Best Risk Management Tools For 2022 – Features & Benefits

According to a PMI report, 86% of businesses utilize some type of risk management.

Knowing what risks are likely to arise and where they are likely to occur can be time demanding for project managers who already have a lot on their plates. It’s also crucial to remember that as the number of projects and the scope of the business grows, so does the nature of the risks. When this occurs, a single static risk management solution causes more harm than good.

According to McKinsey, 70% of senior executives are aiming to implement digital risk management. To put it another way, risk management tools software is becoming increasingly important in maintaining a company’s resilience.

As a result, there are many risk management tools software businesses out there that promise complex solutions to manage critical risks, but with so many options, determining which is the best fit for your needs can be difficult.

Using business planning software is essential for moving your company in the proper path and knowing what actions to take on a daily basis; however, your plans must include the right level of risk management.

Top 2 Recommendations NTask & TimeCamp

What is Risk Management?

The process of discovering, assessing, and controlling threats to an organization’s capital and profitability is known as risk management. Financial uncertainties, legal liabilities, technology challenges, strategic management failures, accidents, and natural disasters are all potential causes of risk.

A comprehensive risk management program allows a company to analyse all of the hazards that it confronts. Risk management tools also looks at the link between risks and the potential for them to have a cascade effect on an organization’s strategic goals.

We’ll discuss the finest risk management software on the market right now based on features, customer satisfaction data, pricing points, and more in this post.

nTask

nTask is a task management system for small enterprises and individuals that is hosted in the cloud. It gives users tools for team communication, task management, and meeting scheduling, among other things.

Users can assign tasks, create progress reports, create repeating tasks, share files, attach files to tasks, and create checklists with nTask. Users can use Gantt Charts to keep track of project schedules. Users may also plan and track budgets for various projects, allocate resources, define risks and issues, and track team members’ time spent on various activities using the service.

nTask is a cloud-based task management system designed for small businesses and individuals. It includes, among other things, tools for team communication, work management, and meeting scheduling.

nTask allows users to assign tasks, make progress reports, repeat tasks, share files, attach files to tasks, and build checklists. Gantt Charts can be used to keep track of project schedules. Users can also use the service to plan and track project budgets, allocate resources, define risks and issues, and measure team members’ time spent on various activities.

Features

  • Users can manage everything in one tool, from files and collaboration to meetings, tasks, Kanban boards, checklists, risk and issue tracking, and reporting.
  • Users may easily collaborate to create, organize, manage, assign, and share tasks.
  • Users can use meeting management software to issue meeting invitations, set agendas, record and share minutes, track meetings, and more.
  • Users can swiftly and easily track, evaluate, and approve timesheets.
  • Early identification, listing, analysis, and forecasting technology aid risk management.

Pricing

Everyone can use nTask because it is a free service. The premium plan is $2.99 per month. You can begin your Trial without providing any credit card information.

  • $2.99 per month as a starting point
  • There is a free trial available.
  • Available in a free version.

TimeChamp

TIME CHAMP’S FEATURE-RICH AUTOMATIC TIME TRACKING AND PRODUCTIVITY MEASUREMENT SOFTWARE ASSISTS COMPANIES IN UNLOCKING THEIR PRODUCTIVITY POTENTIAL.

With feature-rich automatic time monitoring and productivity evaluation software, Time Champ helps businesses uncover their productivity potential.

It can help you increase productivity by 20% to 30% and promote staff morale like never before. Time Champ is more than simply a time tracker; with its extensive feature set, it can assist you in optimizing many aspects of your business and serve as a crucial differentiation from your competitors.

Time Champ helps you determine where your employees are spending their time during the working day, whether they are working remotely or in the office, so you can ensure their time is being spent productively. Time champ also provides a complete dashboard that allows businesses to measure team productivity in real time.

In a single screen, you can see how many team members are working, how many are absent or late, and who is the most, or least, productive. This data can then be used to boost performance and productivity.

Time champ also provides a complete dashboard that allows businesses to measure team productivity in real time. In a single screen, you can see how many team members are working, how many are absent or late, and who is the most, or least, productive.

This data can then be used to boost performance and productivity. Time Champ gathers a variety of measurements and KPIs and displays them in visually appealing analytical charts and reports. Time Champ makes it much easier to analyse and identify rapid answers to problems by allowing you to drill down into trouble areas.

Features :

  • Project Management
  • Task Management
  • Time Tracking
  • Real Time Monitoring
  • Real Time Reporting
  • Activity Tracking
  • Third Party Integration
  • Screen Activity Recording
  • Time Tracking by Project
  • User Activity Monitoring
  • Employee Productivity Analysis
  • Live View & History Playback
  • Website Monitoring
  • Remote Desktop Control
  • Screen Capture
  • Web Activity
  • Activity Monitoring
  • Time Scheduling
  • Remote Cloud Access
  • Website Search
  • Time Management
  • Remote Control
  • Time & Attendance
  • Browsing History
  • Keystroke Recording
  • Remote Access Management

Pricing :

Try for free, or $1/Month

Integrum Systems

Integrum is a fully integrated QHSE Risk and Compliance platform that can be used in the cloud or on-premise. To manage incidents, conduct audits and inspections, raise investigations, implement corrective actions, perform risk assessments, manage controlled documents, conduct training and eLearning, manage suppliers and contractors, and create easy-to-understand dashboards and actionable business intelligence, it is used by organisations of all sizes, across diverse sectors of commerce and government.

Integrum is a flexible, easy-to-use software that can be modified to match the needs of any organisation or structure. It is used by over 1,000,000 people in over 200 countries. Integrum is perfect for any sort of workforce, with full online/offline capacity and the IntegrumNow mobile app.

Integrum’s configurability is driven by the Integrum SmartForm, which allows users to design customizable forms and user interfaces with workflows, user rights, automation, and business information using easy drag and drop functions, even if they have no prior IT or programming knowledge.

Integrum’s configuration also allows for full White-Label capabilities. Brand the Integrum platform as your own and provide the whole suite to your clients or membership associations as a value-added service. There are several revenue sharing methods available.

Integrum’s global implementation teams offer quick deployment, comprehensive training, and smooth connection with third-party systems.

Features :

  • Managing events, situations, and actions
  • Carrying out investigations (ICAM, 5 Why, PEEPO, and RCA) – Carrying out risk assessments
  • Controlled document management
  • Planning and carrying out audits and inspections
  • Keeping track of compliance
  • Managing Change
  • Emergency Preparedness
  • Worker’s Compensation and Injury Management
  • Continuity of Operations
  • Managing Vendors and Contractors
  • Assisting with employee training, inductions, and competency evaluations.
  • An electronic learning system
  • Asset management
  • Human resource management functions
  • Workflows and SMARTForms
  • Offline mobile apps

Pricing :

Request a free demo to receive a pricing quote.

  • Starting from: $750.00/month
  • Pricing model: Free, Subscription
  • Free Trial: Available

Qualys

Qualys, Inc. (NASDAQ: QLYS) is a pioneer and leading provider of cloud-based security and compliance solutions, with over 19,000 active clients in over 130 countries, including the majority of the Forbes Global 100 and Fortune 100 companies.

For more agility, better business outcomes, and significant cost savings, Qualys helps enterprises streamline and consolidate existing security and compliance solutions into a single platform and integrate security into digital transformation activities.

The Qualys Cloud Platform and Cloud Apps continuously deliver critical security intelligence to businesses, allowing them to automate the full spectrum of auditing, compliance, and protection for IT systems and web applications across on-premises, endpoints, cloud, containers, and mobile environments.

Qualys, which was founded in 1999 as one of the first SaaS security companies, has strategic partnerships with Amazon Web Services, Microsoft Azure, and the Google Cloud Platform, as well as managed service providers and consulting firms such as Accenture, BT, Cognizant Technology Solutions, Deutsche Telekom, DXC Technology, Fujitsu, HCL Technologies, IBM, Infosys, NTT, Optiv, SecureWorks, Tata Communications, Verizon, and Wipro. The Cloud Security Alliance is a founding member of the company.

Features:

  • Vulnerability and catastrophic misconfiguration detection, so you don’t be caught off guard.
  • Continuously and automatically scan your hybrid environment for vulnerabilities and major infrastructure flaws.
  • Real-time alerts for zero-day attacks, stolen assets, and network irregularities.
  • Focus on what’s most important in your organisation with the most up-to-date threat intelligence, enhanced correlation, and powerful machine learning.

Pricing:

Despite the lack of pricing information on their website, you can sample this service for free for 30 days. You can also use it indefinitely to see if it’s a good fit for your requirements.

CURA Software

CURA develops software that enables businesses all over the world to swiftly realise the financial benefits of governance, corporate risk management, and compliance (GRC). This is accomplished with CURA’s quick implementation, simple configuration, and genuine corporate architecture.

Over 250 customers, including Thiess, Anglo American, Westfield, Allianz, V/Line, De Beers, GlaxoSmithKline, Standard Bank, Virgin Blue Vodafone, Alexander Forbes, as well as governments and consulting organisations around the world, use CURA, which was founded in 2002. CURA has distributors in ten countries and offices in Boston, Johannesburg, Sydney, Melbourne, Hyderabad, and Singapore.

It provides project risk management, enterprise risk management, operational risk management, and incident risk management solutions to a variety of industries, including banks, hospitals, insurance businesses, utility corporations, and telecommunications.

CURA is used to control risks by organisations all around the world. Kellogg’s, a leading cereal manufacturer in the globe, employs CURA’s automation solution to manage their SOX Section 404 compliance.

Features :

Users can detect risks and regulatory requirements at any stage of the project, from the beginning to the finish, with the help of Governance Risk Compliance. Project risk management tool at CURA is particularly adaptable. To ensure vulnerability assessment is a big part of your decision-making process, you can attach risks to projects. Once the risks have been identified, you should update internal teams as well as external sources such as stakeholders and clients on the risk management process.

Risk Monitoring – Project managers can review and monitor each member’s performance and activity linked to risk remediation using the Goals & Objectives features.

Risk Reporting – Companies using CURA benefit from the highly configurable risk reporting capability, which is aided by flexible dashboards. Users can create reports in a variety of formats, including lists, tables, and even interactive graphs. All reports can be exported to a third party via email, Word Doc, Excel Spreadsheets, and PDF once they’ve been prepared.

Pricing :

Starting From:The vendor does not give this information. Why isn’t there a price for this product?

The cost of a product might vary significantly depending on the features necessary, the level of support or training required, and the level of customization requested. Before being ruled out for pricing, some providers want a chance to speak with you. When you find a product that meets your requirements, speak with the vendor to learn more about what they have to offer. Flat-rate pricing model

  • Yes, has free trial

 Fusion Framework System

Operational resilience is our focus, which includes business continuity, risk management, IT risk, and crisis and event management. Fusion aims to assist businesses in anticipating, preparing, responding, and learning in any situation by providing them with the software solutions they require.

Fusion framework system empower organisations by helping them to make data-driven decisions, allowing executives to plan for the future. We also have the resources to continue developing in all areas of the rising market, thanks to Vista Equity Partners.

Features :

The Fusion Framework® System, a platform developed by Fusion Risk Management, is the cornerstone for operational resilience. The Fusion Framework makes it simple, visual, and interactive to assess every area of your business, allowing you to spot single points of failure, critical risks, and the next steps you need to take to limit their impact.

  • Use objective risk information to audit, analyse, and optimise your business operations – Map important service and product delivery processes as they are –
  • Use automation to relieve the strain of manual, time-consuming, repetitive processes, allowing teams to focus on higher-value tasks.
  • Assist with scenario rehearsals, including user assignment, communication, and measurement – Track and improve progress over time

Pricing:

By requesting a demo on their website, you may witness the Fusion Framework System in action. They pledge to respond to all questions within 24 hours after receiving them.

Benefits of Risk Management Software

Maintaining a secure infrastructure necessitates the ability to react quickly in order to stop intruders in their tracks. The advantages of risk management software include the ability to swiftly identify hazards, analyse their severity, and improve risk mitigation measures.

The capacity to prioritise which hazards should be addressed first guarantees that resources are allocated appropriately. Organizations, in turn, can completely avoid the financial and operational risks associated with data breaches or outages. With the increased adoption of IT and the economy’s reliance on its continuing operation, addressing these risks is becoming more expensive by the day, especially when legal and compliance implications are taken into account.

Risk Management Software Features

  • Risk Identification: Scans networks for vulnerabilities and threats as they develop.
  • Potential hazards are identified and specific team members are alerted via the Alert System.
  • Risk assessment is the process of analysing risks and vulnerabilities in order to identify the severity of a threat and the resources that it might effect.
  • Risk Prioritization: Determine which dangers are most likely to cause the most harm and alert operators to the appropriate action.
  • All logs of threats and vulnerabilities are viewable in a single dashboard, and automatic patching and mitigation capabilities are available.
  • Reporting and audits: Create risk reports and retain historical data on previous occurrences to use in future response planning.
  • Risk management software should aid in the maintenance of GRC and internal standards.

Do You Really Need Risk Management Software?

Whether you like it or not, the effectiveness of the “best risk management software” is determined by the needs of the users.

If you’re a freelancer, a solopreneur, or a project manager who’s just getting started, risk management software might not be the best investment. Furthermore, some of these internet solutions are costly – especially if your company’s turnover is low.

The dangers are also less and more visible in small-scale activities. In such circumstances, traditional management approaches make it easier to handle those skills.

When they paint a wider image, though, things take a crazy turn.

WHAT’S YOUR VIEW ON THESE RISK MANAGEMENT SOFTWARE SOLUTIONS?

Have you used any of the above-mentioned finest risk management software solutions?

What methods do you employ to manage risk?

We’d love to hear what you have to say…

About the author

critaudit

5 YEARS OF HELPING REGULAR PEOPLE ACHIEVE EXTRAORDINARILY

Critaudit review is focused on the ever-evolving ecosystem of customer products both digital and physical. Critaudit is humanized in a world where technology shouldn’t be the only focus.

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