The right risk management tool can offer businesses an array of benefits. It can help ensure compliance with regulatory requirements; enhance data protection and security and reduce the costs incurred due incident involving risk; boost decision making capabilities based upon real-time intelligence; and many more. Ultimately, the right risk management tool can give your company an edge in the market by ensuring that your business is ready for any challenges that come your way.
Many vendors offer a variety of risk management solutions that can be tailored to various needs. For example, some vendors offer enterprise risk management (ERM) solutions for larger businesses. ERM gives division managers an approach to managing risks and provides them with an overview of the risk profile of the company. Other vendors offer more granular solutions for risk management including third-party risk management (TPRM), and compliance management (CM).
When you’re evaluating risk management tools, it is important to examine how they’ll work with the current technology stack. This will help you avoid the need to purchase a new software and avoid the possibility of security issues or compatibility issues with plugins. If your team already uses productivity tools such Slack or JIRA, you should ensure that the software you’re evaluating is compatible with these tools.
The ideal risk management system must be able to monitor persistent and re-surfacing threats. For instance the risk reporting CURA provides determines the probability of an incident taking place and lets users monitor their progress towards mitigating these risks. It also provides a dashboard to track total risks assigned, solved and unresolved with a graphic analysis of these threats. Look for a dashboard that is user-friendly, customizable and flexible reporting features such as heat maps and reports and dashboards.