Enterprise risk management software helps organizations identify, mitigate and remediate business risks, which can lead to improved business performance.
The risk management market is rapidly evolving from separate tools across different risk domains toward more integrated platforms that blend governance, risk and compliance functions with management of cybersecurity, IT and third-party risks.
In addition to pricing and the capabilities of different technologies, Seth said CIOs, IT managers and business executives involved in purchasing decisions need to consider the reputation of ERM software vendors and the types of risk management frameworks they support.
The platform also includes Archer Engage, a risk reporting and data collection application that provides a unified user experience for business users and risk management teams; a separate version of the Engage software for third-party vendors; Archer Insight, a risk quantification tool; and the Archer Exchange, a marketplace for prebuilt applications, data integrations, administration tools and configuration accelerators from the company and business partners.
In 2023, for example, it released AuditBoard ITRM for IT risk management, with a focus on IT security risks and support for collaboration between security teams, risk managers and business users.
AuditBoard also offers a separate product for risk and compliance management across various IT frameworks plus ERM and third-party risk management modules, all combined in an integrated platform with a unified UI. AI tools and expanded analytics capabilities, including low-code/no-code development features, were introduced in late 2023.
LogicManager combines enterprise risk management software with an associated consulting operation that pairs customers with advisory analysts and provides personalized training and guidance on risk management best practices.
An operational risk taxonomy that provides a full view of risks enterprise-wide and can help identify duplicate controls and overlaps in risk mitigation work.
Navex offers a GRC platform that includes ethics and compliance, integrated risk management and ESG software modules.
The IRM software supports management of third-party, IT and operational risks as well as compliance with data privacy regulations.
Features include automated third-party risk assessments; risk data and external risk ratings on vendors; centralized management of cybersecurity incidents; and automated certification of compliance with security standards.
Its Ethics and Compliance Cloud includes a due diligence tool that helps screen and monitor vendors for security risks, and the ESG and Sustainability Cloud has similar software for managing ESG risks in supply chains.
As its name indicates, Riskonnect provides integrated risk management software for managing risks in an interconnected way, both within an organization and across third parties.
The company also offers a software module that risk managers can use to visualize risks, analyze their potential business impact, identify trends and prioritize risk mitigation work.
Its ESG module is tightly integrated with Salesforce's Net Zero Cloud, enabling users to combine ESG, governance, risk and compliance data from the Riskonnect platform into the Salesforce sustainability management software.
RiskOptics specializes in IT and cybersecurity risk management, offering software primarily designed for use by chief information security officers and information security teams.
The BWise software is now part of SAI360 GRC, which supports operational resilience; risk, audit and compliance management; ESG programs; and healthcare GRC workflows.
Over time, the company extended the risk identification and mitigation tools across various types of risks and created an integrated suite of cloud-based GRC software.
The software provides centralized collaboration capabilities; real-time views of risk management initiatives; and more than 3,000 templates for audits, risk assessments and other tasks.
He recommended being open and transparent about a new GRC or ERM program so employees understand why effective risk management is important and how the chosen software can help streamline the process.
This Cyber News was published on www.techtarget.com. Publication date: Wed, 17 Jan 2024 18:43:04 +0000