Top 10 Best Operational Risk Management Software
Suppose your organization wants to take its operational risk management a step further. In that case, it is important to have a technological tool that allows you to be more efficient in this process and generate more value.
In this Special, you will learn about 10 software programs for managing this type of risk. We share detailed information about each so you can make the best decision for your organization.
Introduction
Having operational risk management software represents great advantages for organizations of any industry and size, as it helps to facilitate each of the management stages, i.e., the identification, evaluation, control, and monitoring of the operational risks to which they are exposed and which may affect their operation, continuity, and reputation.
These risks can be caused by different factors: human resources, processes, technology, infrastructure, or external events. Thanks to the use of software, it will be much easier to identify them and implement strategies, controls, and action plans to prevent and mitigate them, avoiding generating significant impacts and economic or reputational losses.
In this sense, some of the advantages of having an operational risk management software are:
- Increased management efficiency.
- Reduction of financial losses.
- Regulatory compliance.
- Improved visibility, traceability, and risk control.
- Timely and more informed decision-making.
- Protection of corporate image and reputation.
- Creation and strengthening of risk culture.
Among the main characteristics that this software must have, it is essential to highlight ease of use, scalability and permanent updating of functionalities, process automation, security, generation of valuable reports, and analysis that help managers make timely decisions for the benefit and continuity of the organization.
Below are 10 operational risk management software, with their main pros and cons, that could be the technological tool you are looking for in your organization.
10 operational risk management software
The 10 software we will describe
here is part of the list of the best operational risk management software presented by G2, an enterprise software review platform, during the first quarter of 2023.
- Pirani
- Dataminr
- LogicGate Risk Cloud
- Ncontracts
- LogicManager
- Hyperproof
- Aclaimant
- Strike Graph
- IBM OpenPages with Watson
- Fusion Framework System
1. Pirani, we make risk management simple
With more than 12 years of experience in the market, Pirani's ORM software has positioned itself as a tool for managing operational risks for companies in different sectors and countries.
ORM is characterized by its easy adaptability to national and international regulations and standards that must be complied with by all types of organizations, thus avoiding possible losses and penalties. It also allows for decentralizing operational risk management and creating an influential risk culture involving all personnel.
Companies currently use ORM in the financial, insurance, technology, food, transportation, and logistics sectors.
Advantages of Pirani ORM
- Ease: ORM is easy to set up, use, and administer.
- Adaptability: adapts to the operational risk management methodology used by companies.
- Centralization of information: in a single place, you find the traceability of all the management performed and have backups and secure access.
- Integration with applications.
- Artificial intelligence: With the integration of ChatGPT, the tool offers risk suggestions that consider the industry and the desired process.
- Event reporting: all personnel can report operational risk events anytime and from anywhere via their mobile devices.
- Report parameterization: creating customized reports according to the organization's needs, for example, to have a report of processes, materialized risks, and action plans in a given period. This facilitates timely decision-making.
- Constant evolution: ORM is constantly incorporating more and better functionalities that meet users' needs to offer them a better experience managing their risks.
Disadvantages of Pirani ORM
- Evidence of control: Currently, the Controls section does not have the option to upload documentation or evidence of the controls that have been implemented for risk mitigation.
Plans and Pricing
Pirani ORM offers a Free Plan for unlimited time. It also offers different plans and prices to suit users' needs: a Starter Plan (3,314 USD per year), a Basic Plan (7,650 USD per year), and an Enterprise Plan (according to your company's needs).
2. Dataminr
This solution incorporates artificial intelligence to detect high-impact events and emerging risks in real-time, allowing them to be mitigated and managed quickly.
It does this by analyzing a large amount of publicly available information, thus allowing its users from all types of organizations and sectors to be informed in a timely manner about events that could jeopardize the operation and continuity of the business so that they can be managed more effectively.
Dataminr is mainly used by public sector organizations and the media and stands out for its ease of use and variety of functionalities, such as risk alerts, mass notifications, event and incident management, and third-party integrations.
Pros
- Generation of real-time alerts: thanks to artificial intelligence, users can learn promptly about emerging events and risks that could affect the organization, thus protecting its operation and reputation.
- Geo visualization: allows you to explore and process large amounts of data in different formats (texts, images, videos, audio) to provide a better context for decision-making.
- Classification of notifications: users can classify alerts according to their type, data source, and how high a priority they are for the company.
Cons
- Data source dependency: if data sources from Dataminr information fail or become unavailable, it will not be able to generate accurate and valuable alerts and notifications to users.
Plans and Pricing
Dataminr offers a free trial that must be requested through its website. Its plans and pricing are also available upon request.
3. LogicGate Risk Cloud
LogicGate is a cloud-based governance, risk, and compliance (GRC) management platform that adapts to market needs and regulatory requirements.
It is highly customizable and makes it easy for organizations to implement processes to address business issues related to risk and compliance, using intuitive and editable templates based on best practices.
In LogicGate, users can visually create workflows and a logical path of tasks. It is flexible and easy to use because, for example, it allows dragging and dropping elements to create the sections and groupings required by each organization.
It is used to identify, assess, and monitor risks in companies in the financial, mining, energy, education, and health sectors, among others.
Pros
- Third-party integration: LogicGate enables the integration of other platforms synchronized, thus helping to automate and optimize governance, risk, and compliance management.
- Secure storage: all stored data is considered critical and protected through encryption and detailed access controls.
Cons
- Learning time: While LogicGate allows for extensive customization, it can also be complex for some organizations that will need more time to set it up and operate it correctly.
Plans and Pricing
LogicGate Risk Cloud offers a customized demo that must be requested through a form on its website. And its prices vary according to the functionalities and licenses each organization requires.
4. NRisk - Ncontracts
NRisk is a comprehensive cloud-based risk and compliance management solution. It provides organizations with a real-time assessment of controls, enabling them to create and strengthen strategic planning.
Ncontracts was founded in 2009 with the objective of enabling organizations in the financial sector to manage their risk and compliance through data entry, customized controls, and valuable reports for decision-making.
It is used by financial services companies such as banks, credit unions, mortgage companies, fintechs, and trusts.
Pros
- Automation: allows for more accurate and optimized risk management.
- Individualized services: offer assessment of risks, controls, and processes, analysis and reports on "what could happen if..." and evaluation of KRIs and KPIs.
Cons
- Difficulties in searches: this solution can present some difficulties when searching for documents or information required, and navigation can be a bit overwhelming for some users.
Plans and Pricing
NRisk from Ncontracts offers a demo that must be requested via a form on its website and a free walkthrough of the tool. Its plans and pricing are available upon request.
5. LogicManager
Created in 2006, this tool enables organizations to anticipate risk scenarios, improve business performance, and safeguard their reputation.
LogicManager believes that performance results from effective risk management, so its software helps companies integrate risk, compliance, and corporate governance to protect their customers, employees, and shareholders.
It is used, among other things, by organizations in the financial, insurance, healthcare, education, and transportation sectors for efficient risk identification, assessment, mitigation, monitoring, and reporting.
Pros
- Risk lists: offers a library of risks to be used and edited according to the organization's needs.
- Application integration: LogicManager can connect with over 500 third-party applications, e.g., Office365, DocuSign, WorkDay, and many more.
- Board reporting: provides heat maps, summaries of critical risks, control matrices, and customized reports for informed decision-making.
Cons
- Learning curve: some users may find it challenging to use it correctly, not least because the interface may not be very intuitive.
Plans and Pricing
LogicManager offers a demo that must be requested through its website. Its plans and pricing are also available upon request.
6. Hyperproof
This solution enables organizations to gain visibility, greater efficiency, and the consistency needed for tracking, enterprise risk management, and compliance requirements. It also facilitates collaboration and information sharing with teams.
Hyperproof is characterized by facilitating the administration of different security compliance frameworks, regulatory compliance programs, and data privacy programs, such as SOC2, NIST, ISO, and SOX.
Technology services companies mainly use it.
Pros
- One-stop operation: In one place, organizations can have their compliance requirements met, manage internal controls, store evidence, automate tasks, and monitor and generate reports.
- Suggestions and forecasts: the tool provides automatic suggestions of controls that may be useful for compliance with requirements and forecasts of the work required to comply with a regulation.
- Automated workflows: facilitate the performance of audits.
Cons
- Few integrations with other applications.
Plans and Pricing
Hyperproof offers a customized demo that must be requested through a form on its website. Its plans and pricing are also available upon request.
7. Aclaimant
This management software was created to provide organizations valuable information and results through loss prevention, incident management, and risk cost reduction.
Among other functionalities, Aclaimant enables collaboration between teams to report on incidents in the field, conduct timely investigations of incidents, and perform real-time analyses.
Companies use this tool in the construction, real estate, transportation, utilities, and staffing sectors.
Pros
- Easy recording of incidents: thanks to the connectivity of the field (where incidents occur) with the risk management area, it is possible to report incidents that occur to classify and manage them quickly.
- Analysis: Using standard and customized dashboards provides valuable information on incidents occurring in the field.
Cons
- Few functionalities: It is mainly intended for incident management, reduction of accidents, and the cost of claims for these.
Plans and Pricing
Aclaimant offers a demo that must be requested through a form on its website. Their plans and pricing are available upon request.
8. Strike Graph
It is a flexible security operation and compliance management tool that efficiently adjusts to the needs of organizations.
Companies can manage their compliance practices through this platform, record risks con, controls, and regulatory standards, and create customized security reports. Strike Graph also provides users with recommendations and best practices for reducing security risks.
Its primary users are information technology service organizations.
Pros
- Preset controls: offers a list of audit-tested controls that can be used from the start or adjusted to the needs of each company.
- Multiple frameworks: the platform enables security management from different compliance frameworks, e.g., SOC2, NIST, ISO, CCPA, GDPR, and more.
- Integrations: workflow can be optimized thanks to the integration of more than 40 applications.
Cons
- Limited use: Its focus is on security compliance management, which limits its use in other compliance areas.
Plans and Pricing
Strike Graph offers a live, customized demo that must be requested via a form on their website. Plans and pricing are available upon request.
9. IBM OpenPages with Watson
It is a unified governance, risk, and compliance platform powered by artificial intelligence. It enables the management of operational, compliance, IT, internal audit, business continuity and other risks.
IBM OpenPages with Watson is characterized by offering a holistic view of an organization's risk and regulatory responsibilities. Some of its functionalities include task management, customized dashboards, risk calculation, data repository, workflow automation, and scheduling.
Its main users are from the financial industry.
Pros
- Predictive information: thanks to artificial intelligence, it can provide timely information on the state of risk throughout the organization.
- User interface: is modern and task-centered to streamline complex processes and actions for users.
- Dynamic dashboards: users can have customized views and page options according to their responsibilities.
Cons
- Robust infrastructure: Using IBM OpenPages with Watson may require a robust technology infrastructure, which is challenging for small and medium-sized businesses.
Plans and Pricing
IBM OpenPages with Watson offers demonstrations on its website through pre-recorded videos, documentation on each of its solutions, and the ability to schedule a meeting to learn more about them. Prices range from USD 48,000 per year to USD 207,000 per year.
10. Fusion Framework System
This risk and business continuity management software is cloud-based. It enables organizations to collect valuable information in an orderly manner for business decision-making.
Fusion Framework System is used, among other things, to define the organizational structure, map critical processes, periodically monitor key risk indicators, manage incidents, and involve all personnel in management through interactive dashboards and visual reports.
This software is used by organizations in the financial, insurance, technology, retail, and other industries.
Pros
- Flexibility and agility: the platform adapts to the needs of organizations and enables them to make better data-driven decisions.
- Multiple tools: offers different resources such as risk assessment templates, incident management, and control tests that facilitate risk management.
- Integrations: Fusion Framework System integrates with different applications to facilitate users' complete knowledge and understanding of the risks they are exposed to.
Cons
- Configuration time: As a highly customizable tool, organizations may need significant time to implement and maintain it properly. Also, it can be a little tricky to understand at the beginning.
Plans and Pricing
Fusion Framework System offers a demo that must be requested through a form on its website. Its plans and pricing are also available upon request.
Conclusions
These were 10 of the operational risk management software references by G2 in its Q1 2023 Best Software List, which is built from user reviews and information available on each. G2 aims to help organizations quickly identify the best products and streamline purchasing decisions.
Which of these caught your attention the most?
Remember that in Pirani, you can create your free account with all the functionalities we offer or schedule a meeting to learn more about how we can help you simplify risk management in your organization.
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