How to Evaluate a Risk Management Solution
Description
The appropriate risk management software will give businesses a number of advantages. It can help businesses comply with regulations, enhance security and security of data as well as reduce costs resulting from risk-related incidents, improve decision-making based on real-time intelligence and more. The right risk management solution will give your company an edge over its competitors by ensuring that it is prepared to meet any challenges.
Many vendors offer a range of risk management solutions that meet the different requirements. For example, some vendors provide enterprise risk management (ERM) solutions for larger companies. ERM gives division managers the strategy to manage risk and gives them an overview of the risk management strategy of the organization. Other vendors provide more precise solutions for risk management such as third-party risk management (TPRM), and compliance management (CM).
When evaluating risk management tools, it’s crucial to look at how they can integrate with the current technology stack. This will help you avoid purchasing additional software, and eliminate the possibility that there are security gaps or compatibility issues with plugins. For instance, if your team is already using productivity tools like Slack and JIRA ensure that the new software you are looking at integrates with them.
The best software for managing risk should be able track ongoing threats and those that come back. For instance the risk reporting CURA provides determines the likelihood of an incident occurring and allows users to monitor their progress towards reducing these risks. It also offers an overview of the all risks assigned, solved, and unresolved, along with a graphic analysis of these risks. Other important features to look for include an easy-to-use interface, customizable and flexible reporting tools such heat maps, reports, and dashboards, and the capability to export these into popular file formats.
