We all know that every business involves a certain amount of risk. This is why robust risk register software is essential in any project manager’s toolkit.
Whether it’s a financial challenge or a project-related bottleneck—with a risk register tool, you and your team can make data-driven decisions and seamlessly navigate any business threat.
If you’re a project risk manager evaluating tools for a risk management program, you’re in the right place! Over the years, the folks at ClickUp and I have tested countless risk register software in an attempt to find the most efficient tool for this purpose.
In this blog, I’ll list down 10 of the best risk management software that we’ve used and loved. Let’s start!
The Ultimate Guide to the Best Risk Register Software of 2024
- What Should You Look for in a Risk Register Software?
- The 10 Best Risk Register Software to Use in 2024
- 1. ClickUp (Best for risk management)
- 2. Mitratech (Best for legal risk management)
- 3. Hyperproof (Best for compliance risk tracking and management)
- 4. Diligent One Platform (Best for IT risk management)
- 5. ServiceNow (Best for comprehensive risk management)
- 6. TimeCamp (Best for tracking project-related risks)
- 7. GOAT (Best for risk tracking and assessment)
- 8. Resolver (Best for enterprise risk management)
- 9. MasterControl (Best for quality risk management)
- 10. Archer IT (Best for integrated risk management)
- Manage Project Risks Efficiently with ClickUp
Summarize this article for me pleaseWhat Should You Look for in a Risk Register Software?
An ideal risk register tool primarily serves three purposes—risk identification, management, and mitigation. Here are five essential criteria you should look for in a tool to ensure you can track and manage risk exposure effectively:
- Ease of use: Go for a tool that has a user-friendly interface and involves a minimal learning curve. This will help you and other risk owners navigate it smoothly and reap its benefits to the maximum
- Customization: Choose a risk management tool with ample scope for customization. This way, you can tailor it to your business’s unique risk management needs
- Workflow automation: Pick a risk register tool that can automate repetitive tasks. This minimizes manual labor in conducting risk assessments and makes the process of risk management smoother
- Integrations: Look for a tool that integrates with all the major tools and software you work with on a day-to-day basis. This helps optimize your workflow
- Reporting and analytics: Choose a tool that provides real-time risk management reports and analytics to maximize risk mitigation
Summarize this article for me pleaseThe 10 Best Risk Register Software to Use in 2024
Here are the 10 of the best paid and free risk register software on my list:
1. ClickUp (Best for risk management)
ClickUp’s comprehensive suite of features makes it my go-to risk management software. However, its versatility is just one trait that makes this tool such a good choice. ClickUp is also highly customizable, collaborative, and efficient—the perfect recipe for optimized risk management.
To give you a brief idea of ClickUp’s offerings, I’ll round up a few of its best risk management features for you.
First, there are ClickUp Dashboards, easily one of the best platform features for me. A lot of times, we fail to correctly anticipate the risks involved in a project because we can’t keep track of its status, resources, etc. ClickUp Dashboards facilitate this. They give me a quick, easily comprehensible view of all my ongoing projects, which helps me identify and resolve any upcoming challenges in advance.
Time is the most crucial resource of all—and project managers already know that. ClickUp’s time-tracking capabilities empower me to use this resource prudently. I like how it tracks the amount of time spent on a particular task and estimates a project’s time requirements accordingly.
Is busy workflow coming in the way of efficient risk management? I swear by ClickUp Automations to help me in this aspect! It lets me create custom automations to ensure all my project deliverables are met on time. Moreover, with over 100 customizable templates to choose from, it also helps me automate all the tasks that would otherwise eat up my team’s valuable time and efficiency.
Speaking of templates, did I tell you about the ClickUp Risk Register Template? Exclusively designed for teams looking to mitigate and manage risks, this template helps me:
- Identify potential risks way before they come to reality
- Track risk status, ownership, and impact to understand its depth
- Organize risk assessments to resolve them in a systematic manner
All in all, ClickUp has significantly streamlined risk management for me, reducing the number of tools I used to use for this purpose.
ClickUp best features
- Team collaboration: Stay in touch with your team and collaborate on risk-elimination tasks together using ClickUp Docs
- Workload view: Track your team’s progress with the ClickUp Workload View
- Progress tracking: Leverage ClickUp Goals to set and track progress on goals and any deviations from them
- Visual solution mapping: Document processess with ClickUp Mind Maps and prevent risks through standardization
- Seamless integrations: Integrate the platform with third-party tools and software like Slack, GitHub, HubSpot, Dropbox, etc., using ClickUp Integrations and streamline your workflows
ClickUp limitations
- New users might experience a slight learning curve
ClickUp pricing
- Free Forever
- Starter: $7/month per user
- Advanced: $12/month per user
- Enterprise: Contact for pricing
- ClickUp Brain: Add to any paid plan for $7 per member per month
ClickUp ratings and reviews
- G2: 4.7/5 (9,600+ reviews)
- Capterra: 4.6/5 (4,100+ reviews)
2. Mitratech (Best for legal risk management)
Mitratech’s comprehensive Government, Risk & Compliance (GRC) solutions are among their most coveted offerings. They are designed to help you stay compliant irrespective of the industry or standards your business falls under. The software helps you monitor compliance within the organization and also with third-party vendors. It significantly mitigates any legal risk that could arise due to negligence and boosts your efficiency.
Mitratech best features
- Choose from a range of tailored GRC solutions to find the most relevant one for your business
- Measure and monitor your organization’s compliance level
- Create, run, and manage zero-code risk management workflows in your organizations
- Leverage in-app collaboration features to maximize communication efficiency across your team
Mitratech limitations
- Offers limited flexibility in terms of customization
- Involves a steep learning curve
Mitratech pricing
- Custom pricing
Mitratech ratings and reviews
- G2: N/A
- Capterra: Not enough reviews
3. Hyperproof (Best for compliance risk tracking and management)
IHyperproof specializes in traditional risk management, vendor management, and audit management. It hosts over 90 compliance framework templates to meet the diverse compliance requirements of different businesses.
The platform is highly advanced. Most of its risk tracking and mitigation features are automated, minimizing the scope for human intervention and, thus, error. This is another major reason why this risk management software is on our list.
Hyperproof best features
- Ensure compliance across 100+ frameworks like SOC 2, HIPPA, GDPR, and FedRAMP
- Use built-in exportable dashboards to keep an eye on your risk posture
- Automate vendor risk management to reduce any chances of loss
- Streamline your internal audit preparation by centralizing work in a single place
- Integrate with tools like Azure, GitHub, Google Drive, and more
Hyperproof limitations
- Complex setup and configuration process
- Customization features are very limited
Hyperproof pricing
- Custom pricing
Hyperproof ratings and reviews
- G2: 4.6/5 (127 reviews)
- Capterra: 4.8/5 (48 reviews)
4. Diligent One Platform (Best for IT risk management)
Diligent One Platform (formerly HighBond) is a risk management and mitigation platform. If you run an IT business, I highly recommend this software. Its offerings—right from vendor risk management to ERM—are precisely tailored to meet the needs of the IT industry.
Diligent One acts as a consolidated platform where you can check your organization’s entire risk profile—and that’s a one-up for me. Moreover, its continuous monitoring ensures you are compliant and risk-free on all business fronts.
Diligent One Platform best features
- Leverage the power of AI to track and mitigate risks
- Connect the platform with any data source of your choice to maximize workflow efficiency
- Receive accurate data and insights to avert risks and make informed decisions
- Integrate with leading software like Salesforce, Microsoft, Oracle, and so on
Diligent One Platform limitations
- Complex setup process
- Limited mobile app features
Diligent One Platform pricing
- Custom pricing
Diligent One Platform ratings and reviews
- G2: 4.3/5 (124 reviews)
- Capterra: 4.5/5 (83 reviews)
5. ServiceNow (Best for comprehensive risk management)
This is another AI-based platform that simplifies risk management.
ServiceNow is an integrated platform that helps you track, monitor, and control risk simultaneously. From policy and compliance risk management to operational risk management—this software facilitates it all. Powered by AI, ServiceNow automates and centralizes most of these risk management activities. It’s a robust tool that enables you to make better, data-driven risk management decisions.
ServiceNow best features
- Enable business impact analysis to prioritize and respond to risks with maximum efficiency
- Predict and prevent risks with AI-powered tools and features
- Utilize risk data to scope and prioritize audit plans prudently
- Gain accurate performance analytics to anticipate trends and stay ahead of the curve
- Integrate with tools like Microsoft, Salesforce, Oracle, etc
ServiceNow limitations
- Requires extensive configuration
- Can be overly complex for certain teams
ServiceNow pricing
- Custom pricing
ServiceNow ratings and reviews
- G2: 4.4/5 (1,988 reviews)
- Capterra: 4.5/5 (246 reviews)
6. TimeCamp (Best for tracking project-related risks)
TimeCamp is an auxiliary tool in my risk management toolkit. Being a time-tracking tool, it’ll help you control project timelines and, subsequently, avoid related risks.
What sets TimeCamp apart from any regular time tracker in the market is its comprehensive approach to project risk management. Firstly, it’s a fully automated tool, which means you don’t have to do any of the time tracking manually. Besides, it serves several purposes—tracking billing hours, productivity, profitability, attendance, etc.
TimeCamp best features
- Track work hours to better understand project time requirements
- Get real-time insights into work progress and project status to prevent overruns
- Utilize the GPS tracking feature to track employees’ location and productivity in the field
- Record work entry and exit time for productivity reports
- Integrate with other tools in your workflow like Quickbooks, Github, Airtable, Jira, etc.
TimeCamp limitations
- Primarily focused on time tracking, less robust for risk management
- Lacks integration with important risk management tools
- Limited offline capabilities
TimeCamp pricing
- Free Forever
- Starter: $1.99/month per user
- Premium: $3.99/month per user
- Ultimate: $5.99/month per user
- Enterprise: $14.99/month per user
TimeCamp ratings and reviews
- G2: 4.7/5 (304 reviews)
- Capterra: 4.7/5 (597 reviews)
7. GOAT (Best for risk tracking and assessment)
If you don’t have prior experience in handling a full-fledged risk register tool, GOAT is ideal for you. Besides the robust features, it boasts a simplistic design and interface which makes it easy to work with.
As for its offerings, there are many things about GOAT Risk that I have found useful. Firstly, it hosts several customizable risk register templates that you can implement to get started with your risk management initiatives. With its drag-and-drop risk assessment scoring feature, you can prioritize risks for effective resolution. Moreover, GOAT is also highly collaborative. If you have a team of employees handling a certain project, you can invite them to collaborate on the tool and address every risk as it comes.
GOAT best features
- Create and review risk profiles for each business department, project, etc
- Formulate and implement SMART action plans with the control risk self-assessment feature
- Automate your workflow to track and manage every project activity and minimize future risks
- Assign metrics to your risks to monitor and handle them with a performance-oriented approach
- Gain detailed, data-driven risk assessment reports and analytics
GOAT limitations
- No free trial/plan is available
- Limited customization functionalities
- Lacks integration capabilities
GOAT Risk pricing
- Starter: $400/year
- Standard: $1,200/year
- Enterprise: $4,800/year
- Enterprise PRO: $7200/year
GOAT Risk ratings and reviews
- G2: N/A
- Capterra: 4.7/5 (51 reviews)
8. Resolver (Best for enterprise risk management)
Resolver is another well-known name in the league of risk register tools. Although its features span audit, compliance, and several other forms of risk management, I find it best for tackling enterprise risks.
Resolver’s ERM functionalities are exhaustively designed. Its unified risk registers foster internal collaboration by providing risk data access to all concerned departments within your organization. The tool is also sufficiently customizable. You can personalize every ERM solution according to your business needs. In addition, Resolver facilitates process and workflow automation to streamline operations.
Resolver best features
- Access the dashboard to view and share risk data in a visualized form
- Receive detailed, accurate reports and analytics to make data-driven risk management decisions
- Utilize robust software integrations to import risk data from one system to another
- Integrate with tools like Slack, Jira, and Microsoft Azure
Resolver limitations
- Limited mobile app features
- Can be overly complex for certain teams
Resolver pricing
- Custom pricing
Resolver ratings and reviews
- G2: 4.4/5 (107 reviews)
- Capterra: 4.4/5 (46 reviews)
9. MasterControl (Best for quality risk management)
MasterControl Quality Excellence eases quality risk management for enterprises. Its comprehensive capabilities help you easily meet all quality and compliance standards.
For me, the best part about this tool is its 360-degree approach. MasterControl’s quality risk management offerings start with risk analysis and end with risk awareness. This in-depth approach makes it suitable for managing and monitoring every risk at every point of production. It also ensures you are aligned with every compliance requirement and always audit-ready.
MasterControl best features
- Launch quality risk assessments from anywhere within the system to identify and mitigate product risks at an early stage
- Track and manage employee training to ensure compliance with quality regulations and standards
- Automate the scheduling, planning, and execution of both internal and external audits
- Speed up risk activities by instantly reviewing and approving documents with electronic workflows and signatures
MasterControl limitations
- Users have found the interface difficult to navigate
- Offers limited customization features
MasterControl pricing
- Custom pricing
MasterControl ratings and reviews
- G2: 4.3/5 (323 reviews)
- Capterra: 4.5/5 (422 reviews)
10. Archer IT (Best for integrated risk management)
I’ll end this list with an integrated risk management tool—Archer IT. Archer specializes in all sorts of risk compliance and management. This includes audit management, document governance, security risk management, ERM, and so on.
Although it involves a learning curve, you can do a lot with Archer IT once you get used to it. It’s a highly adaptable platform that aligns with the unique compliance needs of every organization. For me, what stands out about Archer is its collaborative design. You can also invite stakeholders’ participation in managing risks efficaciously, which most platforms don’t offer.
Archer IT best features
- Create centralized risk registers for documenting, monitoring, and managing diverse business risks
- Collaborate with your team members within the organization for better risk management
- Identify and categorize your organization’s processes and systems for determining risks early
- Receive comprehensive insights for improved risk prioritization
Archer IT limitations
- Involves a steep learning curve
- Users have found the implementation process complex and long-drawn
Archer IT pricing
- Custom pricing
Archer IT ratings and reviews
- G2: Not enough reviews
- Capterra: Not enough reviews
Also read: All about risk assessment checklists
Summarize this article for me pleaseManage Project Risks Efficiently with ClickUp
Irrespective of the industry you operate in, managing risks and automating compliance activities will lead to successful project operations.
But here’s the catch—with the market swamped with a gazillion enterprise risk register tools and software, finding the ideal one for your business is more difficult than ever.
Let ClickUp save you the hassle.
A comprehensive and all-in-one software, ClickUp includes features and capabilities that surpass basic risk registering and facilitate overall risk management.
Choose it as your ultimate one-stop solution for all things productivity, profitability, and growth. Get a free account today. Sign up here!
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