How to Evaluate a Risk Management Solution

23 May, 2023 | General


The right risk management software can offer businesses a variety of advantages. It will help businesses adhere with regulatory requirements, improve the security of their data and lower costs associated with incidents that are triggered by risk, improve decision making based on real-time information and more. Ultimately, the right risk management software will give your business an edge in the market by ensuring your company is ready for any challenges that come your way.

Many vendors offer a variety of risk management solutions that cater to various needs. For instance, some vendors provide enterprise risk management (ERM) solutions for larger organizations. ERM gives division managers strategies for managing risk and gives them an overall view of the risk management strategy of the organization. Other vendors offer more granular solutions for managing risk like third-party risk management (TPRM) and compliance management (CM).

When looking at risk management tools, it’s important to think about how they’ll integrate into the current technology stack. This will make it easier to avoid purchasing additional software, and also eliminate the possibility that there are security gaps or plugin compatibility problems. If your team already uses tools for productivity, such as Slack or JIRA, you should ensure that the software you’re evaluating integrates with them.

The appropriate software for managing risk should be able to monitor ongoing threats and those that resurface. For instance the risk reporting provided by CURA determines the probability of an incident occurring and allows users to keep track of their progress toward reducing the risks. It also provides a dashboard to track all risks assigned, resolved and unresolved with a graphic analysis of these threats. Look for a dashboard that is user-friendly as well as flexible and customizable reporting options, such as reports and heat maps, and dashboards.