14 Best Risk Management Software 2023

Looking for the best risk management software to identify and manage risks?

Don’t worry! We’ll answer all your questions here.

With a mind-numbing amount of tasks, deadlines, and resources to deal with, managing a project is not an easy feat. Take your eye off the ball for a minute, and there goes the task deadline and resulting project delays.

If this sounds familiar, it may be time to clean up your act. Using a risk management software, you can overturn potential risks and mitigate them at the earliest. Adopting a good tool will serve as the ‘North Star’ that can help you manage everything you need to and move in the right direction. It can handle all the quirks of your project management needs, including managing workloads. This, in turn, significantly impacts your overall project management abilities.

Simply put, you need a reliable system to identify, assess, and manage risks with efficient project tracking and team collaboration. Risk management software helps you to create a robust risk management plan in time of need. 

In this blog, we will explore the top 14 risk management tools, along with their features, pros, cons, and pricing.

So, let’s get started!

What Is Risk Management Software?

A risk management software offers a simple and intuitive interface that is equipped with essential features to identify, monitor, and mitigate risks on time. It helps visualize progress and look out for areas that need special attention. This ensures that a risk does not crop up. If it does, then that can delay the project and ultimately impact the business’ profitability.

List of 14 Best Risk Management Software Systems

We have gone through hundreds of tools and compiled the list of the best risk management software in 2023. We will take a look at their features, pricing, pros, and cons in detail.

Let’s begin!

1. ProProfs Project

Rating On Capterra: 3.9/5

Rating On G2: 4.4/5

Pricing: Starts at $39.97/month.

ProProfs Project is a professionally designed project risk management software. Packed with an incredible suite of robust features, it offers a risk management solution that helps identify, assess, and mitigate risks early.

The tool empowers you with data-driven decision-making via rich project reports and analytics. Also, its project visualization views (Gantt charts, Kanban board, List, and Calendar) help track progress on tasks and projects across cross-functional teams. You can switch between different views with just a click and monitor workflows from start to finish. Besides, its alerts and notifications help you stay one step ahead with real-time project status.

Key Features of ProProfs Project:

• Customize reports to suit the project and team needs
• Minimize project failure with real-time visibility into workflows
• Share presentation-ready reports with clients
• Adjust workflows with a quick drag and drop action
• Generate accurate invoices with time tracking

Pros	Cons
1. Assess risks and assign risk owners using the tool’s powerful dashboard.	1. It can improve file management.
2. Built for flexibility and scalability, the tool is apt for teams of all sizes.	2. The tool lacks third-party integration with popular applications. It currently offers only a Zapier integration.
3. Its project reports offer critical project data at your fingertips.
4. In case of a risk, adjust workflows and take corrective actions quickly.
5. Plan, assess, and monitor risks and their business impact across teams and departments using a single platform.

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

2. nTask

Rating On Capterra: 3.9/5

Rating On G2: 4.4/5

Pricing: Starts at $3/user/month.

nTask is a risk analysis software that helps spot risks and takes steps to mitigate them timely. Its Risk Register offers a Risk Assessment Graph that indicates the likelihood of a risk occurring and the impact that it will have on your project. The impact will be indicated using ‘Minor,’ ‘Moderate,’ ‘Major,’ and ‘Critical.’

Key Features of nTask:

• Document risks for future referral
• Use advanced Search and Filters
• Customize risk matrices
• Assign unique IDs to risks
• Access data using mobile application

Pros	Cons
1. Its Custom Categorization and Custom Risk Matrix helps assess and manage risks well.	1. It is not a very scalable tool.
2. Its ability to indicate the likelihood and impact of risk is impressive.	2. Lacks advanced reporting features.
3. You can designate a Risk Owner to handle each risk.	3. Attaching large files takes a lot of time.

3. Integrum

Rating On Capterra: 4.1/5

Rating On G2: Not available.

Pricing: Get in touch with the company for a quote.

A robust, cloud-based risk management software, Integrum is designed to deliver better value and mitigate risks on time. It offers you online as well as offline capabilities to keep your project running no matter where you are. Also, it offers a centralized database that securely holds information about all your projects.

Key Features of Integram:

• Integrate with third-party systems like SAP, PeopleSoft, etc.
• Automate document management
• Track costs throughout the project
• Get project alerts and notifications
• Integrate with email systems

Pros	Cons
1. It offers a rich dashboard to easily navigate and access critical information instantly.	1. Users report lagging issues such as page errors.
2. It automates workflows to save time and effort.	2. It is difficult to set up the project dashboard initially.
3. Customer support is praiseworthy.	3. It does not offer good project reports.

Read More: Best 15 Accounting Project Management Software (Features, Pros, & Cons)

4. Resolver

Rating On Capterra: 4.4/5

Rating On G2: 4.3/5

Pricing: Get in touch with the company for a quote.

Resolver is a simple and intuitive risk assessment software that provides a platform to plan, manage, and monitor risk on a single platform. It helps collect and connect all types of information indicating project risk, thus, preparing you to handle any unforeseen events. It even ranks risks based on their impact on your project and business.

Key Features of Resolver:

• Carry out site audits
• Access submission portals
• Access confidential reporting
• Access regulatory compliance features
• Track team activity in real-time

Pros	Cons
1. It lets you prioritize risks, so everyone in the team is clear on what to tackle first.	1. Its search functionality is not very good.
2. Get a holistic view of your risk profiles.	2. Managing files using the tool is cumbersome.
3. Its adoption is quick and effortless.	3. It is not easy to customize the dashboard.

5. Qualys

Rating On Capterra: 3.6/5

Rating On G2: 4.2/5

Pricing: Get in touch with the company for a quote.

Qualys is one of the best risk management software when it comes to cyber threats. It automatically spots vulnerabilities for network irregularities and compromised assets, sending you an alert immediately. You can save on unnecessary resources and time spent on discovering such information and instead route these resources to contribute to work effectively.

Key Features of Qualys:

• Automate workflows with ease
• Get real-time alerts on detected vulnerabilities
• Get multi-device access
• End-to-end platform
• Hassle-free deployment

Pros	Cons
1. Get increased visibility into ongoing processes and KPIs.	1. It has an outdated UI.
2. It helps detect critical misconfigurations on time.	2. Its integration system is not up-to-the-mark.
3. It is an easily scalable platform.	3. Users often suspect false positives using the tool.

6. Fusion Framework System

Rating On Capterra: 4.4/5

Rating On G2: 4.5/5

Pricing: Get in touch with the company for a quote.

One of the popular risk management tools, Fusion Framework System helps identify and mitigate risks with on-time responses. It helps track project workflows and discover opportunities for improvement in efficiency. The tool also lets you prioritize risks so that you can attend to them in order of their impact, urgency, or importance.

Key Features of Fusion Framework System:

• Map resources in real-time
• Set impact tolerances to tackle risks better
• Compare Risk Tolerance and Appetite for impact
• Integrate with third-party applications
• Prioritize risks with data-driven factors

Pros	Cons
1. It helps spot friction points throughout a project’s lifecycle.	1. It offers too many features, which can sometimes be overwhelming.
2. It also guides on the actions you can take to mitigate specific risks.	2. The tool has a high learning curve.
3. The tool helps with Control Management and Situational Monitoring.	3. Customer support is not very prompt.

Read More: Common Project Risks and How EPM Software is a Great Solution

7. 6clicks

Rating On Capterra: Not available.

Rating On G2: Not available.

Pricing: Starts at $18,000/year.

A user-friendly project risk management software, 6clicks, is powered with AI to bring to you a platform that takes control of your everyday risk management. It offers excellent solutions to help you avert project failure by implementing corrective actions faster. Besides, its risk matrix reporting lets you holistically analyze risks.

Key Features of 6clicks:

• Use reporting and analytics engine for key project insights
• Tackle risks faster with assessment templates
• Access libraries and playbooks for better user experience
• View project data on Android and iOS Mobile Apps
• Integrate with thousands of third-party apps

Pros	Cons
1. Equipped with a visually-appealing dashboard, the tool offers a secure collaboration across teams and departments.	1. Alerts and notifications can be improved.
2. It is powered with AI to help you with multiple Hub and Spoke Deployment.	2. Document management can be enhanced to integrate large files more easily.
3. It helps conduct requirement-based audits and assessments along with seamless Issue and Incident Management.	3. It has a slightly high learning curve.

8. StandardFusion

Rating On Capterra: 4.9/5

Rating On G2: 4.8/5

Pricing: Starts at $1250/month.

StandardFusion is a flexible and versatile platform, perfect for multi-team structures. The tool helps manage risks more proactively for accelerated growth. It indicates the impact of risk in green, yellow, orange, and red to signify Low, Medium, High, and Very High levels of risk, respectively. This way, you can instantly conclude which risk has to be dealt with on priority.

Key Features of StandardFusion:

• Track risks as well as the associated assets
• Link organization-specific controls to risks
• Monitor control maturity and testing for risks
• Leverage high-level summaries on risks
• Access visuals cues such as red flags

Pros	Cons
1. Its integrated threat library helps identify risks faster.	1. The tool does not offer advanced customization options.
2. Assess risks using the tool’s qualitative and quantitative risk methodologies.	2. Project dashboards cannot be exported.
3. Access detailed heat maps or reports to analyze risks effectively.	3. Users may encounter bugs occasionally.

9. CURA

Rating On Capterra: 5/5

Rating On G2: Not available.

Pricing: Get in touch with the company for a quote.

CURA is an all-in-one risk management software for small business that helps stay in control of your project and manage risks effortlessly. The tool streamlines processes across the organization and creates a culture of accountability with crystal clear project workflows. This helps reduce human error factors and external events, enabling you to run everyday tasks with minimum disruption.

Key Features of CURA:

• Access interactive dashboards and reports
• Configure the system optimally
• Role-based security and audit trials
• On-site and in the cloud access
• Link risk management to strategy

Pros	Cons
1. You can create an automated and repeatable risk assessment system for similar risks.	1. The tool lacks a good mobile application.
2. You can monitor individual as well as organizational performance with ease.	2. Its UI is not user-friendly.
3. The tools send alerts to users and project managers relating to escalations for ORM tasks.	3. You cannot access the tool on a Mac.

Read More: 15 Best Workload Management Tools for Teams in 2023

10. Synergi Life

Rating On Capterra: 5/5

Rating On G2: Not available.

Pricing: Get in touch with the company for a quote.

Synergi Life is a cloud-based risk management platform that helps in early risk identification. This helps you and your team to analyze risks constructively, resulting in team efficiency, risk reduction, and ultimately, increased business profitability. Its Risk Register provides key insights into every aspect of your business processes, conveying potential risks at a glance.

Key Features of Synergi Life:

• Keep track of various compliances with effective compliance support
• Gain useful risk insights using pie charts
• Automate recurring processes and focus on what’s more important
• Set risk owners who can immediately implement best practices for risk mitigation
• Set risk response actions, i.e., ‘Overdue,’ ‘No deadline,’ ‘Closed within due date,’ ‘Closed after the due date’

Pros	Cons
1. Its integrated digital approach helps tackle risks on time and keeps your business running.	1. You cannot access the tool on ‘Desktop – Linux,’ ‘Desktop – Chromebook,’ ‘On-Premise – Windows,’ and ‘On-Premise – Linux.’
2. Implement best efforts with optimized risk management capabilities.	2. It doesn’t offer a ‘Live Online’ option for training.
3. It is equipped with robust features for effortless scaling.

11. Project Risk Manager

Rating On Capterra: 4.4/5

Rating On G2: Not available.

Pricing: Get in touch with the company for a quote.

Project Risk Manager is one of the best software for risk management. The tool offers detailed and customizable reports to monitor risks your way. These reports provide a big-picture view of all your project risks in one easy-to-access place. Also, its alerts automatically notify users when they are assigned a risk or when the risk’s target mitigation date is near.

Key Features of Project Risk Manager:

• Manage unlimited projects and risks
• Customize system parameters
• Use Smart Search to find project data easily
• Manage risks while offline conveniently
• Store data on a safe and secure platform

Pros	Cons
1. The tool offers automatic risk ranking and closure.	1. The tool’s UI is outdated.
2. It alerts users about any risk occurrence on time.	2. Effective file management is missing.
3. It provides a parent-consequential risk link for better data analysis.	3. Lacks a good mobile application.

12. A1 Tracker by A1 Enterprise

Rating On Capterra: 4.9/5

Rating On G2: 4.8/5

Pricing: Get in touch with the company for a quote.

A1 Tracker by A1 Enterprise is one of the best risk management software for enterprises. It supports you with risk compliance and risk mitigation. It offers real-time reports that help gain insight into ongoing projects, risks, and processes without leaving the tool. Also, it helps obtain a comprehensive Impact analysis to manage risks in sync with their potential impact on the business.

Key Features of A1 Tracker by A1 Enterprise:

• Get risk alerts and notifications
• Access log activity
• Store and manage data on a web portal
• Track risk documents with ease
• Run audits right from the tool’s dashboard

Pros	Cons
1. The tool provides robust threat assessment and threat response.	1. The tool has a steep learning curve.
2. It helps keep everybody in the loop with Internal Controls Management.	2. It does not offer a good mobile application.
3. It offers reliable Incident Management.	3. It lacks advanced dashboard customization options.

13. Opture ERM

Rating On Capterra: 5/5

Rating On G2: Not available.

Pricing: Get in touch with the company for a quote.

Opture ERM is an enterprise risk management tool that helps assess risks and manage them efficiently. It allows you to benchmark risks and compare them to a fixed standard. This helps with detailed analysis, enabling accurate risk identification and better project outcomes. Also, its reports are available in both text and presentation formats.

Key Features of Opture ERM:

• Automate reports for on-time project insights
• Intuitive interface
• Give external users access rights
• Modularly extendible
• Compatible with standard servers and databases

Pros	Cons
1. The tool helps optimize risk management to minimize wastage of time, effort, and resources.	1. Users often complain about its clunky interface.
2. It is easy to onboard and navigate; requires no training.	2. It doesn’t offer a free version.
3. The risk map displays the top 10 risks before and after mitigation measures.

Read More: What is Scope Creep and Learn How to Manage Them

14. Predict 360 by 360 Factors

Rating On Capterra: 4.6/5

Rating On G2: Not available.

Pricing: Get in touch with the company for a quote.

Predict 360 by 360 Factors is a reliable and one of the best software for risk management. It provides an AI-powered platform that helps bring teams together to manage risks with real-time tracking and coordination effectively. Besides, it allows you to break down organizational silos that complicate risk management, delaying the project by days and weeks.

Key Features of Predict 360 by 360 Factors:

• Automation for recurring tasks
• Access modules for easy risk management
• Helps with reputational risk management
• Upload documents seamlessly
• Simple and intuitive interface

Pros	Cons
1. The tool lends increased visibility into risks.	1. Too many features can make it slightly overwhelming for users to navigate the tool smoothly.
2. Keep stakeholders informed about risk status with instant risk metrics.
3. Increase risk management efficiency while decreasing resolution times.

How to Choose the Best Project Risk Management Tool?

Did you know that “risk and compliance” have been ranked as the top two risk categories that 57% of senior-level executives admit to being least prepared for?

Thus, supporting risk management with a tool becomes all the more important for greater collaboration, visualization, and risk analysis.

But, choosing a tool can be an uphill battle. So, we have done all the heavy lifting and drilled down the top criteria for choosing the best risk management software for your business.

Let’s take a look at it.

1. Easy-to-Navigate User Interface

One of the top criteria for choosing an effective risk management tool is the ease with which you and your team onboard and navigate the tool. A tool must be user-friendly, requiring no specific training. This is because a high learning curve demands extra effort, which is bound to deter members from actively adopting the tool in their everyday management workflows.

2. Access to External Stakeholders

Sometimes you need to include external stakeholders to manage risks and projects. These stakeholders may include clients, top leadership, and team members working part-time. Looping these stakeholders into project dashboards using risk management tools will give them access to project data and ongoing progress. This will further help them identify areas for improvement and find solutions on time.

3. Allows Scalability of Business

A business is aimed at growing as fast as it can. For this, you need a tool that scales with you. An ideal risk assessment software grows and adapts to bigger and more complex projects. Thus, choose a tool that is flexible enough to incorporate more team members and more projects on its platform at once.

4. Honest and Recent User reviews

Look for reviews on credible SaaS tool websites such as GetApp, G2, and Capterra. Being listed on such sites adds reliability to a tool’s functionality. Also, user reviews offer first-hand experience of using a tool. So, go through their reviews and co-relate how a particular tool can ease your everyday risk management practices. It would be best if you prefer a user review of not longer than a year.

5. Value for Money

Adopting a good tool with a reliable plan comes at a price. However, do not go overboard and invest heavily in a tool right at the onset. Go for a tool’s trial version. Make your team familiar with it. Only go for a tool if you notice visible ease and efficiency while managing risks after using the tool for about a couple of weeks.

Read More: 10 Best Client Project Management Tips to Win More Clients

The Must-Have Features for a Risk Management Platform

The best risk management software must be equipped with some basic features to effectively manage risk. Let’s look at these features here.

1. Actionable Reports and Analytics

The best software for risk management offers rich insights into how your project is progressing. With key project metrics, it helps spot risks at a stage when they’re still manageable. Thus, using these reports, you can instantly gauge whether your project is going off track and figure out strategic measures to manage risks at the earliest.

2. Project Visualization in Real-Time

You can get a real-time overview of the state of things using interactive project views such as Gantt charts, Kanban boards, Calendar, and List views. The right risk management software offers all these views so that you can view projects and tasks the way you want. Each view helps obtain a different perspective of progress, enabling you to eliminate risks throughout the project.

Read More: 15 Gantt Chart Examples for Project Management

3. Android/iOS App Version

Best risk management tools offer Android/iOS access to their platform. This feature helps you and the team to stay on top of things. This further ensures that nothing slips through the cracks at any given point. You get real-time alerts and notifications that allow you to stay updated on the go. 

4. Team Collaboration Features

When you spot a risk, the first thing to do is to act on the risk mitigation plan. And this requires team collaboration. Thus, a tool must offer robust collaboration features such as task comments that allow you to give and receive instant feedback for faster resolution. Such a tool also allows you to share files and connect with team members and stakeholders on project documents.

Read More: Team Collaboration Strategies You Need to Adopt Right Now

5. Easily Customizable

To effectively mitigate risks and implement the action plan, you need to adjust a few workflows here and there. It may be re-allocating resources to new tasks or pushing forward a deadline of another project. Whatever it is, you need a tool that allows easy customization of workflows from anywhere and anytime.

Comparison of Best Risk Assessment Software

Let’s quickly compare the top features of the best software for risk management along with their pricing.

Reduce Risks Using a Robust Risk Management Software

The best risk management software empowers you and your team members throughout the project risk management journey. To get the most out of your risk management tool, analyze each tool’s core features. These features will help you select the tool that best suits your project needs and pace.

You can choose ProProfs Project for its excellent progress visualization and workflow management capabilities. Besides, it is an easily customizable and scalable tool, perfect for teams of all sizes. If you’re looking for a more reporting-oriented tool, then CURA might come in handy. Also, 6clicks is a great tool for monitoring projects with a collaboration-based setup.