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How to Evaluate a Risk Management Solution
Description
A risk management system that is properly implemented can provide businesses with many advantages. It can help ensure compliance with regulations; enhance data protection and security as well as reduce costs related to risk-related incidents; improve decision making capabilities based upon real-time information; and much more. A risk management system that is effective can give your business an edge in the market by ensuring that you are equipped to handle any challenge.
Many vendors offer a variety of risk management options to meet the different requirements. Some vendors, for instance, offer enterprise risk management solutions (ERM) for larger companies. ERM helps division managers implement an approach to risk and gives visibility across the entire organization’s collective risk position. Other vendors provide more precise risk management solutions like third-party risk management (TPRM) and compliance management (CM).
When evaluating risk-management tools it is important to consider how they can be incorporated into the current technology stack. This can help you avoid the need to purchase additional software and reduce the risk of security issues or plugin compatibility issues. If your team already uses tools for productivity, such as Slack or JIRA, you should ensure that the software you’re evaluating integrates with them.
The most effective risk management software should be able to identify the threats that are ongoing and those that come back. For instance the risk reporting provided by CURA determines the likelihood of an incident occurring and lets users monitor their progress toward reducing the risks. It also has a dashboard to track total risks assigned, resolved and unresolved with a visual representation of these risks. Look for a dashboard that is user-friendly, customizable and flexible reporting features such as heat maps and reports and dashboards.