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.