Buyer’s guide
Enterprise risk management software
A living risk and opportunity register linked to owners, treatments and key risk indicators.
The problem it solves
Risk registers are refreshed once a year for the committee and forgotten in between. Departmental registers use different scales, so the enterprise view is a manual consolidation exercise.
Usually bought by
- ✓Risk managers and CROs
- ✓Audit and risk committees
- ✓Strategy and performance offices
Get help choosing enterprise risk management software
Requirements, shortlist, scripted demos or rollout. We’ll get back to you about the next step.
Capabilities to look for
- ✓Corporate and departmental risk and opportunity registers
- ✓Configurable likelihood-and-impact matrix
- ✓Heat maps by priority and severity
- ✓Inherent and residual risk
- ✓Key risk indicators with thresholds and alerts
- ✓Treatment plans with follow-ups and history
- ✓Links between incidents and the risks they relate to
Questions to ask vendors
- 01Can we use our own risk scoring matrix and taxonomy?
- 02Do departmental registers roll up automatically into the corporate view?
- 03How are KRIs fed: manual entry, imports or integrations?
Frameworks it should support
Regulation guides
The process it should support
If the software can’t run this cycle, keep looking
- 01
Set objectives and scope
- 02
Identify risks
- 03
Assess and forecast impact
- 04
Treat and assign owners
- 05
Monitor against criteria
- 06
Report to leadership
Should connect with
Questions
How is ERM different from financial risk management?+
ERM covers risks across every function, including operations, supply chain, people, reputation and technology, and connects them to strategy. Financial risk management is narrower and more quantitative.
Other software guides
GRC software
Software that brings policies, obligations, risks, controls and evidence into one place.
Internal audit software
Audit universe, plan, fieldwork, findings and follow-up without the spreadsheets.
Cybersecurity compliance software
Cyber risk, assessments and control evidence against ISO 27001 and Saudi and UAE frameworks.
Quality management software
Processes, objectives, nonconformities, corrective actions and training for ISO 9001 and integrated systems.
Next step
Not sure which area to start with?
The GRC maturity check shows where your programme is weakest. That’s usually where software helps first.