Risk Management Software

The Top 10 Risk Management Solutions

Assess the top 10 Risk Management Solutions offering risk identification, assessment, and mitigation features to proactively manage and mitigate risks across projects and operations.

The Top 10 Risk Management Solutions include:
  • 1. AuditBoard
  • 2. Balbix
  • 3. Diligent One
  • 4. LogicManager
  • 5. NAVEX IRM
  • 6. Onspring
  • 7. Qualys TruRisk
  • 8. Rapid7 InsightVM
  • 9. Resolver Security Risk Management
  • 10. ServiceNow GRC

Risk Management Solutions (RMS) are essential tools that assist organizations in identifying, analyzing, and responding to potential risks that could negatively influence their business objectives. These solutions provide organizations with the capabilities to efficiently handle uncertainties and proactively address them, ensuring they can make the most of any opportunities. 

Risk management solutions can be deployed across various industries, and are essential for financial services providers, healthcare providers, manufacturers, IT companies. They are relevant to any industry that is exposed to potential operational, financial, security, and strategic risks. Risk management solutions simplify the often complex process of identifying, analyzing, tracking, and mitigating risks.

The market is filled with robust and effective risk management solutions, meaning that it can be difficult to find the right one for your organization. This guide will explore the top 10 Risk Management Solutions, highlighting their notable features, usability, and risk reporting capabilities.

AuditBoard Logo

AuditBoard is a streamlined platform designed for audit, risk, and compliance professionals to efficiently manage the rapidly evolving risk environment. It actively engages front line operations, while highlighting significant risks to support more informed strategic decision-making.

Key features and functionality of AuditBoard include the ability to integrate and refine your risk management programs. This includes identifying, assessing, handling, mitigating, and monitoring risks in a well-integrated, visually appealing, and intuitive manner. The platform allows you to streamline the risk assessment process, report generation and management of action plans, ensuring accurate, high-quality, and readily available risk data and trends. This solution also saves time by automating the distribution and aggregation of risk assessments and closely monitoring action plan completion. AuditBoard also offers flexible options for conducting automated risk surveys or in-person interviews, as well as providing real-time visualizations for trend analysis to evaluate the effectiveness of your efforts and proactively manage risk.

AuditBoard is a valuable tool for unifying and streamlining risk management programs. It provides visibility into risk trends, standardizes data, and enhances collaboration across the organization. It also facilitates rapid assignment and management of action plans, offering quick insight into remediation progress, while automatically tracking outstanding tasks.

AuditBoard Logo
Balbix Logo

Balbix Security Cloud is a cybersecurity platform aimed at reducing an organization’s cyber risks by uncovering and addressing the most imminent security threats. It integrates with existing security and IT tools to build a comprehensive cyber risk model and provide actionable instructions for risk reduction.

The platform enables automated inventory of both cloud-based and on-premise assets, providing continuous management of vulnerabilities on a risk-based scale. One key differentiator with Balbix is its ability to quantify cyber risks in financial terms, fostering data-driven decision-making processes for executives and operational teams. This solution can calculate the risk of potential breaches and losses based on asset, vulnerability, security control data. It facilitates the understanding of risk by elaborating on individual assets and applications, pinpointing specific security issues contributing to the overall risk. Balbix further introduces steps to decrease cyber risk like patching vulnerabilities and setting up security controls.

Balbix Security Cloud is a robust cybersecurity platform that enables organizations to quantify and reduce their cyber risks. With its detailed reporting and actionable insights, organizations can understand their risk distribution and make informed decisions about their security investments, leading to more efficient risk mitigation.

Balbix Logo
Diligent Logo

Diligent is a premier Governance, Risk, and Compliance (GRC) software provider that aims to support organizations in managing and navigating today’s core risks, whilst preparing for those of tomorrow. As a SaaS platform, Diligent provides an integrated, unified, and efficient method of creating risk-informed business strategies, providing risk visibility to boards and executives, as well as streamlining risk management processes overall.

Key features of Diligent include its ability to consolidate an organization’s risk profile into a single platform, assist teams in aligning audit, risk, and compliance operations, and the ability to automate continuous cyber risk assessment. Additional capabilities range from establishing robust IT compliance programs to enabling third-party risk management – from onboarding, performance monitoring to ongoing reviews and remediation. For public agencies, Diligent offers effective risk management and IT risk-compliant solutions that are built to address their specific needs. The tool ensures that organizations can stay ahead of emerging IT risks and helps leaders make risk-informed decisions.

Diligent serves as an all-in-one platform that can benefit both conventional organizations and public agencies, streamlining risk and compliance management. The platform allows for a more effective response to risks, reduced costs, and supports businesses in making data-driven and confident decisions.

Diligent Logo
LogicManager Logo

LogicManager is an Enterprise Risk Management (ERM) solution that is designed to safeguard organizations by anticipating potential risks. It serves as a centralized platform for all enterprise risk management, governance, and compliance activities, emphasizing material issues and priorities to foster business performance efficiency.

The software engages a risk-based methodology across all organization sectors. It features robust taxonomy technology, which links your organization’s risks to impacted controls, resources, processes, and individuals. This solution enables identification of dependencies, proactively staying ahead of emerging threats, whilst also offering an innovative feature called One-Click Compliance which reduces the effort and time needed to meet compliance requirements. LogicManager uses taxonomy-driven AI to automatically map all relevant controls to any risk or compliance plan with a single click and, through their Integration Hub, offers no-code templates to integrate LogicManager with over 500 popular third-party applications, eliminating the need for IT team involvement.

LogicManager offers a comprehensive solution for automating and streamlining risk management processes. Its ability to integrate compliance and risk management activities into a centralized hub ensures increased efficiency and improved business performance.

LogicManager Logo
Onspring Logo

Onspring’s GRC is a robust, cloud-based platform equipped with no-code, automated workflows and real-time reporting for effective risk management. It integrates and aggregates various risk data sets ranging from financial to operational and cyber risks, facilitating a thorough risk overview.

This solution offers a range of key features such as auto-creating multiple data records by set rules, the direct production of ready-to-use reports, and the efficient assignment and tracking of tasks. These include real-time data aggregation, customizable dashboards, and automated work processes. It also offers features like dynamic surveys for impact assessments and automated notifications across different channels. Additional strengths of the platform include shared lists to avoid duplication, dynamic data referencing that links risks to impacted controls, and strategic access control settings for each user. Another standout feature is its ability to calculate real-time risk posture from multiple data records.

Onspring’s GRC is a comprehensive risk management solution. With its comprehensive data integration, automation capabilities, and real-time reporting, it empowers organizations to intelligently oversee, assess, and mitigate risks, facilitating informed decision-making, ensuring adherence with compliance policies, and fostering operational efficiency.

Onspring Logo
Qualys Logo

Qualys is a US-based technology company offering the Qualys Enterprise TruRisk Platform, a cloud-based risk management solution. The platform helps in securing an organizations entire attack surface, providing business context to facilitate risk-based vulnerability management.

Key features of Qualys TruRisk include intuitive vulnerability prioritization according to risk, with a unique scoring system that can help to identify and reduce critical vulnerabilities. This solution boasts an optimized and operationalized IT security workflow with a unified dashboard that accelerates the remediation process by correlating vulnerabilities with available patches. The Qualys Platform includes the ability to ensure audit-readiness with over 850 pre-configured policies, over 19,000 controls, and compatibility with 350 technologies, as well as 100 regulations and frameworks. TruRisk combines risk factors from over 73,000 vulnerability signatures, 25+ sources of threat intelligence, and non-Qualys product integrations.

Qualys Enterprise TruRisk Platform provides a comprehensive, unified solution for risk-based vulnerability management, ensuring enterprises are secure, audit-ready, and equipped with efficient threat detection and mitigation strategies.

Qualys Logo
Rapid7 Logo

Rapid7 InsightVM is a vulnerability management software that offers complete visibility of IT assets, prioritizes critical vulnerabilities, and provides tools for effective remediation. The software is known for its robust analytics and automation functionalities, helping security teams to proactively confront potential threats and minimize risks.

Rapid7 InsightVM is equipped with features designed to help manage vulnerabilities effectively, including ‘Live Dashboards’ which offer instant visibility and assessment of threats, and a ‘Lightweight Endpoint Agent’ which monitors the IT infrastructure. The ‘Active Risk Score’ system aids in overseeing and prioritizing vulnerabilities that could pose a risk to the organization. The software also includes ‘IT-Integrated Remediation Projects’ for fast, practical responses to identified issues. Rapid7 InsightVM also implements ‘Attack Surface Monitoring with Project Sonar’ and ‘Integrated Threat Feeds’ to monitor the external threat landscape, as well as ‘Goals and SLAs’ functionality and an ‘Easy-to-Use RESTful API’ for seamless integration. The solution also features policy assessment capabilities to ensure compliance with regulatory standards.

Rapid7 InsightVM provides focused, real-time insights into potential vulnerabilities. It offers a comprehensive suite of features for tracking, analysis, and remediation, facilitating organizations to stay one step ahead of potential cyber threats.

Rapid7 Logo
Resolver Logo

Resolver is a Risk Intelligence Platform (developed by Kroll Business) that provides an integrated approach to Enterprise Security Risk Management (ESRM). It works by gathering and analyzing risk data in context, helping companies to understand and manage their risk at a granular level.

Key features of Resolver include its ability to identify and track critical assets while managing associated risks and controls. This assists with aligning security measures with the business’s risk appetite. To reduce assessment costs, Resolver equips local security teams with customizable pre-built forms for performing accurate, cost-effective risk assessments. It ensures accurate risk assessment by capturing all sources of risk, including incident and threat data in a centralized database, translating security data into risk intelligence. It also includes a feature to track corrective actions, sending reminders and notifications about overdue actions.

Resolver is an effective tool for ESRM as it provides clear insights into the risk landscape of an organization. Its automated reports turn raw data into valuable insights, enabling efficient resource allocation to critical risks. By revealing risk reduction over time, it provides proof of its impact and effectiveness.

Resolver Logo
ServiceNow Logo

ServiceNow’s Risk Management solution is a comprehensive cloud-based platform designed to enhance and simplify enterprise operations. With a focus on digital workflow management, the tool provides the means to continuously identify and monitor high-impact risks, facilitating effective, informed decision-making.

The system’s key features include risk assessments, key risk indicators, and advanced risk reporting capabilities. Scheduled self-assessments help monitor risks and control accuracy, while the continuous risk and control surveillance allows for quick identification of changes in risk posture. The ability to identify, handle, and report risks centrally is also a part of the functionality. ServiceNow’s Risk Management further supplements these features with mobile accessibility, qualitative and quantitative risk scores, automated workflows, and smart issue management utilizing AI/ML. All of these serve to expedite tasks, from risk assessment responses to suggested remediation, while the risk statement library provides a common risk taxonomy for easier consolidation of ratings and reporting.

ServiceNow’s Risk Management platform streamlines risk management processes, offering a single space for monitoring, analysis, and reporting. The combination of AI-driven features, interactive dashboards, and mobile accessibility makes the tool an efficient solution for managing enterprise risks.

ServiceNow Logo
The Top 10 Risk Management Solutions