Compliance is a big issue for businesses. It’s important to comply with regulations, internal policies and procedures. With risk and compliance management software, you can efficiently manage compliance initiatives so that you stay on track with regulatory requirements and best practices. This will help improve your overall performance, efficiency and effectiveness.
In this guide, we review the aspects of Risk And Compliance Management Software, enterprise risk management software, risk management software for small business, and risk management software vendors.
Risk And Compliance Management Software
Compliance management software is an essential tool for businesses that need to comply with regulations. It’s also a great way to improve the overall performance and effectiveness of your company by ensuring compliance with internal policies and procedures.
Risk and Compliance Management Software
- Risk and compliance management software is crucial to the success of any business.
- It can help you to adhere to government regulations, protect your organization from lawsuits and fines, and keep your employees safe.
- If you’re looking for a way to manage risk at your company or improve compliance with industry standards, there are several factors that should be considered when choosing a solution.
- First off, it’s important to determine whether or not the software has features that meet your needs. It may seem obvious but this step is often overlooked by many people who don’t have any experience using such products before. You need something that provides all of the functionality you need without being too complicated so as not be overwhelming for users (or yourself!).
Compliance Software Solutions
Compliance software is a category of software designed to help organizations meet regulatory requirements. It helps companies manage risk by providing a holistic view of their compliance posture, enabling them to identify risks and opportunities for improvement.
Compliance solutions generally provide a single view of the organization’s compliance posture by integrating information from multiple sources and presenting it in an easy-to-read interface. This enables users to quickly gain insights into their overall compliance status, identify areas where they may be exposed to risk or non-compliance, monitor data quality and completeness over time, and track changes across disparate systems—all while remaining compliant with privacy laws such as GDPR or HIPAA.
Regulatory Compliance Management Tools
Regulatory compliance is a key area of focus for companies that handle sensitive data. The General Data Protection Regulation (GDPR), for example, has forced some organizations to rethink their entire approach to compliance management.
- “With GDPR, you need to be able to prove that you’re compliant with the regulations and have evidence of it,” says Mark Phillipi, CEO of Omnyx. “And if something happens—if there are breaches or if there are audits—you have all of those records available in one place. You don’t have anything scattered across various systems or scattered across multiple people’s heads; they’re all centralized in one location so you’re able to provide exactly what regulators ask for.”
Regulatory compliance management tools help companies meet regulatory requirements like GDPR by analyzing information about past events and training employees on how best to avoid them in future situations without having them spend hours searching through email inboxes looking for old emails documenting previous violations.
Compliance Management System Software
Compliance management system software is a software that helps organizations to manage their compliance requirements. It helps to manage the process of compliance, risk associated with compliance and non-compliance. Compliance Management System Software also provides an audit trail for users so that they can track what has been done by whom, when it was done and why it was done.
Compliance Management Platforms
Compliance Management Platforms are a type of software that helps companies manage their compliance requirements. They can help you meet your regulatory requirements, manage your risk management processes, and more.
To give you an idea of how this type of platform works, let’s look at some examples:
Corporate Compliance Management
Corporate compliance management is a process that helps an organization to ensure its compliance with laws, regulations and standards. The process includes policies and procedures for managing the company’s legal risks and ensuring that employees comply with applicable laws, regulations, guidelines and other standards.
Corporate compliance management helps organizations manage risk through the creation of policies and processes to monitor, control or prevent misuse of corporate assets such as:
- Financial controls to protect assets from theft or fraud
- Property controls to protect buildings from vandalism or theft
- Employment practices such as payroll fraud prevention
- Information security controls to protect against cyber attacks
enterprise risk management software
The first step to developing and advancing your ERM program is identifying business risks across your organization. LogicManager’s ERM solutions include centralized libraries of industry-specific potential risks so you can collect and organize the information on the business processes that you’re after for better risk assessments.
The hallmark of a healthy enterprise risk management system is the ability to assess business risks in a uniform fashion. Our pre-built, configurable risk assessments criteria standardizes data so what you’re collecting is always comparable.
Take your program to the next level with the risk monitoring capabilities in our cloud based ERM Software. LogicManager’s software streamlines testing, metric collection, and incidents remediation to ensure your controls are effective and you’re making progress in real time.
Create repositories of risk mitigation activities, controls, and procedures to cover the areas that need it most. With our enterprise risk management tools, you can connect these activities to the resources and requirements they impact so you can easily spot gaps and manage risk better.
Provide your stakeholders with the risk data that matter most with top-rated data visualizations. Our enterprise risk management system has interactive dashboards, heat maps, and risk-matrices built in, so you can craft rich analyses and drive business decisions across the enterprise.
LogicManager’s One-Click Compliance dramatically reduces the effort and time required to satisfy compliance requirements. Through our taxonomy-driven AI, LogicManager will surface all relevant controls and automap them to any risk or compliance plan in just one click.
LogicManager’s ERM system is built on robust taxonomy technology. Connect your organization’s risks in one-click across departments to the controls, resources, processes, and people they impact to identify dependencies and ensure you’re ahead of the curve.
Partner with our Advisory Team to guide you through the evolving risk management landscape. Our experts will keep you updated on the latest threats and equip you with the newest processes and policies.
LogicManager’s GRC Software helps you to ensure that your Governance, Risk & Compliance systems are in place. By applying standards and best practices across your organization you can set your business up for success.
The connected methodology behind our enterprise risk management software extends across every solution area of LogicManager. So no matter what your goals are, you’re always taking a standardized, meaningful, and actionable approach thanks to our risk management solution.
With LogicManager’s automated ERM system, you can streamline your risk management processes. Our cloud based software is easy to use and allows you to engage the people involved in any governance process with automatic notifications and reminders. Track the status of projects by maintaining a real time visual on what risk assessment tasks are outstanding and complete.
Expert Advisory Services
When you sign on to use LogicManager’s ERM Software, we pair you with a team of dedicated advisory analysts to work with you on your risk management processes and your risk assessments. As experienced ERM and GRC consultants, they get you up and running on your new enterprise risk management software in one -on-one training sessions, upload all of your existing data, build risk assessment reports for you, and answer any technical and best-practice questions you have so that you can save time.
risk management software for small business
Risk management helps organizations detect and mitigate enterprise risks and get a 360-degree view of corporate security, system governance and compliance. It allows users to monitor a continuous feed of operational data, connected devices and user accounts to respond to vulnerabilities in real time. You can leverage built-in dashboards to index and quarantine compromised data. It helps run reports on detected breaches, identify risk trends, predict threat behavior and create data visualizations to streamline risk remediation strategies.
This guide will give you a general overview of what to expect before beginning your software selection journey. Next, it will provide a rundown of key features and benefits, followed by a pricing guide and comparison strategy. To finish things, we’ll leave you with a few essential questions to consider while identifying which risk management software would be suitable for your needs.
What Is Risk Management Software?
Risk management software is an enterprise-grade solution that uses robust data analysis tools, artificial intelligence and guided workflows to track system vulnerabilities in real time. You can get complete visibility over your IT and cloud infrastructure, web applications and endpoint security. The platform indexes all security information to provide you with a single source of truth.
Maintain an up-to-date infrastructure inventory with continuous surveillance and file integrity monitoring. You can manage assets, set remediation priorities, check for vulnerabilities and quarantine compromised data. A real-time risk data feed allows you to prioritize critical threats and choose an appropriate remediation response.
Large organizations deal with multiple endpoint devices daily. Risk management software can help maintain a complete inventory of foreign devices and external vendors to check for vulnerabilities, misconfigurations and third-party risks. Enterprise risk management (ERM) software can check the company’s compliance posture and implement it across the system to avoid conflicts with IT policies, mandates and data protection laws.
In addition, risk management software lets you run security assessments and compliance reports for risk owners and shareholders. Carry out customized security audits to benchmark your security position and take remedial action if necessary. Most vendors allow you to build your application with an API-based architecture or integrate with various third-party applications.
In the last decade, many industries have switched to a paperless environment, embracing daily risks. According to Mordor Intelligence, the risk analytics market is estimated to reach an approximate value of $52.33 billion by 2026, with a CAGR of 14%.
However, with increased usage of risk management software, there’s a lot to unpack. What remains unaffected is the software’s ability to give you a comprehensive view of your risk and compliance position, regardless of what industry you’re in.
Now that we have a general idea of what the software does, it’s time to discuss some of the primary benefits that make it a worthwhile investment. Visit the list of products in our product directory to see industry-specific benefits provided by particular risk management solutions.
Timely Risk Remediation
Risk management software will be your vanguard against any potential threats and vulnerabilities. It acts as an early warning system, equipped with automated workflows and remediation measures to provide a hassle-free risk mitigation experience. You can run compliance audits and security reports based on your requirements and always have the necessary information at your disposal to make risk-aware decisions.
Always Have Someone Available During Emergencies
Establish clear-cut risk ownership throughout your organization. Your risk owners will be the first responders to any breaches, threats or workplace incidents. Built-in workflows, along with your company guidelines, should allow them to deal with vulnerabilities effectively.
Protect Core Functions
You can assign risk scores to all recorded threats, endpoint devices, user accounts and third-party vendors.
Configure your risk prioritization procedure to work in tandem with recorded risk scores. This way, the software will always prioritize your critical processes in case of risk incidents.
Get Real-time Updates on All Company Assets
Risk management software provides a real-time inventory of existing IT infrastructure, endpoint devices and web applications. You can track every item’s security and compliance posture without breaking a sweat.
Increase Risk Awareness
Working in close proximity to risk automatically creates a risk-aware working environment. Along with regular training, risk consciousness makes it easier for employees to identify risk indicators and authorize the best course of action.
Key Features & Functionality
Software Comparison Strategy
With numerous risk management solutions available in the market, conducting a software comparison can become overwhelming. Therefore, we strongly recommend having a requirements list in hand to identify the perfect risk management software.
First, you have to consider what deployment mode is preferable to your organization — an on-premise or a cloud-based solution.
There are specific risk management platforms that specialize in certain industries. If possible, get recommendations from within the industry. Ask around to get a feel of what’s good and what exactly makes it tick.
Another vital consideration is data migration and integration support. Organizations switching from an existing platform might need help to move large amounts of data. Also, the ability to retain any previous integrations with third-party applications can be a significant selling point.
Finally, if your company needs to comply with specific regulations or access certain reporting standards like FERC regulations or GDPR control deficiencies, you’ll have to temper your shortlist accordingly.
We can’t point you to particular risk management software and guarantee it’ll be a good match. Keep your shortlist handy, and your requirements list close; before long, you’ll be able to find the perfect fit.
Cost & Pricing Considerations
Two significant factors that determine software pricing are your organization’s size and preferred deployment option.
On-premise deployments often involve additional charges, including installation, regular maintenance and upgrades. On the other hand, the pricing of cloud-based software depends on the total number of authorized users.
A few more factors can influence the cost of risk management software:
Top Risk Management Software
Risk management software comes in all shapes and sizes. Therefore, it’s difficult to identify one vendor as the absolute best. It all depends on which vendor can best meet requirements specific to you and your organization.
Nevertheless, we’ve prepared a list of the most popular platforms in the industry.
RSA Archer is a cloud-based risk management platform that provides continuous visibility over your IT, security and compliance postures. It leverages purpose-built automation to streamline critical business and administrative processes.
You can use the interactive dashboard to monitor all endpoint devices and respond to breaches and threats in real time. Seize control of your risk management experience with integrated infrastructure, web application and cloud security, and third-party protection.The platform supports on-premise and SaaS delivery models, allowing for scalability and adaptability.
Get greater visibility into incident management tasks.
MetricStream is a governance, risk and compliance (GRC) software that provides a 360-degree view of your organization’s workforce and system data. Built-in AI and machine learning tools can analyze embedded data to protect against risks. It can analyze risk behavior and market trends to predict potential risk incidents. Preconfigured workflows take care of general administrative tasks, including document generation and evidence collection.
It helps ensure complete transparency over operational procedures with internal audits, built-in controls, data visualization and policy management. Maintain compliance with FERC, SEC and capital market transaction regulations.
risk management software vendors
Vendor risk management, which is also known as supplier risk management and third-party risk management, is a relatively new discipline in the IT industry. It is a type of service that you need to be familiar with because it is likely that your system is currently exposed to risks that you don’t know about.
Here is our list of the six best vendor risk management software:
You can read more about each of these options in the following sections.
With risk management, you investigate your company’s working practices and IT security that could lead to data disclosure if they are not tight enough. Data loss events damage your company’s reputation and lead to ruinous losses through blackmail, litigation, and fines.
Unfortunately, being able to blame a software supplier for data loss events is rarely an option. Ultimately, your company is legally responsible for the security of the data it holds. Even if you get a Business Associate Agreement (BAA) from a data management service or storage provider you could still be on the hook. If that company has a better legal team than yours or if it goes bust, all of the cost of a data loss event would fall on your company.
Legal wrangling after the fact is less effective and more expensive than preventative measures to avert data disclosure. Checking your system for potential security weakness is very important but it isn’t enough. You also need to check the security of all of those service providers that you now use.
Cloud services and Software-as-a-Service packages are very popular. They reduce administration tasks, address the global shortage of skilled IT professionals, and cut costs. However, despite the extensive uptake of cloud systems throughout the advanced economies, some company executives are still reluctant to allow their IT systems to be managed outside the building by other companies. They worry about loss of control and they have a right to be nervous.
If your company is ultimately legally liable for the errors of service providers, it can be reasonably argued that outsourcing functions are too much of a risk. The only way to counter that exposure is through vendor risk management.
How does vendor risk management work?
The obvious way to check on the security systems of suppliers is to ask them or look through the sales information. However, like your company, those suppliers are going to present a good image of themselves wherever possible. They are not going to tell you the problems that they have faced.
Not only do you need to look into your suppliers before you sign up for their services, but you need to know about the security of their suppliers. Many cloud services don’t manage their servers; they rent space on cloud servers run by other companies. Those service providers also might use the software provided by other companies. That software might include APIs provided by other companies that access processes running on other servers, run by other providers.
To fully assess a vendor, you also need to disclose what other businesses are involved in delivering a service.
It just isn’t realistic to expect a busy IT manager to spend the time to investigate every single contributing supplier in the chain of provision for cloud services. A full investigation would require subscriptions to court reports, tracing systems to identify associated suppliers and access to specialist investigators. Buying in all of those services for every single IT service contract would be prohibitively expensive. Vendor risk management software and services bundle all of those elements together in an affordable package.
Vendor risk systems operate as a combination of services. One is a database of legal actions against companies and the other is a framework for assessing compliance measurements, such as standards accreditation. Vendor risk management systems are usually subscription services and once a list of software providers have been registered, the risk management service continues to track legal actions and data disclosure notifications and will alert if one arises for software or services that are on the list for one of the risk management service’s clients.