The best risk management software could provide businesses with a range of benefits. It will ensure compliance with regulations; enhance data protection and security; reduce costs incurred due incident involving risk; boost the ability to make decisions based on real time intelligence and many more. The right risk management solution will give your company an edge over its competitors by ensuring that it is equipped to handle any challenge.

Many vendors offer a variety of risk management tools to meet the different requirements. For instance, certain vendors offer enterprise risk management (ERM) solutions for larger companies. ERM provides division managers with an approach to risk and gives visibility across the entire organization’s collective risk position. Other vendors offer more detailed risk management solutions like third-party risk management (TPRM) and compliance management (CM).

While evaluating risk management tools, it’s important to think about how they’ll work with the current technology stack. This can save you from having to purchase new software and reduce the risk of security gaps or plugin compatibility issues. For instance, if your team is already using productivity tools such as Slack and JIRA Make sure that the tool you’re considering integrates well with them.

The appropriate risk management software must be able to track current threats as well as those that resurface. CURA, for example, uses risk reports to determine the probability of an event occurring and allow users to monitor progress in mitigating those risks. It also offers a dashboard to monitor the total risks assigned, resolved, and unresolved, along with a visual representation of these risks. Look for a dashboard that is user-friendly that is customizable and flexible in reporting options, such as reports and heat maps and dashboards.