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How to Evaluate a Risk Management Solution

Description

The best risk management software can provide businesses with a range of advantages. It will help you comply with regulations; enhance data protection and security; reduce costs incurred due to risk-related incidents; improve decision making capabilities based upon real-time data and many more. A risk management system that is effective can give your business a competitive edge by ensuring that it’s well-equipped to tackle any challenges.

Many vendors offer a variety of risk management solutions that are suited to a variety of needs. Some vendors, for example, provide enterprise risk management solutions (ERM) for larger organizations. ERM gives division managers strategies for managing risk and provides them with a cross-environment view of the risk management strategy of the organization. Other vendors offer more detailed risk management options, including third-party risk management (TPRM) and compliance management (CM).

When you’re evaluating risk management tools, it’s crucial to consider how they’ll work with the existing technology stack. This will help you avoid buying additional software and eliminate the possibility that there are security holes or plugin compatibility problems. If your team already uses productivity tools like Slack or JIRA You should make sure that the new tool you’re looking at integrates with them.

The best risk management solution should be able to track ongoing and re-surfacing threats. CURA for instance, utilizes risk reports to determine the probability of an incident occurring and allow users to track the progress in reducing risk. It also has a dashboard to track all risks assigned, resolved or not solved, along with a visual representation of these risks. Other important features to look for are an easy-to-use interface, customizable and flexible reporting tools such heat maps, reports, and dashboards, as well as the ability to export these into how to strategically build a board of directors popular formats for files.

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