Top 6 Risk Management Software to Help Your Business

Risk is a determined value according to the probability of damage that may be caused by dangerous situations. Risk is determined by the probability and severity of the hazard and refers to the uncertainty involved in the implemented activities. The purpose of risk management is to control the consequences of this uncertainty. For this, it is necessary to identify and analyze the risk factors. Risk management will be easier when risk factors are analyzed beforehand.

There are different reasons for requiring risk management and analysis. Reasons such as:

• Changes that may occur in the current system
• Varying expectations of customers
• Competition between companies
• Financial
• Uncertainties
• The necessity of responding to the danger that risks may pose

Risk types also vary according to the measures that can be taken. It is important to analyze the encountered situations, determine the strategy and perform risk management.

What is Risk Management?

Enterprise risk management is the work of identifying the uncertainties and dangers in the way of achieving the goals of businesses and companies. It also constitutes the necessary strategic planning of institutions against possible negative outcomes -financial, project, or customer relations.

It is not possible to eliminate the risks completely. However, effects can be minimized. This requires risk management. The cost of software to prevent risks is quite low compared to the cost that will occur after the risk happen.

6 Risk Management Software to Check

One of the most important steps, especially in the periods when the remote working and hybrid work model becomes widespread, is to choose an application that is suitable for your business – such as the team you have created!

Moreover, your choice should not focus solely on risk and should adapt to your growing and rapidly changing business.

1. PeerBie

PeerBie can be described as the most ideal risk management tool for businesses. PeerBie provides a digital space to make the necessary preparations and controls. Create as many titles as needed and form different pages for each different project.

After stating the reported or existing issues, managers or those who are responsible can follow the process of solving, who is working, and measure how long it takes to solve stated problems. Monitor the process of issues under 6 different titles with PeerBie:

• Open
• In Progress
• Fixed
• Closed
• Released
• Pool

Thus, everyone can see the latest situation of issues, and the responsible team manages risks according to the information provided to them. Plus, there is no need to keep tracking the risk management performance with PeerBie. You can reach out to daily, weekly, or monthly issue reports formed with designed algorithms.

For example, if there is a problem in your mobile app encountered by some of your users, you or someone can instantly add a new issue, choose the priority order and let the responsible team know immediately.

By noticing recurring problems, you can take action in advance. Remember, the longer the problem lasts, the more users you will lose. Solve the issues and prevent possible risks by having the right setup. PeerBie is also compatible with IOS and Android systems, making risk management easy and accessible.

Develop new products or improve services according to risk management reports and strategies. Another reason why PeerBie is such an all-included tool is that you can shift from risk management to your product management in one app, with one click.  As a product management tool PeerBie offers you:

• Issue confirmation flow
• Status changes
• Product support
• Task management integration
• Detailed reports which can be exported as a CSV file

For team management and project management features, check our related articles.

At the moment, you can purchase PeerBie’s Premium Package for $4 per person, per month and Business Package for $8 per person, per month. A free demo is available for you to try.

2. Project Risk Manager

PRM employs a collection of pre-defined impact categories and rating descriptions to assist users in better understanding potential risks. After sorting, the risk management team can assess risk based on risk status and proceed from there.

Project Risk Manager can be the ideal software for beginners since it is not challenging. The interface is user-friendly, making it one of the best risk tools even for those who are new to using applications. However, the interface is also outdated and does not have other tools to manage your business without having multiple sources.

You can use PRM’s basic version is free for up to 5 active users, hosting fee of £15 per month and £1 per day for every active user assigned above the 5 free users allowed in the Free Plan. Pro version costs $21/ month + $1.4 per user.

3. StandardFusion

StandardFusions is a powerful tool that can help any business, regardless of size or space. It is mostly preferred by larger institutions.  It accomplishes risk management by focusing on streamlining the risk assessment process. They use automation to reduce as much complexity as possible.  StandarFusion’s popularity comes from its functionality and ease of use.

Its most affordable plan starts at 750$ per month for two users and goes up to $8000 per month.

4. ProcessMap

Your team may easily build up a risk assessment model and receive strong findings across the board by applying approaches based on surveying techniques, one of the most talked-about features of ProcessMAp’s. Foster teamwork using the risk management tool, which will help you identify and evaluate risks more effectively.

It is a good system with a few faults, the most significant of which is the difficulty of the learning curve. ProcessMap offers a free demo but the exact price is available through request.

5. Pims Risk

Because Pims Risk is designed for the construction sector, its functionality may be a little too specialized for other use cases. It does, however, have a couple of tricks up its sleeve.

This risk management tool allows you to monitor each aspect of your projects and get a detailed look at the risk, assessment for each stage. Pims Risk’s UI is easy, you won’t have too much trouble using it because of the color-coding. However, its graphics are outdated.

Pims Risk plans start at $27 a month per user.

6. TrackMyRisks

TrackMyRisks outstands with its automation tools. One of the coolest features of this risk management software is the ability to repetitive operations, which can improve your productivity.

This software, however, does not come without flaws. The UI is not the best looking and difficult to dispute with users on UX. Even so, once you’ve mastered the interface, you will have a great tool in your hands.

The cheapest package called ‘Lite’ is $10 and it goes up to $90.