How to Evaluate a Risk Management Solution


The best risk management software can provide companies with a variety of advantages. It will help you comply with regulations; enhance security and protection of data and decrease the cost incurred due to incidents involving risk; enhance the ability to make decisions based on real-time information; and many more. In the end, the best risk management solution can give your company an edge in the market by ensuring your company is ready to face any challenge that comes your way.

Many vendors offer a variety of risk management solutions that cater to different needs. For example, some vendors offer enterprise risk management (ERM) solutions for larger businesses. ERM gives division managers the strategy to manage risks and provides them with an overview of the risk position of the organization. Other vendors provide more precise risk management solutions such as third-party risk management (TPRM) and compliance management (CM).

While evaluating risk management tools, it’s important to think about how they’ll work with the current technology stack. This will save you from buying additional software and also eliminate the possibility that there’s security gaps or compatibility issues with plugins. If your team already uses productivity tools such as Slack or JIRA It is important to ensure that the software you’re evaluating integrates with them.

The best risk management solution should be able to track risks that are constantly surfacing. CURA for instance, uses risk reporting to determine the likelihood of an event happening and allow users to track the progress made in reducing those risks. It also has a dashboard to track all risks assigned, solved, and unresolved, along with a graphic analysis of these threats. Other important features to look for include a user-friendly interface, customizable and flexible reporting tools such heat maps, reports, and dashboards, as well as the ability to export them into popular file formats.