Risk Management Software is engineered to gauge the challenging situations that may occur during and till the delivery of a project. A project manager has a huge liability from creating the blueprint of a plan to giving the final touch for user accessibility. Throughout the process, the team leader, project manager, and other key people in the organization need brilliant Risk Assessment Tools to help them manage uncertain events.
Considering the same, state-of-the-art software developers have designed excellent tools for small to large business owners to analyze the risk before it may occur so that a company can prepare themselves in advance to fight unfortunate situations.
Let’s see the top 10 Risk Management Tools and the way to assess them if you analyze them earlier. But before that, let me go through some details like the kinds of common risks you can face, the key features of the best Risk Assessment Software, and a lot more things in detail.
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- 1 What is Risk?
- 2 What is Risk Management Software?
- 3 Levels to Manage the Risk
- 4 Best Risk Management Software Selection Criteria
- 5 Best Risk Management Software in 2023
- 5.1 #1. A1 Tracker
- 5.2 #2. Qualys Risk Management Software
- 5.3 #3. ERA Environmental Risk Management Software
- 5.4 #4. iTrak Risk Management Software
- 5.5 #5. Synergi Life Risk Management
- 5.6 #6. Optial Risk Management
- 5.7 #7. Analytica Visionary Modeling
- 5.8 #8 CURA
- 5.9 #9. SafetySync
- 5.10 #10. CheckIt
- 6 Best Risk Management and Mitigation Software
- 7 Best Free Risk Management & Assessment Software
What is Risk?
From personal to professional life, every day is filled with unseen events and challenging situations. Here, we are talking about the risk that you may face in your professional life.
The definition of risk is subjective, but more or less, the risk is something where you need to make a strong decision to face an unfortunate situation. Based on the level of risk, it may harm your potential and ultimately lead to the loss of revenue.
For instance, suppose you are working on an eCommerce website development project. So, the probability of the low-level risk may be;
- Your client is limited by budget, and you will have to deliver quality work within their given budget.
- Less skilled people are in your team who need to learn about the trending web coding language.
- Your research wing is not highly productive to do better market analysis as per current trends.
- Due to natural disasters or public holidays, it may be a delay in project delivery.
- Your client may ask for multiple modifications in their plan due to a lack of agreement on requirements.
- Political risks may involve clashes in thoughts in news and journal segments.
- You may face documentation risk due to poor design and lack of information.
So, these are just a glimpse of probable situations that may occur while you are responsible for delivering a project. There is an uncountable risk that entrepreneurs and experienced brands face every day. But at the initial stage, if they know the kind of probable risks using Risk Management Software, they can prevent loss of revenue.
What is Risk Management Software?
Risk Management Tools are designed to give an idea about the upcoming challenges you may face. It is the part of project planning activities where you can create your parameters to gauge the risks and challenges. Risk Management Software can identify and estimate the level of risk and its consequences based on your project type.
Mostly, the Risk management and assessment tools are designed concerning the reports of past projects. Inspired by the case studies of numerous plans, the risk analyzing tools can give you ideas to make the decision for either avoiding the risks or mitigating them.
With a user-friendly dashboard of Risk management and assessment tools, you can see the progress at a glance. You can also prioritize the tasks that can lead to a higher impact on your project. Likewise, you can transfer some risk by outsourcing part of the work. The best example of risk transfer is an insurance company where you ask them to take care of your employees in critical and life-challenging situations.
Levels to Manage the Risk
There are four steps you can go through to start with identifying the risk and their consequences. Based on that, you can look for solutions to defeat the challenges of delivering quality work to the end users.
- Risk Identification
- Risk Analysis And Prioritization
- Risk Avoidance And Mitigation
- Risk Monitoring
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Best Risk Management Software Selection Criteria
Consider the size of your business and understand your requirements before choosing any of the Risk Assessment Software.
- Challenges you are facing with the existing/ manual risk management process.
- Identify the types of most frequent risks you face.
- Choose the RMS that has an easy user interface and takes fewer technical skills to explore.
- Do not forget to consider the integration process.
- Check whether the selected Risk management application is reliable and must have the best prediction capabilities.
- The tools must have ready-to-use templates or simple steps for reporting and analysis.
- What all the information you will feed must be accessible through an easy navigation panel.
- Quick navigation to find incident details.
- Check the user’s reviews for technical and customer support.
- Look for alternatives and consider the competitive price.
- Before purchasing any Risk management application, you must look for a Demo of RMS.
- Do not forget to calculate your ROI (Return on Investment) before closing the deal.
- Whatever Risk Assessment Tools you buy, they must be value for money and contribute to making your operations super easy.
Best Risk Management Software in 2023
#1. A1 Tracker
This tool is specially designed for people working in the most dangerous segments where the rate of injury and is higher.
Using Ai Tracker, the organization can gauge the challenges they may face related to worker’s injury, compensation, required insurance, and more. You can also track the warranty, plan for the claim, worker’s compensation, etc.
Quick Features of A1 Tracker
- Contract Generation
- Claim Diary Calendar
- Set Notifications Or Reminders
- Compensation tracker
- Free Demo
#2. Qualys Risk Management Software
It is the best Risk Management Tool to give you full safety from data breaches, cyber-attacks, and other protection that needs security for your IT data.
Qualys is a cloud-based risk assessment software that is loaded with a wide range of functionalities such as; threat protection, certificate inventory, patch management, web app scanning and firewall, container security, and significantly more.
Quick Features Qualys
- Rapidly quarantine critical threats
- Six sigma’s accuracy is up to 99.97%.
- Easy navigational dashboard
- More than 8 trillion index data points
- Free trial
#3. ERA Environmental Risk Management Software
An ERA is the best Risk Assessment Tool over others because it has the ability to analyze the probable risks in a variety of project segments. Using the ERA Environment risk management application, you can make yourself ready to defeat the challenging situations that may occur in various projects. For instance, you can calculate the environmental risk with air, pollution, water, chemical management, and a lot more.
Quick Features ERA Environmental
- Easy to integrate
- Accepts a wide range of data sources like Excel, ERPs, APIs, labs, and more.
- Tracking and mitigation the green gas emissions.
- Healthy and safety reporting.
- Healthy and safe risk management
- MOC (Management of Change)
#4. iTrak Risk Management Software
This Risk Management Software is best for import and export businesses where you need GPS tracking. Using iTrak, you can track a vehicle’s live location and take the needful steps to make changes in the movement based on time, speed, direction, latitude, and more.
The iTrak is filled with the data of past projects where you can measure the risk and plan for mitigation. The application is made with the power of 5 technologies that include GPS, internet, satellite, mobile net, mapping & reporting.
Quick Features iTrak
- Easy to manage through mobile applications.
- On-demand risk management and assessment software.
- Calculate to reduce fuel costs.
- Automaed maintenance information.
- Over-the-air reporting rules configuration.
#5. Synergi Life Risk Management
If you are dealing in health-related businesses, then Synergi Life would be the best Risk Management Tool. It is a QHSE (Quality, Health, Safety, and Environment Management) tool where you can track the incident, upload the images, record the voice notes, and do other needful activities immediately.
Synergi Life is a cloud-based software that allows you to measure, analyze, and mitigate the risks involved in your project.
Quick Features Synergi Life
- Easy to add a new case
- Incident calendar for detailed note
- Web browser operating system
- Remote survey to save time and resources
- Easy dashboard for marine and other operations
- Risk assessment for managing and supply chain
#6. Optial Risk Management
It is a wonderful Risk Assessment Software to plan your unlimited projects for analyzing the risk and solving them with remedies. Optial Risk Management tool is designed to track risk prioritization map, control status, needed tasks to reschedule, and a lot more.
This risk analyzing software will help you to comply, audit, and mitigate the incidents or the risks that may occur to ruin your plan.
Quick Features Optial Risk Management
- Offline access from tablet or computer.
- Easy data import from all the significant resources.
- Hosted on a secured server.
- Easy to customize and operate.
- OSHA, RIDDOR, ISO, and other standards for international business.
- Incident and waste management audits.
- Free demo.
#7. Analytica Visionary Modeling
Analytics is another best forecasting tool to analyze and manage the risks involved in food, education, pharmacies, ocean resources, energy and power operation, and other relevant businesses. It requires zero codings to operate with the redefine financial analysis application.
- All learning documents are available on Analytica Wiki.
- Assessment for climate change
- Earthquake insurance remedies
- Flood risk management
- Assess the clean air act
- Defense and security analysis
- River ecosystem management
Cura is an award-winning risk analysis and assessment software that works for a wide range of industries. The tool is best for healthcare entrepreneurs, infrastructure and engineering services, banking and finance sectors, public and government organizations, telecommunication, energy and utility, mining, supply chain, transportation, and other industries.
Using Cura, the project manager can track the work status of goals and objectives set for individuals inside the company. It prompts the key users to pay attention to the high-priority tasks to mitigate the risk.
Quick Features CURA
- Operational risk management
- Policy management
- Incident management
- Compliance management
- Risk-Based audits
- Enterprise risk management (ERM)
- Free Demo
Comparing other Risk Assessment Tools, Safety Sync could be the most affordable option to analyze and manage the unforeseen situation that may occur during the project operations.
You can consider this software as EHS, SHE, OHSMS, OHS, or even HSE that can be accessed remotely from any device. Also, the Safety Sync is embedded with too many wonderful features like branded apparel, scratch cards, and more that can motivate your employees to enhance productivity by managing stress.
Quick Features SafetySync
- Incident tracking system
- Certification tracking
- Equipment management
- Compliance monitoring
- Contractor orientations
- Perception survey
- Competency assessments
- Incident reporting
- Behavior observations
- Bulleting and Alerts
- Polls creation
- Employee management
- Free trial
CheckIt is the perfect tool for people who are dealing in manufacturing, entertainment, real estate, life sciences, catering, and other businesses. It is a cloud-based risk management tool that commits to boosting the productivity of a company.
- Automated datasheet monitoring
- Superior workflow management
- Connected building management
- Free Demo
Best Risk Management and Mitigation Software
- Pims Risk Management
- Opture ERM
- MasterControl Risk Analysis
- Risk Management Studio
- GRC Cloud
- ARC Cyber Risk Management
- GOAT Risk Solution
Best Free Risk Management & Assessment Software
- IntelligenceBank GRC
- Practical Threat Analysis Technologies
Benefits of using Risk Management and Assessment Software
- Professional risk management tools help you to increase productivity.
- Increasing productivity will lead you to increase revenue
- The best Risk Assessment Software keeps transparency with the key members within your organization.
- It helps you to reduce unnecessary expenses on resources and infrastructure.
- It helps to run a smooth operation by minimizing the hurdles.
- You can create a history of case studies to forecast the risk that may occur in future projects.
- Consistently learn to art to manage the risk and be ready for tomorrow.
Choosing the right Risk Management Software is a crucial part of your project management. If you choose the wrong tools, it won’t give you enough assistance to prevent the loss of revenue. So go through the above-given guide for selecting the right Risk Assessment Tools to better manage your organization.
Remember! The well-engineered RMS applications only can help you to increase overall productivity. So go wise when shortlisting the risk analyzing and retention tool based on price, features, customer supports, reliability, and other parameters.