The Top 7 Operational Risk Management Software
Operational risk management software helps organizations identify, assess, and mitigate operational risks by offering risk assessment, incident tracking, and reporting capabilities.
Written by Joel Witts
Technical Review by Laura Iannini
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1.
Archer Enterprise and Operational Risk Management
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2.
AuditBoard RiskOversight
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3.
Diligent Enterprise Risk Management
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4.
IBM OpenPages
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5.
LogicGate Risk Cloud
Operational Risk Management (ORM) software enables organizations to identity, assess, monitor, and implement remediation plans for any scenarios than can disrupt day-to-day business operations. Operational risk management solutions help businesses to uncover risks, develop plans to mitigate them, and support ongoing activities such as training, monitoring, and regular risk assessments.
All businesses operate under a degree of risk. Disruptions can be caused by large global events such as the Covid-19 pandemic or other natural disasters, to company specific events such as cybersecurity breach or disgruntled employee deleting company files. It’s important for organizations to have risk management plans in place that can anticipate, plan for, and remediate against any operational risks that may emerge. This is important to protect employees and customers, prevent financial losses, and to ensure compliance with industry regulations.
Key features of the ORM software includes, risk assessments, event management, monitoring and reporting, risk surveys, and scenario analysis workflow automation. Adopting a robust operational risk management solution helps organizations prevent financial loss, reduce reputational damage, and ensure compliance with legal and regulatory requirements.
It’s important for organizations to have a robust ORM solution in place to help prevent and respond to risks affecting their network. In this list, we will compare the top operational risk management software solutions, considering factors such as their features, ease of use, scalability, integration capabilities, and customer feedback.
Archer Enterprise and Operational Risk Management
Archer Enterprise and Operational Risk Management is a centralized platform designed to help organizations to identify, assess, and monitor risks consistently across their entire business. The platform offers a cohesive framework to establish a holistic risk management program, streamlining the process of managing risks throughout the entire organization.
Key features of Archer Enterprise and Operational Risk Management include a risk catalog for recording and tracking risks, top-down and bottom-up risk assessments for documenting organizational risks and controls, loss event management for tracking and reporting on loss events, key indicator management for monitoring and reporting on business risk insights, and operational risk management for identifying and managing risks across the enterprise.
Archer provides organizations with a comprehensive platform that allows them to manage various dimensions of risk through on-premises and SaaS offerings. The platform enables organizations to efficiently implement industry-standard processes and best practices, leading to improved risk management maturity, informed decision-making, and enhanced business performance. Archer has gained global recognition as a leader in IT risk management, IT vendor risk management tools, and business continuity management program solutions.
Archer Enterprise and Operational Risk Management
AuditBoard RiskOversight
AuditBoard offers a modern, connected platform designed to assist audit, risk, and compliance professionals in managing changing risk landscapes. The platform brings a comprehensive approach to risk management by increasing visibility, streamlining risk assessments, reporting, action plan management, and centralizing risk data. It aims to help users make informed strategic decisions by providing a common language for risk across the organization.
By automating the distribution and aggregation of risk assessments, AuditBoard’s platform, RiskOversight, saves time and increases engagement from business owners. It offers flexibility in performing risk surveys or in-person interviews according to user needs, and dynamically scores risk by collecting various risk criteria ratings.
Users can visualize top risks through dashboards and heatmaps while easily linking controls and mitigating activities across the AuditBoard platform. This functionality enables better analysis, monitoring, and management of key risk indicators.
The platform further enhances risk management by driving mitigation action plans through built-in workflows, allowing users to create, assign, and manage action plans efficiently. In addition, it offers real-time visibility into remediation progress and automates follow-up on outstanding tasks. AuditBoard is used by hundreds of audit, risk, and compliance teams, including over 40% of Fortune 500 companies.
AuditBoard RiskOversight
Diligent Enterprise Risk Management
Diligent Enterprise Risk Management (ERM) offers a comprehensive platform designed to optimize performance, accelerate growth, and monitor risks across organizations. Diligent ERM enables better and faster decision-making by aligning leadership on strategic risks affecting the entire organization. The solution provides a suite of detection, evaluation, and monitoring tools that proactively neutralize risks before they become problematic. Diligent ERM can be customized, allowing it to be align with industry-specific best practices and regulatory standards.
The platform also offers customizable storyboards that provide actionable insights by pulling risk data from across the organization and presenting it in digestible reports. Advanced analytics are used to identify risk patterns, predict threats, and automate monitoring to reveal unaddressed discrepancies in data without increasing personnel. Diligent ERM can curate and centralize data, allowing organizations to customize their risk and control libraries with key industry-specific information.
Diligent maintains a robust security program following NIST Cybersecurity Framework and ISO/IEC 27001 standards to protect customer data. Diligent serves one million users across 25,000 customers worldwide.
Diligent Enterprise Risk Management
IBM OpenPages
IBM OpenPages Operational Risk Management is a comprehensive solution designed to streamline the process of identifying, measuring, monitoring, analyzing, and managing operational risk in businesses. By integrating risk data within a single environment, the solution offers a holistic view of risk management and a unified approach to governance, risk, and compliance (GRC). IBM OpenPages ORM incorporates IBM Cognos Analytics, allowing users to explore data and gain insights through its business intelligence capabilities.
Key features of IBM OpenPages ORM include risk and control self-assessments, key risk and performance indicator tracking, loss event management, external loss events, scenario analysis, and issue management and remediation. By leveraging these features, the solution helps businesses identify and manage high-risk areas, delivering actionable reporting and aiding in risk measurement and minimization.
IBM OpenPages with Watson is an AI-driven GRC solution that combines the capabilities of IBM Watson and an extensive partner network. This innovative platform spans various risk and compliance functions, offering a unified view of risk and regulatory responsibilities across organizations. By integrating both internal GRC policies and the external regulatory environment, IBM OpenPages with Watson empowers risk and compliance professionals to make more informed and effective decisions.
IBM OpenPages
LogicGate Risk Cloud
LogicGate Risk Cloud enables organizations to assess, communicate, and mitigate enterprise risks effectively. The solution offers a connected view of risks and controls, streamlining workflows and saving time by automating assessment tasks, reminders, and notifications.
Risk Cloud is designed to adapt and scale with your risk management program. Its modern platform architecture enables dynamic connections between risks, controls, business units, and risk owners without compromising reporting speed or flexibility. This allows Risk Cloud to evolve with your organization, providing deeper risk insights over time.
The platform provides customizable reports and dashboards, featuring a range of data visualizations like tables, charts, and heatmaps to help track and share risk status, scores, and mitigation stages. Risk Cloud Quantify leverages simulations to provide financial context for risk decisions, effectively communicating the impact of enterprise risk to stakeholders in financial terms.
LogicGate Risk Cloud is a comprehensive solution designed to connect, automate, and scale enterprise risk management programs, breaking down silos, improving cross-team collaboration, and facilitating strategic decision-making.
LogicGate Risk Cloud
Onspring Risk Management
Onspring is a cloud-based platform offering intelligent GRC workflow automation and real-time reporting solutions for businesses. Their no-code platform focuses on a people-first approach, simplifying workflows, increasing process transparency, and reducing manual tasks. Onspring caters to various business processes, including Governance, Risk, and Compliance (GRC), Integrated Risk Management (IRM), internal audit, vendor risk, and IT Service Management (ITSM).
The software gathers and integrates various risk data types, such as cyber, financial, operational, and reputational risks, in one place. It offers automated assessments, findings management, and real-time updates to business owners when risk profiles change. Onspring supports numerous risk frameworks, such as NIST, ISO, NERC, CMMC, FedRAMP, SOC, COSO, HIPAA, HITRUST, and FISMA.
Onspring’s platform provides real-time visibility into risk management, allows for fast return on investment, and includes implementation support. The platform allows data sharing and collaboration across InfoSec, audit, compliance, and legal teams. Its features include live reporting, executive dashboards, advanced formulas, access control, and integrations with third-party services such as RapidRatings, SecurityScorecard, RiskRecon, and BitSight.
Onspring Risk Management
Resolver Enterprise Risk Management
Resolver, a Kroll owned company, offers integrated risk management software that allows organizations to understand the connections between their risks and controls. Its all-in-one platform provides comprehensive risk registers, helping streamline risk intelligence. With a cloud-based platform and intuitive user interface, Resolver removes the need for manual data transfers and ensures easy adoption across compliance, internal audit, and internal control teams.
The software incorporates best practices in risk management processes and provides tailored implementation support. Teams can automate workflows, reduce the chance for errors and free up resources for deeper risk intelligence activities. Resolver’s Enterprise Risk Management software also comes with one-click access to a comprehensive range of dashboards, reports, and visualization.
Resolver offers solutions for operational risk management, business continuity planning, COVID-19 risk assessments and more. These tools help organizations manage risks, develop response plans, and track the performance of test exercises.
Resolver Enterprise Risk Management
Everything You Need To Know About Operational Risk Management Software (FAQs)
What Is Operational Risk Management Software?
Operational Risk Management (ORM) software enables organizations to identify, assess, mitigate, and monitor risks associated with their day-to-day operations. These solutions facilitate the evaluation of risks associated with operational processes, IT infrastructure, regulatory compliance, and third-party relationships, among other factors.
Operational Risk Management software is particularly valuable for organizations in highly regulated industries, such as finance, healthcare, and manufacturing, where compliance with industry standards and regulatory requirements is critical. It helps these organizations proactively manage and mitigate operational risks. This can have a significant impact on financial stability, reputation, and compliance.
How Does Operational Risk Management Software Work?
Operational risk management software enables teams to identify, assess, monitor, and protect against operational risks which may impact their organization. This includes a multi-step process, including the following activities:
- Risk Assessments: Identifying and cataloguing operational risks, such as human errors, system failures and compliance requirements. Risks are typically scored on severity and likelihood.
- Risk Monitoring: Continuously tracking and monitoring for risks. This may include collecting data from various sources, such as incident reports, audit findings, and external data feeds.
- Risk Mitigation: Developing and implementing risk mitigation strategies and action plans. It may offer tools to document and assign responsibilities for risk-reduction measures.
- Reporting: The software generates reports that provide insights into the organization’s risk landscape. These reports may be used for compliance and regulatory purposes.
What Features Should You Look For In Operational Risk Management Software?
ORM software typically includes features such as risk identification, risk assessment, risk mitigation planning, risk monitoring and reporting, as well as integration with regulatory frameworks and industry standards. Key features to consider when choosing an operational risk management solution include:
- Risk Assessment: Risk scoring and rating systems to prioritize risks based on severity and probability
- Risk Monitoring: Continuous tracking of risks with the ability to set up alerts for significant changes in risk profiles
- Incident Tracking: Functionality to log and report operational incidents, near-misses, and accidents
- Risk Mitigation and Action Plans: Capability to develop and manage risk mitigation strategies and action plans
- Reporting and Analytics: Customizable reporting features to generate reports tailored to the needs of different stakeholders, including management and regulatory authorities
- Compliance Management: Tools to ensure compliance with industry regulations and standards
- Audit Trails: Detailed record-keeping to maintain an audit trail of all changes, actions, and interactions within the software
- User Access Control and Security: Robust user access controls and data security features to protect sensitive risk information
- Mobile Accessibility: Mobile or remote access options to enable risk management from various locations
- Customization: The ability to customize the software to fit the unique risk management processes and requirements of your organization
- Training and Support: Availability of training resources and customer support to assist users in effectively utilizing the software
Written By
Joel Witts is the Content Director at Expert Insights, meaning he oversees all articles published and topics covered. He is an experienced journalist and writer, specialising in identity and access management, Zero Trust, cloud business technologies, and cybersecurity. Joel is a co-host of the Expert Insights Podcast and conducts regular interviews with leading B2B tech industry experts, including directors at Microsoft and Google. Joel holds a First Class Honours degree in Journalism from Cardiff University.
Technical Review
Laura Iannini is an Information Security Engineer. She holds a Bachelor’s degree in Cybersecurity from the University of West Florida. Laura has experience with a variety of cybersecurity platforms and leads technical reviews of leading solutions. She conducts thorough product tests to ensure that Expert Insights’ reviews are definitive and insightful.