What is an Enterprise Risk Software?

Enterprise Risk Software is like a big helper for firms, allowing them to spot, check, and handle different risks they might face. It’s like a special tool that organizes everything neatly, making it easier for firms to see what could go wrong and what might turn out well. With this software, businesses can make smart choices, reduce the chances of bad things, and take advantage of good opportunities.

Key Takeaways:

• Enterprise Risk Software serves as a pivotal tool for businesses, aiding in detecting, assessing, and managing various risks they may encounter.
• These software platforms offer user-friendly interfaces, centralized risk management, and comprehensive reporting capabilities to enhance efficiency and decision-making.
• Cost, complexity, and integration challenges are common considerations associated with the adoption of Enterprise Risk Software.
• Customized pricing models and tiered subscription plans are prevalent in the industry, catering to firms of distinct sizes and needs.

15 Enterprise Risk Software

1. AuditBoard

AuditBoard stands out as a prominent option for its user-friendliness and its ability to bring together various risk management tasks. Its cloud-based platform transforms the way businesses handle audits, risks, and compliance, providing clarity and agility.

Features

• User-Friendly Interface: AuditBoard offers an interface that’s easy to use, making risk management tasks simpler and enhancing the overall user experience.
• Centralized Risk Management: With AuditBoard, firms can centralize their risk management tasks, making it effortless to keep track of risks and deal with them effectively.
• Comprehensive Reporting: AuditBoard’s reporting capabilities permit businesses to generate detailed reports on risk assessments and compliance activities.

Pros

• Clarity and Agility: AuditBoard helps businesses move forward with greater clarity and agility in managing audit, risk, and compliance tasks.
• User-Friendly Platform: Its interface makes it easy for users to navigate and perform risk management activities efficiently.
• Centralized Risk Management: Centralizing risk management tasks streamlines processes and improves risk identification and mitigation efforts.

Cons

• Cost: The pricing for AuditBoard’s Enterprise Risk Management software may be higher, which could limit access for smaller businesses.
• Complexity for Beginners: Beginners might find the platform’s advanced features complex, requiring training and familiarization.
• Integration Challenges: Integrating AuditBoard with existing systems and processes may pose challenges, requiring additional time and resources.

Pricing

AuditBoard doesn’t publicly display pricing. They will likely offer custom quotes based on your specific requirements.

2. Workiva

Workiva offers a comprehensive connected reporting and risk management platform that simplifies data analysis and risk identification. It provides solutions for Environmental, Social, and Governance (ESG) reporting, compliance, and risk management.

Features

• Connected Reporting Platform: Workiva’s platform connects distinct reporting tasks, enabling seamless data analysis and reporting.
• Risk Identification Tools: These include tools for detecting and assessing risks across the organization.
• Compliance Solutions: Workiva offers compliance solutions to help businesses meet regulatory requirements and standards.

Pros

• Streamlined Data Analysis: Workiva’s platform streamlines data analysis processes, improving efficiency in risk management tasks.
• Comprehensive Reporting: It enables comprehensive reporting, facilitating better decision-making and risk mitigation strategies.
• ESG Reporting Capabilities: Workiva provides solutions for ESG reporting, helping businesses meet sustainability and transparency goals.

Cons

• Cost: Workiva’s Enterprise Risk Management software may come at a significant cost, potentially limiting accessibility for smaller organizations.
• Learning Curve: Users may face a learning curve when adapting to Workiva’s platform, requiring training and onboarding.
• Customization Challenges: Firms may encounter challenges in customizing the platform to suit specific risk management needs, requiring additional configuration.

Pricing

Workiva uses a custom quote approach. Their pricing depends on the specific Workiva products or features your organization needs.

3. IBM OpenPages with Mitre ATT&CK

IBM OpenPages with Mitre ATT&CK is a robust solution for security and operational risk management, leveraging the Mitre ATT&CK framework for advanced threat detection. It offers comprehensive risk management capabilities for organizations.

Features

• Security Risk Management: The platform provides advanced security risk management tools for detecting and mitigating security threats.
• Operational Risk Management: IBM OpenPages offers operational risk management features to assess and manage operational risks effectively.
• Mitre ATT&CK Integration: Leveraging the Mitre ATT&CK framework, the platform enhances threat detection and response capabilities.

Pros

• Advanced Threat Detection: IBM OpenPages with Mitre ATT&CK offers advanced threat detection capabilities, enhancing security posture.
• Comprehensive Risk Management: It provides comprehensive risk management solutions for both security and operational risks.
• Integration with Mitre ATT&CK: Leveraging the Mitre ATT&CK framework improves threat intelligence and response strategies.

Cons

• Cost: Pricing for IBM OpenPages with Mitre ATT&CK may be on the higher end, potentially limiting accessibility for smaller firms.
• Complexity: The platform’s advanced features may be complex for users unfamiliar with risk management tools, requiring training and expertise.
• Implementation Challenges: Firms may face challenges in implementing and integrating the platform with existing systems, requiring additional resources and support.

Pricing

IBM has a tiered pricing structure, with several tiers providing distinct user capacities and functions. The precise price is determined by your demands, your deployment choices, and the tier you select.

4. Hyperproof

Hyperproof specializes in managing third-party risks and ensuring supply chain security through automated assessments and vendor risk mitigation strategies. Its solutions streamline risk assessments and enhance vendor risk management processes.

Features

• Third-Party Risk Management: Hyperproof focuses on managing risks associated with vendors and suppliers, providing tools for assessment and mitigation.
• Automated Assessments: The platform offers automated risk assessments to make risk management processes more efficient.
• Vendor Risk Mitigation Strategies: Hyperproof provides strategies to help firms strengthen their supply chain security and comply with regulations.

Pros

• Secure Supply Chain: Hyperproof helps secure the supply chain by detecting and addressing risks associated with third-party vendors.
• Efficiency: Automated assessments and streamlined processes improve efficiency in risk management tasks.
• Compliance: Vendor risk mitigation strategies assist firms in complying with industry regulations and standards.

Cons

• Cost: Pricing for Hyperproof’s Enterprise Risk Management software may vary based on firm size and requirements, potentially leading to higher costs for larger organizations.
• Integration Challenges: Integrating Hyperproof with existing systems and processes may pose challenges, requiring additional time and resources.
• Learning Curve: Users may need training to fully utilize the platform’s features, leading to a learning curve for new users.

Pricing

Like its competitors, Hyperproof provides customized quotes based on variables such as the number of users, necessary modules, and the size of the firm.

5. LogicGate Risk Cloud

LogicGate Risk Cloud offers a comprehensive suite for risk management, covering incident management, compliance, and business continuity. Its focus on automation and collaboration streamlines risk detection, assessment, and mitigation processes.

Features

• Complete Risk Management Suite: LogicGate Risk Cloud covers incident management, compliance, and business continuity.
• Automation: The platform focuses on automation to streamline risk management tasks and improve operational efficiency.
• Collaboration Tools: LogicGate Risk Cloud provides tools to enhance communication and coordination among risk management teams.

Pros

• Comprehensive Risk Management: LogicGate Risk Cloud takes a holistic approach, covering various aspects such as incident management and compliance.
• Operational Efficiency: Automation features reduce manual tasks, boosting operational efficiency.
• Collaboration: Collaboration tools facilitate teamwork and communication, enhancing coordination in risk management activities.

Cons

• Cost: Pricing for LogicGate Risk Cloud’s Enterprise Risk Management software may be higher, potentially limiting accessibility for smaller firms.
• Customization Challenges: Businesses may face challenges in customizing the platform, requiring additional configuration.
• Training Requirements: Users may need training to fully leverage automation and collaboration features, leading to a learning curve for new users.

Pricing

LogicGate uses a tiered pricing model, with distinct subscription plans offering varying features and user capacities. They likely have a starting price range listed on their website, but for exact costs, contact their sales team.

6. NAVEX One

NAVEX One is a GRC platform designed to manage internal controls, ethics, and whistleblowing reporting. It enhances governance, risk management, and compliance processes.

Features

• GRC Platform: NAVEX One manages governance, risk management, and compliance activities.
• Internal Controls Management: Tools streamline internal controls management and ensure regulatory compliance.
• Ethics and Whistleblowing Reporting: NAVEX One includes features for managing ethics programs and facilitating whistleblowing reporting.

Pros

• Comprehensive GRC Solutions: NAVEX One covers governance, risk management, and compliance, supporting various activities.
• Regulatory Compliance: The platform helps maintain regulatory compliance through internal control management and ethics reporting.
• Ethics Promotion: NAVEX One promotes ethics within firms, supporting integrity and transparency.

Cons

• Cost: Pricing for NAVEX One’s Enterprise Risk Management software may vary based on firm size and requirements.
• Integration Challenges: Integrating NAVEX One with existing systems may be challenging, requiring additional resources.
• Complexity: Users may need training to fully employ the platform’s features, leading to a learning curve for new users.

Pricing

LogicManager employs a tiered pricing model, with distinct subscription plans offering varying features and functionalities. They may have a starting price range on their website, but for specific costs, contact their sales team.

7. MetricStream

MetricStream offers a unified platform for managing enterprise risk across operational, financial, and IT domains. It provides robust reporting and analytics capabilities for enhanced risk assessment and mitigation.

Features

• Unified Risk Management Platform: MetricStream covers risks across distinct domains, providing a comprehensive approach.
• Operational, Financial, and IT Risk Management: The platform addresses risks in key areas of the organization.
• Reporting and Analytics: MetricStream offers robust reporting and analytics to gain insights into risk exposure.

Pros

• Comprehensive Risk Management: MetricStream offers a holistic view of organizational risks, covering various domains.
• Strong Reporting Capabilities: Reporting and analytics features provide valuable insights into risk metrics.
• Multi-Dimensional Risk Assessments: MetricStream supports multi-dimensional risk assessments, enhancing risk profiling.

Cons

• Cost: Pricing for MetricStream’s Enterprise Risk Management software may vary based on firm size and requirements.
• Integration Challenges: Integrating MetricStream with existing systems may pose challenges, requiring additional resources.
• Complexity: Users may need training to fully utilize the platform’s features, leading to a learning curve for new users.

Pricing

Pricing for MetricStream’s Enterprise Risk Management software is available upon request.

8. Riskonnect

Riskonnect is a platform designed to help firms manage distinct types of risk, such as operational, strategic, and financial risk. It offers an easy-to-use interface and integrates with various business systems to simplify risk management processes.

Features

• Comprehensive Risk Management: Riskonnect provides tools to manage operational, strategic, and financial risks.
• User-Friendly Interface: The platform offers an easy-to-use interface that simplifies risk management tasks.
• Integration Capabilities: Riskonnect integrates with distinct business systems for seamless data exchange and enhanced efficiency.

Pros

• Holistic Risk Management: Riskonnect covers distinct types of risks within firms, offering a holistic approach to risk management.
• User-Friendly Interface: The platform’s interface enhances usability and simplifies risk management tasks.
• Integration Flexibility: Integration capabilities boost data exchange and streamline risk management processes.

Cons

• Cost: Pricing for Riskonnect’s Enterprise Risk Management software may vary, potentially leading to higher costs for larger organizations.
• Customization Challenges: Firms may face challenges in customizing the platform, requiring additional configuration.
• Training Requirements: Users may need training to fully utilize the platform’s features, leading to a learning curve for new users.

Pricing

Riskonnect uses a custom quote model, considering factors like firm size, industry, and desired features.

9. Resolver

Resolver offers a user-friendly platform for incident management, risk management, and compliance, focusing on workflow management and continuous improvement. It provides solutions to streamline incident reporting, risk assessment, and compliance activities.

Features

• Incident Management: Resolver provides tools for incident reporting and management.
• Risk Management: The platform offers features to assess and mitigate risks.
• Compliance Solutions: Resolver includes tools to help organizations meet regulatory requirements.

Pros

• Strong Workflow Management: Resolver’s platform offers robust workflow management features, enhancing process efficiency and collaboration.
• User-Friendly Interface: The platform’s interface simplifies incident reporting, risk assessment, and compliance tasks.
• Focus on Continuous Improvement: Resolver focuses on continuous improvement, enabling firms to enhance risk management and compliance practices over time.

Cons

• Cost: Pricing for Resolver’s Enterprise Risk Management software may be higher, potentially limiting accessibility for smaller organizations.
• Integration Challenges: Integrating Resolver with existing systems may pose challenges, requiring additional resources.
• Complexity: Users may need training to fully leverage the platform’s features, leading to a learning curve for new users.

Pricing

Resolver utilizes a tiered pricing model, with distinct subscription plans offering varying functionalities and user capacities. They likely have a starting price range on their website, but for exact costs, contact their sales team.

10. Archer GRC

Archer GRC is a platform for enterprise risk management, compliance management, and internal audit management. It provides a centralized view of risk across the organization and solutions to streamline risk assessment, compliance monitoring, and internal audit processes.

Features

• Enterprise Risk Management: Archer GRC offers tools for managing enterprise risk.
• Compliance Management: The platform includes features to monitor and ensure regulatory compliance.
• Internal Audit Management: Archer GRC provides solutions to streamline audit processes.

Pros

• Centralized Risk View: Archer GRC provides a centralized view of risks, enabling effective risk assessment and management.
• Compliance Monitoring: The platform’s compliance management features help firms maintain regulatory compliance.
• Audit Efficiency: Archer GRC’s internal audit management solutions boost audit efficiency and effectiveness.

Cons

• Cost: Pricing for Archer GRC’s Enterprise Risk Management software may vary, potentially leading to higher costs for larger organizations.
• Customization Challenges: Businesses may face challenges in customizing the platform to suit specific needs.
• Training Requirements: Users may require training to fully utilize the platform’s features.

Pricing

Similar to others, Archer GRC offers custom quotes based on your firm’s needs, including the number of users, features required, and deployment options. Reach out to their sales team for a specific quote.

11. Sphera

Sphera provides a cloud-based solution for operational risk management, focusing on Environmental Health and Safety (EHS) and Sustainability Risks. It offers tools to streamline risk assessment, compliance monitoring, and sustainability initiatives.

Features

• Operational Risk Management: Sphera focuses on managing EHS and sustainability risks.
• Cloud-Based Solution: The platform is cloud-based, offering flexibility and accessibility.
• Sustainability Focus: Sphera focuses on sustainability risks and supports organizations in their sustainability initiatives.

Pros

• EHS and Sustainability Focus: Sphera’s focus aligns with the growing importance of environmental and social responsibility.
• Cloud Accessibility: The cloud-based solution offers accessibility and flexibility for managing risks and sustainability initiatives remotely.
• Compliance Support: Sphere’s tools support compliance monitoring and sustainability reporting.

Cons

• Cost: Pricing for Sphera’s Enterprise Risk Management software may vary, potentially leading to higher costs for larger organizations.
• Integration Challenges: Integrating Sphera with existing systems may pose challenges, requiring additional resources.
• Complexity: Users may require training to fully employ the platform’s features.

Pricing

Sphera likely uses a custom quote approach based on your firm’s size, industry, and desired features.

12. Visure Risk Suite

Visual Risk Suite is a preferred option for project risk management, offering tools to detect, assess, mitigate, and monitor risks throughout the project lifecycle. It aims to enhance risk management practices and ensure project success.

Features

• Project Risk Management: The Visure Risk Suite focuses on managing risks throughout the project lifecycle.
• Risk Identification and Assessment: The platform enables proactive risk management through identification and assessment features.
• Monitoring and Mitigation: The Visure Risk Suite includes tools to monitor risks and implement strategies for mitigation.

Pros

• Project-Centric Approach: Visure Risk Suite aligns risk management practices with project objectives, enhancing project success.
• Comprehensive Risk Tools: The platform provides comprehensive tools for risk management, supporting effective practices.
• Lifecycle Monitoring: The Visure Risk Suite enables proactive risk management by monitoring risks throughout the project lifecycle.

Cons

• Cost: Pricing for Visure Risk Suite’s Enterprise Risk Management software may vary, potentially leading to higher costs for larger projects.
• Integration Challenges: Integrating Visual Risk Suite with existing project management systems may require additional time and resources.
• Training Requirements: Users may need training to fully utilize the platform’s features, leading to a learning curve for new users.

Pricing

Visual Risk Suite uses a tiered pricing model, with distinct subscription plans offering varying functionalities and user capacities. They likely have a starting price range on their website, but for exact costs, contact their sales team.

13. BlackLine

BlackLine specializes in financial risk management, offering solutions for controllership, accounting automation, and financial close processes to mitigate financial reporting risks. It provides a comprehensive platform focusing on financial risk management processes.

Features

• Financial Risk Management: BlackLine offers solutions for controllership, accounting automation, and financial close processes.
• Controllership: The platform provides tools to manage financial reporting risks effectively.
• Accounting Automation: BlackLine’s features streamline financial processes, reducing the risk of errors and improving efficiency.

Pros

• Comprehensive Financial Risk Management: BlackLine covers distinct aspects of financial risk management, ensuring a holistic approach.
• Improved Efficiency: The platform’s automation features enhance efficiency in financial processes, reducing the risk of errors.
• Mitigating Financial Reporting Risks: BlackLine’s solutions help mitigate financial reporting risks, ensuring compliance and financial transparency.

Cons

• Cost: Pricing for BlackLine’s Enterprise Risk Management software may vary, potentially leading to higher costs for larger organizations.
• Integration Challenges: Integrating BlackLine with existing financial systems may require additional resources.
• Complexity: Users may require training to fully utilize the platform’s features, leading to a learning curve for new users.

Pricing

Pricing for BlackLine’s Enterprise Risk Management software is available upon request.

14. Evisort

Evisort provides AI-powered contract risk management software, automating contract analysis, identifying risks, and streamlining contract lifecycle management. It offers comprehensive solutions for contract risk management using AI technology.

Features

• AI-Powered Contract Analysis: Evisort automates contract analysis using AI, detecting risks and streamlining contract management.
• Contract Risk Management: The platform provides tools for managing risks associated with contracts effectively.
• Streamlined Contract Lifecycle Management: Evisort’s solutions streamline contract lifecycle management, improving compliance and reducing errors.

Pros

• AI-Powered Contract Analysis: Evisort’s AI capabilities enhance the efficiency and accuracy of contract risk management.
• Comprehensive Contract Risk Management: The platform covers contract analysis, risk identification, and lifecycle management.
• Improved Contract Compliance: Evisort’s solutions enhance contract compliance, reducing the risk of non-compliance and penalties.

Cons

• Cost: Pricing for Evisort’s Enterprise Risk Management software may vary, potentially leading to higher costs for larger organizations.
• Integration Challenges: Integrating Evisort with existing contract management systems may require additional resources.
• Complexity: Users may require training to fully utilize the platform’s features, leading to a learning curve for new users.

Pricing

Pricing for Evisort’s Enterprise Risk Management software is available upon request.

15. OneTrust GRC

OneTrust GRC offers a cloud-based platform with integrated solutions for privacy, security, data governance, and risk management, catering to firms with complex compliance needs. It provides comprehensive solutions for governance, risk, and compliance management.

Features

• Integrated GRC Solutions: OneTrust GRC provides integrated solutions for privacy, security, data governance, and risk management.
• Cloud-Based Platform: The platform offers flexibility and accessibility for managing GRC activities remotely.
• Comprehensive Risk Management: OneTrust GRC’s tools cover risk identification, assessment, mitigation, and monitoring.

Pros

• Comprehensive GRC Solutions: OneTrust GRC offers a comprehensive platform for managing governance, risk, and compliance.
• Cloud Accessibility: The platform allows users to manage GRC activities remotely, offering flexibility and accessibility.
• Integrated Risk Management: OneTrust GRC’s solutions provide integrated risk management capabilities across various domains.

Cons

• Cost: Pricing for OneTrust GRC’s Enterprise Risk Management software may vary, potentially leading to higher costs for larger organizations.
• Integration Challenges: Integrating OneTrust GRC with existing systems may require additional resources.
• Complexity: Users may require training to fully utilize the platform’s features, leading to a learning curve for new users.

Pricing

OneTrust GRC employs a custom quote approach based on your organization’s size, industry, and desired functionalities.