t integrate well with your current security architecture could lead to gaps in security or expensive overhauls of tools to match the risk management solution.
Finally, identify your budget. More advanced risk management solutions, such as those that use artificial intelligence (AI) or those built for extremely large 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.
The future of risk management
As with most software, the future of risk management tools will include further advancements and the adoption of machine learning and artificial intelligence. These new technologies help risk management software better identify and prevent attacks thanks to previously identified signatures of known attacks as well as the ability to predict new more advanced threats through anomaly detection. As potential threats become more advanced, security solutions are sure to follow suit.