So, you’re looking for risk management software for your business? The good news is that these days, there are so many to choose from, many of which offer excellent features at superb price points with risk management professionals in mind. The bad news is that a lot of them are sorely lacking in some critical features.
Before deciding on a risk management software solution for your organisation, make sure they have all of the below features:
1 Risk Assessment Capabilities
If your risk management software doesn’t have risk assessment capabilities, is it really a risk management software? This is the bread and butter of risk management software and it is absolutely essential.
Jokes aside, perhaps one of the most well-known and popular ways of assessing risk is with Microsoft Excel, which itself doesn’t have risk assessment capabilities! We’ve written blogs previously on why you should ‘de-Excel’ your organisation and use committed risk management software, so please feel free to browse our previous posts.
2 Intuitive Dashboard
A clean, intuitive dashboard is extremely important for day-to-day use of your risk management software. This doesn’t mean that it needs to be barebones and lacking in vital functionality, however. There’s a reason why businesses spend significant portions of their product development budget in UI/UX testing. The software, no matter how great it may be, simply won’t catch on if the user experience is confusing or overly complex, for example.
Risk Wizard has a simple, straightforward dashboard to provide users with all of the core features at the click of a button.
3 Real-Time Notifications & Alerts
No risk management software can truly call itself a risk management solution if it doesn’t come with real-time notifications and alerting capabilities. In that case, you may as well just use Microsoft Excel!
Spreadsheets and risk registers are great, but can you quickly send notifications to key stakeholders? Can this process even be automated? If you can answer yes to one or ideally both of these questions, you’ve got a great candidate for risk reporting in your organisation.
4 Robust Risk Reporting
Does your desired risk management software have the ability to record and define various key risk indicators (KRIs)? The risk management programme needs to be appropriately defined and recorded for internal reporting with key stakeholders in your organisation.
Create clean, organised, and detailed reports that meet the needs of your organisation with robust risk management software such as Risk Wizard.
5 Compliance Management
All risk management processes within your organisation are done with the health, safety and wellbeing of individuals within your organisation in mind, but they must also be compliant with regulatory bodies in your jurisdiction.
Does your preferred risk management software come with compliance management functionality? It definitely should!
6 Fully Auditable Processes
Following on the previous point, transparency and accountability are key for many processes within your organisation - risk management is certainly one such area where accountability is necessary. Your desired risk management software solution must be auditable.
Not only is this important towards remaining compliant with regulatory bodies, but it’s also needed in the event of internal audits as well. External audits will also be facilitated with risk management software that is fully auditable.
Risk Wizard
For all of the above features, look no further than Risk Wizard.