Ultimate Review of 8 Leading Risk Management Tools
Every day, businesses face all sorts of challenges that can get in the way of their success. Thus, having helpful tools is vital to use as guidance. It can help them track and deal with the risks before they cause too much trouble. So, that’s where risk management tools come in. If you do not know what and how you should pick, worry no more. Here, we’ll review 8 risk management tools to help you choose the best one. So keep reading to find what suits your needs.
- Part 1. What is Risk Management
- Part 2. Risk Management Tools
- Part 3. FAQs About Risk Management Tools
Part 1. What is Risk Management
Risk management identifies, analyzes, and controls potential risks to a business or project. We cannot deny the fact that there are risks that await in any new project. These risks may cause big impacts and small delays. Thus, it is vital to understand them so you would know how to handle them. Although organizations can’t completely avoid risk, they can still proactively predict and reduce risk. Yet, it is only possible when there’s a well-established risk management process.
To help you create one, you need risk management tools. If you’re also looking for one, proceed to the next part of this post. From there, we have listed some tools to use to respond to these risks.
Part 2. Risk Management Tools
1. MindOnMap
If you’re in search of a reliable risk management tool, then MindOnMap can help you. It is a platform that lets you focus on the risks so you can manage them. With it, you can create various diagrams showcasing how you manage the risks. It also offers several templates that you can use to make a chart. It provides layouts, such as fishbone diagrams, treemaps, flowcharts, and more. Apart from that, it features different elements and annotations. That means you can personalize your chart according to your preferences. What’s more, the tool has an auto-saving feature. Thus, whatever changes you make, the tool will save it for you. Plus, your work is accessible, and you can make changes anytime you want.
Secure Download
Secure Download
Price:
Free
Monthly Plan - $8.00
Annual Plan - $48.00
PROS
- Offers a comprehensive set of tools to personalize risk management.
- Provides an easy-to-use and easy-to-understand user interface.
- Enables you to add links and pictures to your diagram.
- Infused with an easy-sharing feature.
- Supports different platforms, such as desktop and online.
CONS
- New users may encounter a slight learning curve.
2. Active Risk Manager
Next up, we have the Active Risk Manager. It is another risk management strategy designed to help organizations. It is a web-based platform developed by the Sword Active Desk. It is a tool that lets you record, assess, and mitigate the risks. Also, it offers a centralized platform for risk data. Thus, it enables you to make informed decisions and implement mitigation strategies.
Price:
Prices are available upon request to customize it according to the organization’s needs.
PROS
- Offers a holistic approach to risk management.
- Customizable platform to suit specific needs and workflows.
- All details about risks are in one place.
- Enables you to create reports and charts.
CONS
- It might take some time to get used to how the tool works, especially for beginners.
- The cost might be a bit expensive for smaller organizations and tight budgets.
3. SpiraPlan by Inflectra
Although a well-known project management tool, SpiraPlan by Inflectra can be used in managing risks. Organizations may utilize it no matter what size or industry they are in. Also, it helps you align strategic aims with the main management techniques. At the same, it assists you in tracking risks. Further, teams can assess risks from a centralized hub. It also offers real-time risk management through dashboard widgets.
Price:
Prices range from $167.99-$27,993.50.
PROS
- Offers tools for planning and managing projects.
- Provide a range of tools for the whole development procedure.
- Facilitates collaboration among team members.
- It lets you customize specific aspects to fit certain needs.
CONS
- There might be a learning curve for those beginners.
- Some might find SpiraPlan’s extensive feature set overwhelming.
- Focus on risk management rather than project and application lifecycle management.
4. Risk Management Studio
Risk Management Studio is one of the most used and versatile applications for managing risks. It also has a bundle that includes Gap Analysis, risk assessment with threats, and business continuity manager. Moreover, if you are still using Excel sheets for daily operations, RM Studio supports import and export options. It means that you can easily shift from Excel to RM Studio.
Price:
Free Version
Free Trial
Annual - Starts at $3099.00
PROS
- Offers risk assessment to identify and evaluate potential risks to the organization.
- Enables to track the progress of risk treatment and link controls to determine the identified risks
- It also features audit management.
- It has no set-up fee for entry-level.
CONS
- The price can be costly for smaller organizations or projects.
- It has no integration services.
5. LogicGate
LogicGate is a comprehensive risk management and governance platform. It provides organizations with the tools to identify, assess, and mitigate risks effectively. It offers customizable solutions for risk management. Not only that, but also for compliance and process automation. With it, you can also collaborate with your entire organization for the identified risks.
Price:
Prices are available upon request to customize it according to the organization’s needs.
PROS
- Provides great customization of workflows based on your organization’s procedures.
- It can manage different types of risks.
- It is easy to use and understand.
CONS
- The learning curve for advanced customization.
- The price can get a bit high based on how many users you set up with it.
6. Resolver
Resolver is a popular and wide;y-used platform for managing risks. It collects all the information about risks and studies it in a way that shows how it really affects the business. It also looks at the broader impacts of different risks, like following rules or checking things. At last, it turns those effects into measurable business numbers.
Price:
Prices are available upon request to customize it according to the organization’s needs.
PROS
- Covers other aspects like incident tracking, risk assessment, and compliance management.
- Offers customizable options to suit your unique needs and workflows.
- Provides a user-friendly and intuitive user interface.
- Includes reporting tools for generating insights and analytics.
CONS
- The time required for initial setup and implementation may vary.
- The cost may be high for smaller organizations with budget constraints.
- Users might experience a learning curve.
7. Riskalyze
Riskalyze is another risk assessment platform available in the market. It helps financial advisors and investors evaluate the risk levels of investment portfolios. It uses algorithms and analytics to measure risk tolerance. At the same time, aligning investment strategies accordingly. The tool aims to provide a personalized and data-driven approach to managing financial risk.
Price:
Riskalyze Select - $250.00 per month
Riskalyze Elite - $350.00 per month
Riskalyze Enterprise - $450 per month
PROS
- Excels in analyzing the risk tolerance of investors.
- Offers a personalized way to risk management.
- It provides a clear and easy-to-use interface.
- Gives data-driven insights to support investment decision-making.
CONS
- Application may be limited in scope compared to broader risk management tools.
- The accuracy of risk analysis depends on the quality of the input data.
- The cost of subscription-based services may be a consideration for some users.
8. Xactium
Last but not least, we have Xactium. It is a risk management tool that is cloud-based, and it's suitable for companies in finance. It's flexible and can be used by different types of organizations. The main goal is to make it easier to see and understand risks and to follow the rules. Plus, it can be set up to fit how a company already deals with risks.
Price:
Pricing details are available upon request.
PROS
- It creates flexible structures from standard or custom templates.
- Created to scale with the growth of an organization.
- Offers features like business process control, audit trail, and audit management.
CONS
- Depending on the organization's size and requirements, the cost may be a bit high.
- Like any other tool, some users might experience a learning curve.
Further Reading
Part 3. FAQs About Risk Management Tools
What is the risk management framework?
The risk management framework is a way of organizing and dealing with risks that might happen in a company. It helps to find, understand, and handle potential issues in a systematic manner.
What are some risk management solutions?
Risk management solutions are tools or services that help companies handle and reduce potential risks. Examples include special software, plans, and experts who assist in managing risks.
Can you provide some risk management examples?
Examples of risk management include having insurance for unexpected events and making backup plans for emergencies. Or putting safety rules in place to prevent accidents.
Why is risk management important?
Risk management is crucial because it keeps an organization safe from risks that could harm it. It helps to plan ahead and identify possible issues. Finally, it ensures that the company can bounce back from challenges.
How to create a risk management plan?
To make a risk management plan, first, find potential risks. Then, figure out how likely and how bad they could be. Next, decide which risks are most important. Now, make plans to deal with them and assign tasks to people. Finally, regularly check and update your plans.
Conclusion
By now, you’ve seen and learned the different project risk management tools you can use. Consider everything you need for a platform, then decide what suits you the best. Yet, if you need a creative visual presentation for your risk management, we recommend MindOnMap. With its straightforward way, you can make personalized visual presentations as many as you wish.
