The best Risk Management Tool’s reviews:
Managing Risk! Be it of any sort, Personal or Professional. Managing risks is a necessity in life and this article of ours will concentrate on the risk management and useful tools.
And yeah, we will discuss the risk management related to only Professional life. I am afraid, the personal ones are left to you :-)
So, what’s a Risk? This is an event that can happen in future which can impact the planning/task/goals of the project. The impact on the project can be Positive or negative not necessarily negative always.
The point where the impact is positive, the risk has to be used as an advantage. Assessing Risks up front gives us an upper hand in running the project flawlessly by eradicating all the uncertain surprises that may happen in the later phase of the project.
The assessment of a risk can either be done Qualitatively or Quantitatively.
Qualitative Risk Assessment
This is an assessment which is done on the basis of the probability of occurrence of risks in the future. The probability can be obtained by various methods such as SWOT analysis, Historical data analysis, Discussion among peers etc.
Quantitative Risk Assessment
Quantitative analysis is a detailed amount/number based analysis on the top risks found during the Qualitative assessment. The top risks from the Qualitative assessments are picked and then the assessment is done on them in terms of Cost, Schedule based hits etc.
Once the assessment is completed, the risks are then registered in the system and then monitored throughout the project span. If they occur in real time, corrective/necessary actions have to be taken.
These all can be handled in a tool presently. The tools which handle these, are called Risk Management Tools and here in this topic, we present you the review of the top 10 Risk management tools
What You Will Learn:
Most Popular Risk Management Tools
Here we go!
We have compared the top free and commercial risk assessment and risk management tools in the market.
#1) SpiraPlan by Inflectra
SpiraPlan is Inflectra’s flagship Enterprise Program Management platform. Now in its 6th version, this all-in-one solution combines test management, bug tracking and requirements traceability, with a full set of features for program and portfolio management, release planning, resource and risk management. SpiraPlan has an integrated executive dashboard of key metrics, real-time charts, customizable reports and templates.
One of the key new features of SpiraPlan is a powerful Risk Management system. In SpiraPlan, Risks are a completely distinct artifact type with their own types (business, technical, schedule, etc.), attributes and workflows.
- In SpiraPlan, Risks have special attributes for analyzing and categorizing how important they are, such as Probability, Impact and Exposure.
- SpiraPlan has built-in support for Risk Mitigation activities and offers a full Risk Audit trail
- In SpiraPlan, the Risk workflow operations support electronic signatures for those customers that need to maintain a validated system.
- SpiraPlan project dashboards include two risk widgets: A Risk register and a Risk cube
- SpiraPlan includes a Risk summary and Risk detailed report in the standard SpiraPlan reporting menu that lets you generate risk reports in HTML, MS-Word, MS-Excel, PDF and XML formats.
#2) A1 Tracker
- A1 Tracker solutions provide a web-based UI efficient enough to record and manage risks in a project
- A1 Tracker build products which are user-friendly and has very good help desk staff
- The customer support is top notch and has been one of the main reasons of the business
- The software can be used to its fullest only for the pro users and learn this application is not that easy. Still, customers opt for this as once learned there is no looking back
- As it is Web-based, managing risks becomes a cake walk and near real-time
- A1 Tracker also supports emailing the risks/reports to key individuals or stakeholders in need
#3) Risk Management Studio
- This is one of the most versatile and used applications when it comes to Risk Management
- This is a bundle which has Gap Analysis, Risk assessment with treatment, Business continuity manager in it
- This is certified ISO 27001 and because of it the threat library is really huge
- The installation is easy and free upgrades/customer support come free with the yearly package.
- Learning RM Studio is easy and thus can be used as a pro very soon after starting.
- Many of us still use Excel sheets in our daily operations. When it comes to migrating from Excel to RM studio, this has import and export support
- Reporting support is also available in RM Studio.
Further details on RM studio can be found from here
- Isometrix is a cloud-based application which targets Large and mid-level industries
- Isometrix is best suited for industries such as Food/Retail, Metallurgy, Civil/Construction, Mining etc.
- This offers various solutions in the bundle such as Food Safety, Occupational health, compliance management, Enterprise risk, environmental sustainability etc.
- Statistics say Isometrix is one of the best top 20 Risk management applications available in the market today
- The pricing information of Isometrix is not available online and is provided by the team only upon a request.
More details on Isometrix can be found from here
#5) Active Risk Manager
- Active Risk Manager or ARM is a web-based application developed by Sword Active Desk
- Active Risk Manager helps in recording risks. Along with that, it also helps in assessing risks and mitigating risks
- This has some prominent features which are mentioned below
- The Auto alert system which helps in propagating risk related updates to owners/stakeholders
- Dashboard, which gives a quick snapshot of various data in one single screen
- A single window display of risk and the updates eradicating the applications such as Excel
- Qualitative and Quantitative assessment support for the risk items
- This is used globally by many top companies such as Airbus, NASA, GE Oil and Gas etc. and that proves the capability of ARM in one way.
More details on Active Risk Manager can be found from here
- This supports an automated collection of Audit and inspection data
- The data collected is then analyzed, managed and then reported so as to minimalize the occurrence of risks
- The data entry is supported by Paper, browsers and there is also app support available. Paper-based data is entered via scanning whereas there is offline support for the data that is entered from Apps on Android or iOS devices
- This is easy to use, fast to learn and for proof of its popularity, few of the names of the customers are, Kellogg’s, Utz, Pinnacle etc.
- Starting price of the license is at 249$ and the support desk is available 24X7.
More details on CheckIt can be found from here
- Velocity, as it claims drives the show automatically without any supervision. This is basically a Quality Management system which is driven in an automated way
- As it is cloud-based, it can provide access to the data anywhere in the world
- The learning curve is really small. The one who chooses to migrate Isolocity move smoothly without any hassles
- The versioning of the revisions done is managed by Isolocity eliminating the chances of usage of wrong versions
- The risk management phases provided by Isolocity are Risk Management, Opportunity, Objective, Change Management
- Once the risks are created, the owners can be assigned, create actions, escalations can be raised etc.
More details on Isolocity can be found from here
- Enablon is quoted as one of the most used and most successful Risk management tools of recent times
- The risk management tracking is complete and can be either achieved by Top-Down or Bottom-Up approach
- Enablon enables the user to identify the risk, documenting the same, followed by assessments
- Enablon has very effective internal control and management system which helps to mitigate the risks in the project lifecycle. This is a necessary step in the industries as risks can never be neglected but can be mitigated
- The popularity of Enablon can be found from the number of companies and the name of the companies which use Enablon. There are almost 1000+ companies which have opted for Enablon. Some of the big names are; Accenture, Puma, ups etc.
More details on Enablon can be found from here
#9) GRC Cloud
- GRC Cloud is a top-notch Risk management tool which is developed by Resolver Systems
- Risk management, Security management, and Incident management can be done effectively using Resolver GRC Cloud
- The risk management helps the user to plan for the risk, track the risk once available in the system and to respond when necessary
- The risk assessment in this is based on the risk score and the score is used to prioritize the risks. This also offers a way to display the risk areas in the application in terms of the heat-map
- There is an alert system which works in an automated fashion. Mails can be triggered by the system based on the risk and the time of occurrence.
More details can be found from here
- iTrak is an application developed by iView Systems for Incident Reporting and Risk Management system
- The system is controlled/can be manipulated based on the security codes and that makes the product more flexible in terms of availability
- The main advantages of iTrak are alerts, notifications, reports, admin UI etc.
More details on the application can be found from here
- Analytica is developed by Lumina and is one of the best Risk management tools in the industry
- This helps in creating multidimensional tables using arrays and if you are still using the spreadsheets, this is a huge deal
- Analytica claims to run the models 10 times faster than that of a spreadsheet
- Uncertainty is found and dissected using Monte Carlo and sensitive analysis
- Analytica is mostly used in risk analysis, policy analysis etc.
Further details on Analytica can be found from here
So, that’s the top 10 Risk management tools according to us. This can differ based on the industry, use and operations. Let us know what suits you best and why!