Best Risk Management Software in 2021

There are many excellent risk assessment tools available so here we will look at ten of the best and highlight their key features. Many have overlapping functions, but there are also key differences that could determine which is better suited to your business.

1. Infinity 

Infinity is a customisable risk management software with excellent organisation and functionality. One of the best features is the attributes you can assign to various risks to better understand them. The Infinite Boards function lets you manage a variety of risk strategies simultaneously with an extensive list of filters, groups and sorting options. There are also several tools for team collaboration that enable easy communication between colleagues. 

Other notable features:

• Drag and drop interface

• Automatic data backup and recovery

• Activity and progress tracking

• Third-party integrations

• Risk assessment templates

2. Project Risk Manager

The adaptable and easy to use Project Risk Manager helps you evaluate risks according to a set of predetermined impact factors and rank descriptions. This desktop-only app is a great tool for prioritising potential business risks. The customisable parameters and unlimited number of projects and risks can be managed simultaneously, complemented by Project Risk Manager’s deep functionality.

Other key features:

• Smart search

• Action alerts

• Advanced data security

• Automatic risk ranking 

• Offline availability

3. Acumen Risk

Acumen Risk features a relatively complex but intuitive interface that is highly functional once you are used to it. This app lets you calculate risks and manage your strategy for them, including planning for project delays and potential monetary losses. Acumen Risk will also suggest solutions to problems such as reducing, avoiding or transferring risks. 

More risk management features:

• Compliance management

• Predictive analytics

• Auditing

• Specific risk management controls

• Alerts and notifications

4. Pims Risk 

This desktop software has been specially designed for the construction industry. It has specific functionality for construction, but its features can be used for the likes of IT risk management. Pims Risk can monitor every phase of a project and use detailed reports to assess each risk along the way. 

Pims Risk features, including for IT risk management:

• Operational risk management

• Reputational risk management

• Follow-up risk tracking

• Data reporting

• In-depth analytics

5. TrackMyRisks 

If you require a lot of automation from your risk management software, then TrackMyRisks might be the best option. This app lets you automate repetitive tasks to free up your time for more interesting work. The multiple templates are easy to apply, but you can also create customised automation templates according to specific requirements.

Other notable features:

• Encryption of all files

• Document reminders and archiving

• Unlimited users

• Backup and virus scan

• Compliance tracking

6. Opture 

Opture is a well-rounded risk management software for managing risks across your entire company. It has an enterprise management and internal control system, and a multitude of compliance risk calculation tools. The features are comprehensive and include intuitive functionality and detailed data presentations. Risk categories include legal, reputational and operational.

Additional features of Opture:

• Business process control

• Alerts and notifications

• Compliance management

• Exceptions management

• Auditing

7. Resolver

Resolver has been designed for use by larger companies rather than small businesses, although it can still be used by the latter. Its functions and features are heavily focused on risk planning and preparation. Resolver includes support for risk identification to recognise potential risks before a project begins. You can also enter particular objectives and requirements to have their risk calculated. 

Resolver’s key features:

• Audit trail

• Corrective and preventive actions (CAPA)

• Incident reports

• Legal and operational risk management

• Compliance and investigation management

8. IsoMetrix 

The focus of the IsoMetrix risk management software is to centre the risk assessment data gathered from the whole company into one easy-to-use dashboard. Originally designed for businesses in the mining, oil and gas industries, its features also work well for firms in logistics and finances, and for IT risk management. If a lot of your business risk concerns environmental sustainability or occupational health and safety, then IsoMetrix will be ideal for you.

Other notable features:

• Business continuity monitoring

• Business process control

• Compliance management

• Legal and operational risk management

• Predictive analytics

9. ProcessMAP

For versatility in your risk management software, look no further than ProcessMAP. It makes use of basic surveying techniques to assess risks by type to provide consistent results. ProcessMAP is good for teams and has excellent risk identification and evaluation features. It also integrates with Reviqo Apps, which itself features a variety of integrations for operational processes focused on environmental issues, health and safety.

Features include:

• Two-way system integration

• Prioritisation of hazards and risks 

• Trend monitoring

• Report generation and forecasting

• Action item tracking with alerts

10. Integrum 

Integrum is a popular risk management software thanks to its versatility and highly customisable risk assessment system. It features documentable incident and investigation management and keeps the process of risk identification and evaluation easy to implement during any phase of a project. It also supports multiple integrations, including some outdated apps that many businesses still like to use.

Integrum’s additional features:

• ISO standards management

• Equipment management

• Maintenance management

• Complaint and compliance management

• Graphical analyses 

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