How to Evaluate a Risk Management Solution
The best risk management software can give businesses a number of benefits. It will ensure compliance with regulatory requirements; improve data protection and security and decrease the cost incurred due to risk-related incidents; improve decision-making capabilities based on real-time intelligence; and more. The right risk management tool can give your company a competitive advantage by ensuring your company is prepared to meet any challenges that come your way.
Many vendors offer a range of risk management solutions that satisfy the various needs. Some vendors, for instance offer enterprise risk management services (ERM) for larger businesses. ERM gives division managers the ability to implement the ability to develop a risk-management strategy and provides cross-environment visibility of the organization’s collective risk posture. Other vendors offer more detailed risk management solutions such as third-party risk management (TPRM) and compliance management (CM).
When looking at risk management tools, it is crucial to consider how they can be integrated into the existing technology stack. This can prevent you from having to purchase new software and avoid the possibility of security gaps or compatibility issues for plugins. For instance If your team is already using productivity tools like Slack and JIRA, make sure the new software you are considering is compatible with these tools.
The appropriate risk management software should be able to monitor current threats https://dreamboardroom.com/how-to-strategically-build-a-board-of-directors/ as well as those that come back. For instance the risk reporting provided by CURA determines the likelihood of an incident happening and allows users to keep track of their progress in reducing these risks. It also has a dashboard to track all risks assigned, resolved and unresolved as well as an interactive analysis of these risks. Other features worth looking for are an easy-to-use interface, customizable and flexible reporting tools like reports, heat maps, and dashboards, as well as the ability to export these into popular file formats.