Taking risk is fundamental to business operations; you can’t reap reward without taking risk. That doesn’t mean, however, that you should ignore the potential threats of a risk gone wrong – or that you should spend all your time mitigating risk with manual processes.
Risk assessment software can help automate and streamline much of the risk mitigation work needed to keep operations running smoothly while supporting your overall governance, risk, and compliance (GRC) efforts. This post will explore the benefits of risk assessment software and how your compliance program can put it to good use.
What Is Risk Assessment Software?
Risk assessment software is a suite of tools and dashboards that monitor your organization’s potential or growing operational risks. Robust risk management software will monitor potential, minor, and changing current threats as they develop.
Risk assessment software should also provide tools for easily sharing risk management reports across your organization. By showing changes across risk thresholds in different departments, you can better collaborate to mitigate risks before they cause any significant damage.
Who Needs Risk Assessment Software?
Anyone running a business needs risk assessment and risk management software, which often are a single software program. Given how much business is conducted online (especially e-commerce), risk assessment software is essential to identify security gaps in online transactions and customer information privacy protection.
With cybersecurity threats such as malware and ransomware an ever-present problem online, you’ll want a real-time dashboard to share operational risk information across the enterprise. Then you can prioritize risk management workflows for each issue that arises.
Additionally, anyone working in a field where employee or client safety is a priority – such as construction, warehouses, healthcare, retail, and more – should have a risk management dashboard. This will allow you to manage safety protocols, updated regulations, and compliance management collaboratively.
Functions of Risk Assessment Software
Risk assessment software serves many functions across your organization, including:
- Automating risk management workflows
- Collecting risk data for regular reporting and risk analysis
- Cloud-based risk identification tools
- Audit management
- Compliance management
- Prioritization of risks and protocols
- Incident management, including alerts for timely response to cyber attacks
- Identifying and managing potential operational risks
- Managing the risk assessment process
- Managing personnel security training and educational materials
- Offering templates and modules for risk management and risk assessment
Benefits of Risk Assessment Software
Robust risk management comes with a long list of benefits to your organization, operations, and staff morale.
Improved data application across your organization
With a robust risk management software program, you’ll have access to more data insights that you can share across lines of business and with key stakeholders within your business. Together, you can apply that data analysis to improve workflows and the decision-making process.
This same data helps your organization to grow and expand operations while meeting shifting priorities and compliance requirements as new risks develop. For example, when operating with international clients, you’ll likely encounter Europe’s General Data Protection Regulation. The GDPR protects the personal data of European citizens, and anyone operating within the European Union must comply with it. An effective GRC dashboard can help you maintain this compliance, reducing the risk of interruption to your daily operations.
Improved communication among stakeholders
Risk assessment software easily lets you download and share reports as needed. These reports can inform meetings with key stakeholders and executives as well as start conversations about company-wide risk management protocols.
Depending on the size of your organization, multiple stakeholders may have access to the data directly, jump-starting reports and risk mitigation efforts. As a result, you may benefit from an enterprise risk management strategy that allows for more robust risk management tools for many key stakeholders.
Prioritization creates efficient workflows
Cybersecurity breaches, cyber-attacks, and other risk incidents can disrupt daily operation. Likewise, constant vigilance from every individual in your organization against every possible risk doesn’t leave much time to get quality work done throughout the day.
Using risk management software, you can assess which risks are a priority and then assign stakeholders to manage those risks. This way, you free up others across lines of business to focus on their work at hand with less stress over disruption from security risks.
Improve Your Risk Assessments with ROAR
Managing risk can be an overwhelming aspect of any business. Luckily, the RiskOptics ROAR Platform offers metrics and methodologies for managing key risks within your organization. Our user-friendly risk management platform for remediation, risk monitoring, and reporting can help you track the lifecycle of various threats before they affect you in a major way.
Schedule a demo and discover if ROAR is the best risk management software for your organization.