By Aparna Mishra | 3/2/2016 | Business Management

Risk Management Software

Used frequently by financial sector firms, risk management software is also now used increasingly by other sectors to help mitigate risks. The software is also linked with compliance management software and assists firms to lower risks and security implications that they face. It also provides assistance to businesses in managing their IT risks by alerting them of security breaches. There is also an increase in regulatory mandates especially for financial sectors which makes it mandatory for them to have risk management software in place.

Traditionally the focus of risk management software has been on financial risks including credit risks, interest rate risks or dealing with financial uncertainties of the markets. However, the software now not only focuses on financial risks but also covers legal liabilities, project failures, natural disasters, accidents and sabotage from competitors.

Businesses have to take into consideration the cost involved in implementing the software however taking care of risk factors would outweigh the cost factor. Moreover, there are options available in the market and companies can choose any risk management software that provides them with best solutions for their needs. Companies will need technology integration for implementing the software and also take into consideration the attitudes of different departments to risks before choosing a software.  

Risk management software solutions are available based on industry type or by line of business.  You need the software for your human resources department or your marketing department; you could be in healthcare industry or retail industry, the risk management software provides you with features that will help you in assessing your risks and managing it as well. The software also offers you various mobile apps such as enterprise risk management, operational risk management, IT risk management and many more.

These apps ensures that you are able to access the software even while you are on the move.  The apps offers features that are mobile friendly in design so that working on it is easy for you.  For example, the enterprise risk management app offers you a 360 degree real time view of the enterprise risks that are associated with your organization’s strategic plans. While the operational risk management app helps in collecting and transforming operational risk data by cutting out organizational silos. This data is then transformed into critical risk intelligence which helps in the decision making process.  

While features of risk management software solutions are going to vary based on the industry type or line of business type there are some features which could be broadly put into same categories. Irrespective of the features that it provides, each risk management software provider guarantees the safety feature its software provides. Since we are talking about assessing and managing risks it is imperative that security is of top rate quality.  

The executives in your organization can receive automated alerts and from a simplified dashboard they get a clearer picture of business objectives like earnings and the volatility of cash flows. Prioritize risk mitigation activities at project, program or division level by keeping advanced risk scores and analysis that are displayed in risk heat-maps.  

For risk management professionals they can achieve process consistency through centralized codes and classifications offered by risk management software. To ensure that current risk management processes are working and effective, you can control templates and testing.  Risk management software offers both qualitative and quantitative risk assessments that helps to capture object risks as well as instinctive risks.

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