How to Evaluate a Risk Management Solution


The best risk management software could give businesses a number of benefits. It will ensure compliance with regulatory requirements; enhance security and protection of data; reduce costs incurred due to risk-related incidents; improve decision-making capabilities based on real-time information; and much more. The right risk management solution can give your business an edge over competitors by ensuring that it’s prepared to meet any challenges.

Many vendors offer various risk management solutions that are suited to a variety of needs. Some vendors, for example, provide enterprise risk management solutions (ERM) for larger companies. ERM gives division managers strategies for managing risk and gives them a cross-environment view of the risk profile of the company. Other vendors offer more granular risk management solutions such as third-party risk management (TPRM) and compliance management (CM).

When evaluating risk-management tools, it is essential to consider how they can be incorporated into the current technology stack. This can help you avoid having to purchase new software and avoid the possibility of security holes or plugin compatibility issues. For instance If your team is already using productivity tools such as Slack and JIRA ensure that the new tool you’re considering is compatible with these tools.

The ideal risk management system will be able of tracking ongoing and re-surfacing threats. CURA, for example, utilizes risk reporting to assess the likelihood of an event occurring and allow users to monitor the progress of reducing risks. It also provides a dashboard to track all risks assigned, resolved and not resolved, along with a graphical analysis of these risks. Find a user-friendly dashboard as well as flexible and customizable reporting features like reports and heat maps and dashboards.