Risk Management

10 Top Risk Management Tools to Detect Company Risks Early

Risk management tools prevent incidents in the future. While some risks create opportunities, majority create troubles. In this Software Testing Help article, know the 10 risk management tools to detect company risks early.

Controlling Risks with Risk Management Tools

A SWOT analysis, historical data analysis, team meetings are useful for qualitative risk assessment. Discuss probable risk types before performing a quantitative risk assessment. Analyze the risk potential based on aspects like cost, schedule, and scope. Following are the top risk management tools to detect company risks early:

  1. A1 Tracker: A web-based risk management tool, it records and manages project risks. Its user-friendly interface and proactive customer support win hearts. Email risk reports to relevant personnel.
  2. Risk Management Studio: It features gap analysis, risk assessment with treatment, business continuity manager. It has a huge threat database because of its ISO 27001 certification. It offers free upgrades and customer support. Import and export excel reports and send generated risk results to anyone.
  3. IsoMetrix: One of the top risk management tools, it is suitable for large to mid-size companies. The cloud-based application is best food/retail, metallurgy, civil/construction, mining industries.
  4. Active Risk Manager (ARM): Developed by Sword Active Risk, it assists in recording, assessing, and managing risks. Its auto alert system notifies stakeholders. Get a quick risk view on its dashboard. It assists in qualitative and quantitative assessments. ARM is one of the few risk management tools with clients like Airbus, NASA, GE Oil and Gas, etc.
  5. Checkit: It audits the data collected and sends reports to stakeholders. Enter the data manually or through browsers or applications. Physical data requires scanning while you can insert data into apps offline. Clients are Kellogg’s, Utz, Pinnacle, etc. It has a user-friendly interface and around-the-cloud customer support.
  6. Isolocity: An automated quality management system, this cloud-based application can be accessed across the world. It provides risk management phases like risk management, opportunity, objective, and change management. After uploading the risk details, assign the owners, create actions, and escalate risks.
  7. Enablon: One of the top risk management tools, it tracks risks based on hierarchy, documents and analyzes them. Over 1,000 companies like Accenture and Puma can swear by its benefits.
  8. GRC Cloud: Developed by Resolver Systems, GRC Cloud manages risks, security issues, and incidents. Plan risks by uploading potential features and respond without delay upon detection. Prioritize risks based on risk score given during risk assessment. Automated risk alerts are sent based on risk type and detection time.
  9. iTrak: iView Systems developed this incident reporting and risk management tool. Control iTrak based on available security codes. It provides features like alarms, announcements, reports, user interface, etc.
  10. Analytica: Lumina’s Analytica is one of the top risk management tools in its sector and is used mostly for risk and policy analysis. Analytica allows you to create multi-dimensional tables. If you run use cases, it delivers results 10 times faster than spreadsheets.

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