Risk management and, for larger organizations, enterprise risk management are crucial to the health and sustainability of a business. There are a range of risk management software solutions available to help businesses identify, assess, and mitigate emerging and existing threats to a company’s technology, finances, data, hardware, and more.
CIO Insight explored a wide range of risk management solutions. Here are our top picks in no particular order.
RiskCloud by LogicGate
ZenGRC by Reciprocity
Out-of-box vs. Customization
Access & Collaboration
Compliance Across Multiple Frameworks
Apptega is a platform that facilitates easy and efficient cybersecurity and compliance management. With Apptega you can assess, build, manage, and generate reports from your cybersecurity and compliance program based on common frameworks — such as GDPR, HIPAA, ISO, and more.
Apptega’s automated cybersecurity framework crosswalks are a plus if your business is beholden to multiple regulatory frameworks. These “crosswalks” automatically consolidate and map controls across frameworks. This reduces redundancy in overhead and documentation.
Popular among SMBs, Apptega isn’t as comprehensive as other risk management platforms, and might not be the best solution for enterprises that need risk management for hardware. However, it may meet your company’s risk management needs more narrowly, in terms of cybersecurity, compliance, and auditing.
Customized report generation
Cybersecurity framework crosswalks
Compliance & auditing management
Camms.Risks is a comprehensive software solution that integrates audit management, risk management, compliance, and more. Camms.Risk not only helps your company define corporate strategy and business plans, but also helps identify and segregate strategic and operational risks.
Camms.Risk provides ample documentation and references in its library, identifies and prioritizes changing regulations, tracks progress toward compliance obligations being met, stores your internal documentation in one central spot, and more.
To handle risk management, you can create risk treatments and then track them for each risk. After remediation, you can convert them to controls for monitoring in the future. There is also an optional forecasting/risk targeting assessment.
Because of its reporting and visualization versatility, Camms.Risk is a great option when multiple stakeholders need access to the information. Camms.Risk features heatmaps and bow-tie analysis of cybersecurity risks. The Risk Register provides CEOs and other executives with filterable, essential information about risks and their priority level. Another advantage Camms.Risk has over other vendors is its mobile app, where users can log hazards, issues, and risks anytime, anywhere.
Compliance libraries and documentation
Predictive analytics for risk management
Versatile data visualization capabilities
Read more: Why Healthcare Risk Management Is Important
FastPath Assure is a centralized auditing platform that tracks, reviews, and mitigates risks to your company’s networks. Compatible with major ERP and CRM systems on today’s market, Assure is great for enterprises. With cross-platform functionality, it’s capable of handling risk management efficiently and ensuring maximum visibility across the tech stack.
FastPath Assure affords a comprehensive grasp of who is accessing what parts of your network and when. You can use report templates and run instant, automated reports for audits. The Identity Manager function automatically creates users, edits their profile or access, and if necessary, deletes the user and/or terminates their access. This makes access control easier for enterprises managing a global workforce.
Assure also makes Segregation of Duties (SOD) reviews easier by including a customizable ruleset, as well as continuous monitoring. Paired with the Identity Manager, Assure affords great visibility into access requests, reporting conflicts in user access-granting processes.
Assure facilitates collaboration, allowing users to share, sign, and approve documentation in preparation for audits. Any changes made within your system, databases, or schema are tracked in Assure’s Audit Trail module, which is helpful for pinpointing errors and their sources.
Access control with Identity Manager
Collaborative Audit Trail module
LogicManager’s complete platform features 10 different solution areas to address all of your company’s risk management needs in one central hub.
A standout feature of LogicManager’s offering is that its tools are backed by AI. For instance, its risk taxonomy provides visibility over relationships between business units, units’ unique risks, and their associated mitigation activities. Using AI, Taxonomy Insights automatically proposes mitigation strategies.
Best Risk Management Software for 2022