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9 Best Risk Management Software in 2024

Risks are an inherent part of any project, and they are, quite simply, unavoidable!

Thankfully, with the power of the right risk management software, you can swiftly identify and mitigate potential risks.

Such tools assist in managing projects efficiently, maintaining focus, and meeting all your project management needs.

In this blog, I have compared the top 9 risk management tools that I have worked with over the years. These tools have helped me avoid missed deadlines and project delays, while I juggled numerous tasks and responsibilities.

But, before we delve into their features, pros, cons, and pricing, let’s begin with a brief introduction to the leading risk management platforms we’ll be examining.

Software Key Features Pricing
ProProfs Project Risk identification & timely management Starts at $39.97/month.
ClickUp Risk tracking Free plan available (Limited to 100MB storage space). Paid options start at $9/user/month.
nTask Enterprise-grade risk management Start at $3/month.
LogicGate Risk adaptability & automation Custom pricing.
A1 Tracker Real-time risk reporting Starts at $80/month.
CURA Operational project risk management Custom pricing.
Riskonnect Integrated risk management Custom pricing.
ServiceNow Handling high-impact risks Custom pricing.
AuditBoard Overall risk oversight Custom pricing.

List of the 9 Best Risk Management Tools

I’ve curated this list of the top 9 risk management platforms based on my personal experiences, thorough research, and insights from colleagues. Plus, I’ve taken into account impartial evaluations from independent sources and collected feedback from users to ensure a well-rounded selection.

1. ProProfs ProjectBest for risk identification & timely management

1. ProProfs Project - Best for risk identification & timely management

ProProfs Project is a professionally designed project risk management software that helps identify, assess, and mitigate risks early.

It equips me with the capability for data-driven decision-making through its extensive collection of project reports and analytical capabilities.

Additionally, its intuitive project visualization options, including Gantt charts, Kanban boards, lists, and calendars, facilitate seamless progress tracking across cross-functional teams.

I can switch between these views with just a single click, which ensures continuous monitoring from project initiation to completion. Moreover, real-time alerts and notifications keep me ahead of the curve regarding project status updates.

I also enjoyed the flexibility to customize reports to match specific project and team requirements. This adaptability, combined with real-time visibility into workflows, minimizes the risk of project failure.

What you’ll like:

  • You can assess risks and assign risk owners using the tool’s powerful dashboard
  • Built for flexibility and scalability, the tool is apt for teams of all sizes
  • Its project reports offer critical project data at your fingertips
  • In case of a risk, the tool allows you to adjust workflows and take corrective actions quickly
  • Ability to plan, assess, and monitor risks and their business impact across teams and departments using a single platform

What you may not like:

  • It lacks light and dark mode options
  • The trial period is limited to just 15 days, which might not be enough to explore its vast range of features

Pricing: Starts at $39.97/month.

Read Also: Project Risk Assessment: All You Need to Know About

2. ClickUp – Best for risk tracking

ClickUp - Best for risk tracking

One of the popular risk management systems, ClickUp empowers you to efficiently handle potential risks and issues.

With this tool, you can effortlessly dissect these risks and issues into manageable tasks. These tasks can be easily assigned to your team, complete with clear due dates for developing strategies or mitigating risks.

This approach enhances your risk management process by utilizing task descriptions to provide comprehensive information about each risk, resulting in a smoother and more organized workflow.

One of the standout features of ClickUp is its flexibility in allowing you to create custom fields for your tasks.

These fields, such as “Risk Category,” “Risk Probability,” “Risk Impact,” and “Mitigation Plan,” proved to be highly beneficial during my previous use of ClickUp. They offered me a structured way to categorize and assess risks more effectively.

What you’ll like:

  • You can attach supporting documents, files, or images to risk tasks for comprehensive information storage
  • Notifications and reminders that ensure that risk-related tasks and activities are not overlooked
  • Priority settings can help you rank risks based on their severity, allowing you to focus on the most critical ones
  • Checklists for specific risk mitigation steps within each task

What you may not like:

  • Click’s interface might feel overwhelming if you only require basic features
  • The free plan lacks crucial features like time tracking and agile planning and reporting

Pricing: Free plan available (Limited to 100MB storage space). Paid options start at $9/user/month.

3. nTaskBest for enterprise-grade risk management

 nTask - Best for enterprise-grade risk management

I stumbled upon nTask, a fantastic risk analysis software, during my research on risk management tools.

It has a Risk Register that includes a Risk Assessment Graph showing the probability of a risk happening and how severe its impact could be. They use categories like ‘Minor,’ ‘Moderate,’ ‘Major,’ and ‘Critical’ to describe the impact.

What’s even better is that nTask can create customizable reports and dashboards.

These reports give you a clear view of your project’s risks. This is super helpful for project managers and stakeholders who want to stay up-to-date on what’s happening with the project’s risks.

What you’ll like:

  • Its custom categorization and custom Risk Matrix help assess and manage risks
  • Ability to document risks for future referral
  • Seamless integration with tools using native or Zapier integration
  • Mobile app to stay connected with your team while on the move

What you may not like:

  • Attaching large files takes a lot of time
  • Lacks effective milestone tracking ability

Pricing: Start at $3/month.

4. LogicGate – Best for risk adaptability & automation

LogicGate - Best for risk adaptability & automation

LogicGate offers a central platform for identifying, assessing, and managing risks within an organization.

I found it really useful for tailoring risk assessment workflows to match our unique business requirements and compliance needs.

What I particularly enjoyed about this tool was its automation features. They allowed me to streamline repetitive tasks and seamlessly connect with different data sources and systems to collect information for risk analysis.

Additionally, LogicGate keeps a detailed audit trail, which enhances transparency and accountability throughout your risk management processes.

And yes, the platform includes security features that safeguard sensitive data and ensure the secure handling of risk-related information.

What you’ll like:

  • It aids in compliance by tracking regulations and aligning processes with industry standards
  • Logicgate’s Monte Carlo simulations add financial context to decision-making
  • Customized project reports and dashboards that are tailored to your unique needs
  • Facilitates clear communication and documentation with robust file storage and sharing capabilities

What you may not like:

  • The mobile application could benefit from a more user-friendly interface
  • The process of obtaining a price quote can be cumbersome due to a lack of transparent pricing information

Pricing: Custom pricing.

5. A1 Tracker – Best for real-time risk reporting

A1 Tracker - Best for real-time risk reporting

I’ve had the pleasure of using the A1 Tracker platform, and it’s undoubtedly one of the best risk management tools. It excels at supporting project risk managers like me in handling risk compliance and mitigation.

What I really appreciate about this tool is its real-time reporting feature. It lets me access valuable insights into our ongoing projects, risks, and processes. This feature alone has made a significant difference in keeping me informed and in control of potential issues.

Additionally, A1 Tracker offers a comprehensive impact analysis, which is essential for managing risks based on their potential impact on your business.

Plus, the risk alerts and notifications feature ensures you’re always in the know by providing timely alerts about potential issues.

What you’ll like:

  • You can initiate and oversee audits directly from the tool’s user-friendly dashboard
  • The tool excels in providing robust threat assessment and response capabilities
  • Internal Controls Management helps fosters a collaborative and informed environment
  • Reliable Incident Management capabilities that help handle unexpected incidents and keep disruptions to a minimum

What you may not like:

  • The tool has a steep learning curve
  • It does not offer a good mobile application

Pricing: Starts at $80/month.

6. CURA Best for operational project risk management

CURA - Best for operational project risk management

CURA is your all-in-one software for risk management, making it easy to stay in control of your projects.

It simplifies processes across your organization, promoting accountability with clear project workflows. This reduces errors and disruptions, ensuring smooth daily operations.

What I love about CURA is its continuous risk monitoring, enabling proactive risk management and compliance with industry standards.

Further, the tool provides robust reporting and analytics capabilities, allowing you to generate tailored reports and gain invaluable insights from risk-related data.

What’s more?

CURA also offers role-based security measures and audit trials, which further enhance the software’s utility in safeguarding my projects and ensuring that I maintain control and accountability.

What you’ll like:

  • You can create an automated and repeatable risk assessment system for similar risks
  • You can monitor individual as well as organizational performance with ease
  • The tools send alerts to users and project managers relating to escalations for ORM tasks
  • Its seamless ability to link risk management to strategy makes it one of the best risk management software for businesses

What you may not like:

  • The user interface could benefit from a more intuitive design
  • Transparent pricing information is currently lacking

Pricing: Custom pricing.

7. Riskonnect Best for integrated risk management

Riskonnect - Best for integrated risk management

A former colleague recommended this tool to me, and that’s how I started using it. I used the software extensively to identify potential project risks in areas like finances, operations, compliance, and overall strategy.

This software also has tools that help assess the impact and likelihood of these risks. This helped us focus on addressing the most important concerns.

In my experience, key features of this platform include Bowtie cause-and-effect analysis and heat maps. These features help visualize and understand how different risk factors are connected, making it easier to manage them effectively.

Also, the tool’s schedule and cost impact analysis provide valuable insights into the possible outcomes of risks on project timelines and financial budgets.

What you’ll like:

  • Effortlessly manage and track project risks with comprehensive risk registers
  • Access a rich library of past project data and lessons learned to inform future endeavors
  • Easily customize and configure the system to your needs, streamlining administrative tasks for a quick go-live
  • Harness the power of API integrations to seamlessly connect your risk data with other essential systems, enhancing data analysis and reporting

What you may not like:

  • The tool has an outdated UI
  • Lacks robust collaborative features such as team chat and screen sharing

Pricing: Custom pricing.

8. ServiceNow Best for handling high-impact risks

ServiceNow - Best for handling high-impact risks

ServiceNow offers tools to identify and assess project risks. You can use it to gauge the impact and likelihood of each risk, making it easier to prioritize and handle them effectively.

The tool also assists in real-time risk monitoring, enabling organizations to track trends and respond swiftly to emerging threats.

Moreover, it aids in crafting plans to address these risks, which may involve task assignments, setting deadlines, and real-time progress monitoring.

What I really liked about ServiceNow is its workflow automation feature. It ensures that risk-related tasks and actions are done consistently and efficiently.

What you’ll like:

  • ServiceNow is known for its scalability, making it suitable for teams and organizations of various sizes and industries
  • Key risk indicators such as timeline delays and budget deviations serve as early warning signals for threat detection
  • Access through a mobile app and portal for on-the-go risk management
  • Qualitative and quantitative risk scores for informed decision-making

What you may not like:

  • Search function can be tricky to use
  • Lag and slow loading times are common complaints among users

Pricing: Custom pricing.

9. AuditBoardBest for overall risk oversight

AuditBoard - Best for overall risk oversight

Last, but not least, on our list of the best risk management software is AuditBoard, which lets users evaluate and measure risks linked to projects or processes.

It helps organizations check and confirm how well internal controls work, vital for handling project risks.

With AuditBoard, I could oversee and handle project-related issues and findings, making sure projects stay on course. And its red, yellow, and green indicators help visualize risk levels at a glance.

Although not tailored for projects, AuditBoard aids in upholding compliance standards and regulations, lowering the risk of non-compliance.

What you’ll like:

  • You can save time on reporting with automated reports showcasing top risks and trends, reducing administrative burden
  • Risk assessments with automated distribution and collection for a crystal-clear view of your risk program
  • Effortlessly assign action plans with a single click for swift accountability
  • Ability to monitor remediation progress and gain insights from a centralized dashboard

What you may not like:

  • Customer support is not responsive
  • Ensuring timely updates and feature notifications for all users would be highly beneficial

Pricing: Custom pricing.

Which Is the Best Risk Management Software?

When choosing the right time management tool for your business, consider your core risk management needs, customization preferences, budget, and other key factors.

To make your decision easier, here are my top three recommendations:

Option A: ProProfs Project

ProProfs Project is a powerful project risk management software with robust features for identifying, assessing, and mitigating risks. It offers data-driven decision-making through project reports and visuals like Gantt charts and Kanban boards, making cross-functional team progress tracking easy. Plus, real-time alerts keep you informed about project status updates, ensuring smooth project management from start to finish.

Option B: A1 Tracker

This risk analysis software is an outstanding risk management tool, especially for project risk managers. Its real-time reporting provides valuable insights into ongoing projects and risks, improving awareness and control. The platform also offers comprehensive impact analysis for managing risks effectively, and its risk alerts keep you informed about potential issues.

Option C: ServiceNow

ServiceNow provides tools for identifying and assessing project risks, enabling effective prioritization based on impact and likelihood. It helps create risk mitigation plans with task assignments, deadlines, and real-time progress monitoring. The standout feature is its workflow automation, ensuring consistent and efficient execution of risk-related tasks and actions.

Based on my personal experience, ProProfs Project stands out as the top choice for risk management tools. Its user-friendly interface and robust reporting and project views make it the ideal solution for real-time risk monitoring and effortless project management.

Learn More About Risk Management Software

What is risk management software?

Risk management software is a tool designed to help businesses identify, assess, and mitigate potential risks and uncertainties that could impact their operations. It streamlines the process of tracking and managing risks, making it effortless to make informed decisions and protect the organization from potential harm.

How to choose the best project risk management tool?

Selecting the right project risk management tool means looking for one with a user-friendly interface, access to external stakeholders, scalability, positive user reviews, and good value. So, ensure it’s easy to use, supports collaboration, and offers cost-effective solutions for managing project risks.

For more on this, watch: How to Choose the Best Project Management Software

What are the features of a risk management tool?

An ideal risk management tool should have features like actionable reports and analytics, real-time project visualization, availability as an Android/iOS app, team collaboration tools, and easy customization options. These elements help businesses assess, monitor, and address risks effectively.

What are the benefits of a risk management tool?

A risk management tool offers several benefits, including improved decision-making by identifying potential risks, reducing costly errors, enhancing project efficiency, and ensuring regulatory compliance. It also fosters better communication and collaboration within teams and provides a systematic approach to safeguarding an organization’s assets and reputation.

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About the author

David is a Project Management expert. He has been published in elearningindustry.com, simpleprogrammer.com. As a project planning and execution expert at ProProfs, he has offered a unique outlook on improving workflows and team efficiency. Connect with David for more engaging conversations on Twitter, LinkedIn, and Facebook.