15 Best Risk Management Software 2023 | Risk Management Tools
Let’s kick things off with a pro tip – risk management software is a must-have tool in today’s business environment.
Hear us out:
What if you knew the long-term outcome of every decision before you made it? Or every time you launched a new product, you already knew how customers would receive it?
These scenarios eliminate the natural risk involved in most businesses and product development, and TBH, these scenarios are also virtually impossible. In fact, 62% of organizations have already faced a critical risk incident in the last 3 years. 😳🤯
There is a silver lining to all this though—risk is a completely normal part of any business. What’s more, there are ways to prepare for and manage the obstacles that may come your way with the help of powerful software designed to handle this very task!
Enter: Risk management software. ✅
Luckily, there are several risk management tools for you to choose from, but not all of these tools are equally helpful.
Before you trust the future of your company with just any risk management software, make sure you’ve done the work to invest in the one tailored to serve your team’s needs. No need to sweat over that task though, that’s why we’re here. 🙂💜
Read along as we dive into everything you need to know about risk management software—what it is, the must-have features, and 15 strong platforms for the job.
What is Risk Management Software?
Risk management software monitors many potential issues that may hurt your organization’s bottom line—and proposes solutions to avert the crisis. These are not always job-ending risks, they may range in severity from a minor drop in sales to security data breaches, or non-compliance to regulations.
These tools might sound like a want rather than a need when it comes to expenses—you might even think you have this area covered with your regular team practices and analytics systems.
But in fact, investing in risk management software is one of the most recommended ways to reduce company-wide costs.
Think about it—if it helps predict or prevent even the smallest drop in sales, then your risk management platform has done its job. Like insurance for your home, car, or life, this tool may not be used every day, but you’ll be so happy it’s there when you need it.
So, how does risk management software actually do all of this, anyway? Look no further. ⬇️
Criteria for Risk Management Software
Not all risk management tools are made the same. Or worse—some solutions promise gold but deliver dust. 😔
How can you tell which software will exceed your expectations? First, consider these factors:
Your unique requirements will ultimately determine which tool will serve you.
Are you looking to prevent finances from slipping through the cracks? In this case, there’s no point in going for a tool that specializes in compliance-related risks like HIPAA. Consider the key performance indicators (KPIs) and company goals that you want to zero in on, then refine your risk management software search from there. ✅
Contract and budget
Amazing news: You don’t have to rob a bank to snag a sophisticated risk management tool!
There are enough options for companies and budgets of any size, but not every tool will serve each team in the same way. If you’re dealing with a large enterprise company, your budget and objective regarding risk management software will naturally be vastly different than a small agency or solopreneur.
Integration with existing applications
Be sure your solution fits with your existing technology stack. You may feel like you’ve found the risk management software of your dreams—but if it doesn’t align with the tools you’ve already invested in, that may be a make-or-break issue. 😕
From modules to features to plugins, ensure your potential new software integrates with your firewalls, endpoint detection and response, and user behavior analytics. You don’t want security gaps or costly overhauls of tools.
15 Risk Management Tools
To help you make the smartest choice in your search for the best risk management software, check out our top 15 options below:
Consider ClickUp your one-stop shop for any and all things productivity. With hundreds of fully transparent, customizable, and functional features, ClickUp provides the ultimate platform for teams of any size to monitor project updates, manage risks, and work together—all in one place.
ClickUp’s feature-rich experience makes work management a breeze and benefits teams across industries. From brainstorming on ClickUp’s digital Whiteboards to creating detailed wikis in its collaborative Docs, your ClickUp Workspace offers so much more than the average risk management software you may be used to.
ClickUp’s Assigned comments, in-app chat feature, automations, and real-time reporting help you stay organized and in the know by preventing overscheduling and mitigating risk factors that may be haunting your organization. Here’s how. ⬇️
Our fav ClickUp features for risk management
Like the perfect combination of risk, project, and collaboration software all wrapped into one dynamic package, ClickUp helps you stay on top of potential risks and the team feel a sense of accountability and ownership over their tasks.
Dashboards in ClickUp provide a high-level overview of every aspect of your project’s status and project in one customizable and informative place. Think of it as your mission control center for any project. 🛸
The power is in your hands to essentially build your Dashboard from scratch. Choose what information you want to see and how you visualize it in your Dashboard from over 50 Widgets designed to be tailored to your work processes. Some helpful widgets include tables, embedding external apps, tracking team members’ workloads, roadmaps, custom charts, and more. 🤯
If you want to be in the know of every project detail and every possible risk—start with Dashboards.
Native time tracking
We all know—and secretly love—that feeling of getting lost in a task. When you’re pouring your very best work into one thing for so long that before you know it, it’s already 5 o’clock. 😳
But let’s be real, it’s also a major productivity killer.
The solution? Time tracking! Something the ClickUp has down to a science. 💪🏼
Whether it’s setting time estimates, tracking the time spent on any ClickUp task, recording time spent in any web browser, or staying on top of your billable time, ClickUp’s time tracking features go far beyond your basic stopwatch.
Even view a combined rollup of all time spent across your tasks and subtasks to get into the nitty-gritty of how you spend your day. And if you’re wondering how time-tracking relates to risk—almost all KPIs start here. Know how you and your team are spending time so you can properly delegate important tasks to the right people.
Automate repetitive tasks
One of the key benefits of risk management software is knowing the ins and outs of your team, product, or performance—without micromanaging or adopting the dreaded helicopter-mom energy. 🚁
This type of software can help you trim down the unnecessary time spent on repetitive tasks or basic busy work in your day so the team can stay focused on what matters most.
That’s where automations in ClickUp come into play. 🙂
There are over 100 ways to automate your workflow in ClickUp to create changes to task statuses, assignees, priorities, dates, and more. Plus, over 50 actions trigger the exact, custom automations you need.
Basically, nothing is off limits when it comes to automations in ClickUp—so think outside of the box. 📦
Hundreds of customizable templates
That’s right! Hundreds. 😍
ClickUp has created a template for basically everything it has to offer, including risk management templates. So while it’s packed with tons of customizable features, ClickUp offers tons of ways—even beyond customer support—to help your team hit its goals and mitigate risk in the most productive way possible.
From Kanban boards to Whiteboards, How-To Help Docs, Mind Maps, dynamic Gantt charts, and more—ClickUp’s ever-growing template center offers a free template for users at any level.
Still not seeing the template you need? Or did you customize a pre-built template that you’d like to use again? No problem, save any process, task, or view as a template to your Workspace in a matter of clicks. ✅
Stay productive and risk-free all year long with ClickUp’s pricing plans:
- Free forever: Tons of powerful risk and project management features, unlimited tasks and members, 100MB storage, and more
- Unlimited ($5/member/month): Unlimited dashboards, storage, and integrations, agile reporting, and more
- Business ($12/member/month): Advanced automation and public sharing, unlimited teams, Google SSO, custom exporting
- Business Plus ($19/member/month): multiple lists with subtasks, more automation and API, custom permissions, custom roles
- Enterprise (Contact ClickUp for pricing): dedicated success manager, guided onboarding, white labeling, enterprise API
- G2: 4.7/5 (4,510+ reviews)
- Capterra: 4.7/5 (2,970+ reviews)
2. Risk Cloud
LogicGate’s Risk Cloud risk management platform throws threads of emails and spreadsheets out of the window to make room for a central, streamlined, no-code environment for all of your risk and compliance activities.
The graphic database enhances agility and flexibility as your projects evolve. You can configure it to solve mission-critical issues like IT and third-party risk management.
Our fav Risk Cloud features
- 30+ apps for common GRC use cases
- Custom integrations
Risk Cloud pros
- Comprehensive record-keeping and governance structure
- Intuitive UI
Risk Cloud cons
- Limited reporting functionality
Risk Cloud Pricing
The pricing details are available upon request
Risk Cloud Reviews
- G2: 4.6/5 (110+ reviews)
- Capterra: 4.7/5 (20+ reviews)
Vendor360 by CENTRL is an enterprise risk management platform focused on helping you manage any vendors and third-party risks. It comes with pre-set questionnaires to analyze vendors and ensure each one complies with regulatory guidelines. It also offers some automation features to streamline processes for document assignment and approval!
Our fav Vendor360 features
- Built-in connectors to exchange details between businesses
- Quick-start templates
- Automation tools to improve efficiency in dealing with documents
- This is a helpful tool for managing all third-party documents and details
- Categorization of vendors based on inherent risk levels and criticality
- Limited integrations with major workplace apps
- No reviews on G2 or Capterra to know what real customers think of their experience
- Contact Vendor360 for all pricing information
- G2: N/A
- Capterra: N/A
Lendflow is a credit platform that helps companies embed and launch credit-based products. It aims to link clients to capital faster and handles some of the heavy-lifting involved in getting your credit products off the ground.
In the way of risk management—and with the help of its user-friendly code—Lendflow helps you manage compliance, rule-based workflows, and risk assessments.
Our fav Lendflow features
- Pre-built application widgets
- Real-time terms and offers alerts to your customers
- Advanced data security
- A re-share component that can help you earn extra commission!
- Customizable UI to fit your brand voice
- Bank-level security
- Various third-party integrations
- Limited guides and resources online
- Contact Lendflow for all pricing information
- G2: N/A
- Capterra: 5/5 (2 reviews)
Planning and preparation are among Resolver’s fortes.
While no risk management software can predict the future, Resolver believes a good planning foundation is necessary for every business.
The software focuses on early risk identification and planning before a project commences by assessing regulatory needs and objectives to identify possible future issues.
Our fav Resolver features
- Risk-based, agile audit trails
- Incident reporting to empower team members to speak up
- Corrective and Preventive Actions (CAPA) to save the boat as early as possible
- Responsive customer support
- Multiple members can work on a file simultaneously
- Easy report creation
- DIY setup can be challenging and may require help from their support team
- Some users say upgrading can be disruptive
- Limits file transfer into the software
Contact Resolver for all pricing information
- G2: 4.3/5 (40+ reviews)
- Capterra: 4.4/5 (10+ reviews)
OneTrust is a category-defining solution that allows enterprises to cement mutual trust and fosters compliance with best practices. The software centralizes agile workflows across third-party risk, data governance, privacy, ethics, and compliance.
Our fav OneTrust features
- Integrations for streamlined data collection
- Real-time reporting
- User-friendly UI
- Risk measurement and remediation tools
- Complicated implementation
Contact OneTrust for all pricing information
- G2: 4.3/5 (110+ reviews)
- Capterra: 4.2/5 (10+ reviews)
7. Project Risk Manager
While Project Risk Manager is simply a project risk management solution that’s easy to install, set up, and use, the user-interface functionality still runs deep. The tool employs pre-set impact categories and rank descriptions to better prioritize potential threats.
Our fav Project Risk Manager features
- Multiple installation copies plus a secure database
- Automatic risk alerts
- Customizable parameters
Project Risk Manager pros
- Powerful risk management applications and analysis features
- Organized aggregation of risks for speedy action
Project Risk Manager cons
- Desktop-only app
- Can be costly to purchase, license, and train members
- Setting the correct parameters for your team can be challenging
Project Risk Manager pricing
- Free (up to 5 members): customizable parameters, unlimited projects & risks, automatic risk ranking
- Pro ($19/month hosting + $1 per member/day): Data export, custom cloud or server hosting
Project Risk Manager reviews
- G2: 5/5 (1 review)
- Capterra: 4.4/5 (5 reviews)
LogicManager’s state-of-the-art taxonomy technology gives you about 100 package variations for your team’s needs. This platform prides itself on boosting businesses’ performance as an operational risk management tool.
Our fav LogicManager features
- To-do lists to monitor risk management tasks
- Pre-built, configurable risk libraries to boost the detection of threats
- Taxonomy technology to show dependencies
- Excellent support from account analysts
- A single-place platform for accurate and actionable data
- Organizations can evolve with product updates
- Large organizations may not benefit as much from its feature set
- Integrated workflows and out-of-the-box reporting could use some improvements
Contact LogicManager for all pricing information
- G2: 4.5/5 (30+ reviews)
- Capterra: 4.6/5 (10+ reviews)
Are you tired of complex and clunky risk management software?
nTask is user-friendly and comes with pleasantly neutral tones on its intuitive dashboard. This security risk management software lets you prioritize issues, assess potential risks, and delegate them to different members of the team to monitor.
Our fav nTask features
- The custom risk matrix for appropriate risk analysis
- Search and filters to find assets and tasks
- Custom categorization for faster management
- Risk assessment features identify potential issues
- Intuitive UI
- Time tracking and Kanban boards
- Limited integration with popular apps like Zoom
- Steep learning curve adjusting to its workflow and features
- Creating reports can be challenging
nTask offers a free trial and multiple paid plans depending on the number of users.
- Premium ($3/month): For teams or individuals just getting started
- Business ($8/month): For teams looking to build projects and plans like a pro.
- Enterprise (Contact nTask for pricing): For teams desiring enterprise-grade security, customizations, and advanced features
- G2: 4.4/5 (10+ reviews)
- Capterra: 3.9/5 (90+ reviews)
Some threats are foreseeable, some are recurring, and some are sneaky. That’s why risk management tools need to track ongoing and re-surfacing risks.
CURA strives to do exactly that with its risk monitoring solutions. The software’s risk reporting finds the probability of impact in industries ranging from banks to utility firms and telecommunications.
Our fav CURA features
- Configurable risk reporting with flexible dashboards
- Objectives feature to monitor the risks and performance of every team member
- Visually interactive reports in the form of graphs, tables, and lists
- Vulnerability assessment at every step of your project
- Supports exporting of reports as PDF, Excel Spreadsheets, Word doc, and email
- Risk remediation and internal risk-based auditing
- The UI learning curve is a bit steep
Contact CURA for all pricing information
- G2: N/A
- Capterra: 5/5 (2 reviews)
Is time ever slipping through your fingers? TimeCamp is an online timer app with a slew of built-in features for assessing simple or seemingly benign risks.
Our fav TimeCamp features
- Easy and insightful reports to measure project profitability and track budget
- One-click approvals of timesheets
- Sorting and controlling leaking expenses is simple
- Free up to 5 seats
- Can be a bit sluggish when loading content
- Mobile app could use some improvements
- Free: Unlimited users, projects, and tasks, mobile plus desktop app
- Basic ($6.3/user/month): Custom reports, management roles, unlimited integrations, XLS reports export
- Pro ($9/user/month): Custom user roles, invoicing, 2-factor authentication, screenshots
- Enterprise (Discuss pricing with sales): Personalized training, self-hosted server, private cloud implementation
- G2: 4.6/5 (180+ reviews)
- Capterra: 4.7/5 (550+ reviews)
Check out these TimeCamp alternatives!
12. A1 Tracker
A1 Tracker is a user-friendly risk management software with features like threat and risk assessments, alerts, log history, risk audits, web portal, risk ratings, and more.
Our fav A1 Tracker features
- Workflow automation in reviewing and approving data
- Automatic real-time notifications
- Web-based, cloud hosting, and on-premise hosting options
A1 Tracker pros
- Top-in-class flexibility and customizations
- Detailed reporting
- Allows seamless adaptability and migration from existing solutions
A1 Tracker cons
- Some users reported challenges in building custom views
A1 Tracker pricing
Contact A1 Tracker for all pricing information
A1 Tracker reviews
- G2: 4.8/5 (10+ reviews)
- Capterra: 4.9/5 (50+ reviews)
Qualys is another security and compliance management tool used to identify risk exposure. This comprehensive software can smoke out even the smallest risk possibilities. Its dedicated system works by tracking down loopholes in your processes so you can solve problems proactively.
Our fav Qualys features
- Continuous discovery to inventory all your assets on a global hybrid-IT ecosystem
- A powerful search tool to locate assets
- Custom tagging of assets for a stellar organization
- Some customization abilities
- All apps accessed from a single page
- Easy to use
- UI may differ due to its independent upgrading
- Complicated installation process
Contact Qualys for all pricing information.
- G2: 4.2/5 (60+ reviews)
- Capterra: 3.6/5 (10+ reviews)
ServiceNow is enterprise risk management software that unifies your processes into Governance, Risk, and Compliance (GRC) programs. The goal is to achieve a centralized, comprehensive risk management process to maintain accurate reports and risk prioritization.
Our fav ServiceNow features
- Mobile risk app to stay on top of risk activities wherever you are
- Key risk indicators that identify non-compliant controls automatically
- Customized reporting
- A one-stop risk register for all-round management of vital details
- Can be a bit of a lag
- Limited integrations
Contact ServiceNow for all pricing information
- G2: 4.3/5 (10+ reviews)
- Capterra: 4.5/5 (100+ reviews)
Riskonnect is an enterprise-level tool to help your organization holistically grasp, monitor, and control risks to boost shareholder value. It categorizes risk as anything that can injure your reputation, competitiveness, and strategic growth.
Our fav Riskonnect features
- Administration tool that integrates systems, people, and claims
- Internal auditing for managing complex procedures
- Simple prompts in the accident reporting module
- Ease of use
- Highly configurable features
- Consolidates data from multiple sources
- Limited customization
- Lacking multiple features in its mobile app
Contact Riskconnect for all pricing information
- G2: 4/5 (2 reviews)
- Capterra: N/A
Risk Management Made Easier With ClickUp
While there are tons of tools promising real-time reports, time and budget tracking, or auditing. At the end of the day, your business will benefit more from a platform that can do it all—without disrupting your current tech stack or adding another window to your already crowded browser.
ClickUp is your best of both worlds solution for risk management. Optimize your product and project processes while spotting risk from a mile away with hundreds of customizable features including Dashboards, Goals, multiple ways to chat, and so much more.
It costs absolutely nothing to start mitigating risk on ClickUp’s Free Forever Plan.
Stop risks in their tracks and sign up ClickUp today.💯
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