How to Evaluate a Risk Management Solution


The appropriate risk management software will provide businesses with a range of advantages. It will help businesses adhere with regulatory requirements, improve the security of their data and reduce the cost of incidents involving risk, enhance decisions based on current intelligence, and much more. In the end, the best risk management tool can give your business an edge over its competitors by ensuring your company is ready to take on any challenges that come your way.

Many vendors offer a variety of risk management options that cater to different needs. For instance, some vendors provide enterprise risk management (ERM) solutions for larger organizations. ERM provides division managers with the strategy to manage risk and provides them with a cross-environment view of the organization’s risk posture. 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 look at how they’ll work with the current technology stack. This will make it easier to avoid purchasing additional software, and reduce the chance that there’s security gaps or plugin compatibility problems. If your team already uses productivity tools such as Slack or JIRA You should make sure that the software you’re evaluating integrates with them.

The right risk management software should be able to track risks that are in the process of being addressed and those that come back. For instance the risk reporting provided by CURA determines the probability of an incident happening and allows users to keep track of their progress in reducing the risks. It also offers a dashboard that tracks all risks assigned, resolved or not solved, along with a graphic analysis of these risks. Other important features to look for are an intuitive interface, customizable and flexible reporting tools such heat maps, reports, and dashboards, and the ability to export them into popular file formats.

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