Best Risk Management Tools and Techniques for 2024

Risk is an inherent aspect of any project within an organization, be it a small or large enterprise. How companies address these risks can significantly influence their success or failure. If a company fails to effectively manage risk factors and doesn’t consider them while making a project management strategy, it might fail to withstand abrupt changes, potentially leading to failure to complete the project within the required deadline. Adding more to this, recent statistics, show that only 27% of organizations always use risk management practices in their project while 33% apply these practices sometimes. 

Risk Management practices aren’t sometimes to be used, you need to consider them always, and are an integral part of the effective completion of a project. The better the project manager identifies and fights with risk, the better the desired upshots. Hence, employing risk assessment tools is essential to have at your disposal when formulating a strategy. In this blog, we have listed down the best risk management tools and techniques for 2024 to make the risk management journey quite easy for you.

Best Risk Management Tools for 2024

The blog has been categorized into two segments. The first segment will cover the best risk management tools/software, while the second segment will cover the best and most used risk management techniques for 2024. 

We have researched and talked to the project manager about the best risk management tools they have been using. According to user reviews and our analysis, we have come up with the following tools that you can use to mitigate risk in a project.

1. LogicManager

LogicManager is a powerful risk management tool that provides the company with comprehensive solutions for effective risk management processes. It is an integrated solution that combines governance, risk management, compliance, and reporting all under one vigorous platform.

Benefits:

  • It enables to identification and prioritization of IT vulnerabilities and has a huge risk library to easily detect these vulnerabilities.
  • It also provides seamless compliance workflows for regulations like GDPR, HIPAA, and Sarbanes-Oxley, automates repetitive tasks, and generates reports. 
  • It has robust reporting capabilities and ready-to-use templates. You can make custom fields, reports, and dashboards to analyze data that support your business requirements.

Pricing: Request a quote for pricing

2. Sprinto

Sprinto, is undoubtedly, one of the best risk management tools to help organizations in risk assessment in the long run as it comes with built-in advanced risk assessment abilities. It is regarded as best as it continuously monitors your business needs to provide continued security and identity vulnerabilities, enabling you to stay ahead of malevolent attempts.

Benefits:

  • The prime feature that makes Sprinto stay ahead of all risk management software is its integration with cloud environments and applications. 
  • It puts your assessment process on autopilot, allowing you to monitor risk controls regularly. 
  • It enables you to identify and monitor vulnerabilities and endpoint security incidents. You can quickly access security threats in your system infrastructure. 
  • This tool also helps you predict future risk prospects and scenarios your system can encounter and suggests remediation plans to control and manage these risks in real time.

Pricing: Contact Sprinto for more details

3. Vendor360

Vendor360 is a flexible third-party risk assessment solution that assists businesses in identifying and managing risk linked with vendors. This tool enables you to manage vendor selection, onboarding, automating risk assessments, audit, and monitoring. 

Benefits:

  • The tools have built-in templates to get started with risk management. It also has a vendor directory that can help you attain vendor information.
  • It enables businesses to analyze suppliers’ and vendors’ operations while mitigating risks and helping them remain compliant with industry regulations.
  • With advanced analytics and Dashboard access, you can get insights into vendor risk rating and trends.

Pricing: Available upon request

4. OneTrust

OneTrust is a cloud-based platform that is primarily used for measuring and developing a business’s compliance with regulatory requirements to diminish risk exposure while safeguarding data privacy. Moreover, as a Risk management tool, it also assists you in monitoring, identifying, and eliminating both external and internal risks to secure businesses.

Benefits:

  • It offers an IT and security risk management solution that provides a widespread, integrated platform that enables businesses to monitor operations and generate reports that give valuable insight into an organization’s risk profile.
  • It provides a visual risk management dashboard to identify key risk indicators and contextual reporting features that assist organizations in understanding the risk management attitude while combating potential threats.
  • It is customized for different frameworks and also has pre-built customizable templates for managing and mitigating threats.

Pricing: Offers a 14-day free trial. For a complete package, contact the vendor

5. MetricStream

If you’re looking for a comprehensive risk management solution that can manage organization risk, cybersecurity, compliance, and audit control all in one, MetricStream should be the one. This tool integrates all your data to give a structured view of your GRC landscape while managing operational risk.

Benefits: 

  • It provides correct and real-time risk detention measures to lessen losses from risk incidents.
  • You can use advanced AI to detect inserted and integrated data with actionable insights and deep domain expertise. 
  • It offers a comprehensive security solution by addressing blind spots, especially targeting third-party vendors across the supply chain.
  • With advanced reporting, you can make swift business decisions and boost stakeholder decisions.
  • It also offers self-governing and automated control testing that can help you detect failing controls, providing seamless quality assurance.

Pricing: No free version is available. Contact the vendor for pricing that matches your business needs. 

6. RiskOptics

RiskOptics also referred to as Reciprocity, is a tool that allows organizations to effectively manage operational risks holistically and strategically. This tool helps you identify, understand, and comply with cyber threats, and automate compliance. It provides an integrated, real-time view of risk and compliance, according to your business needs, and all contextual insights to make informed decisions to protect your organization and safeguard its data.

Benefits:

  • It offers customizable risk calculations and report sheets. 
  • It has automated and autonomous risk assessment and compliance management. 
  • You can manage all cyber threats by its risk monitoring and cyber security risk management feature. 

Pricing: Request a quote according to your needs and specifications.

7. RSA Archer

The RSA Archer is an enterprise solution that provides governance, risk, and compliance (GRC) management features. With a comprehensive and integrated platform, you can manage all risks and compliance requirements under one roof. It has a user-friendly interface that is integrated with external technologies to automate workflows, improve data visualization, and generate reports and analytics. 

Benefits:

  • The tool offers both on-premises and software-as-a-service (SaaS) deployment models. 
  • It has multilingual support making it suitable for use worldwide. 
  • It helps you in smooth data integration, collaboration across teams, and centralized settings for secure information sharing. 
  • The tool also has real-time tracking that helps you get insights on tracking risks and what remediation measures you can take to avoid them. 
  • Moreover, it can handle a multitude of data and business units, making it suitable for all company sizes. 

Pricing: The pricing starts at about $55,000 depending on the features and the services the user wants. 

8. Diligent

Diligent, also known as Galvanize, is an enterprise risk management (ERM) solution that offers advanced risk-management abilities and flexible and automated workflows. This Risk management and management module helps you monitor corporate records, waning any issues that require immediate remediation. It also enables you to keep an eye on any financial crimes and regulatory noncompliance by providing automated workflows.

Benefits:

  • One of the benefits of this platform it has powerful audit and risk management. It will enable you to identify, evaluate, and mitigate risks. 
  • The interactive dashboard offers real-time updates on the ongoing compliance status. 
  • This tool helps you safeguard sensitive information and data by providing robust security controls, data encryptions, and audit trails.  

Pricing: Contact the vendor for pricing according to company size

9. Resolver

Resolver is also a widely used Risk management tool that allows businesses to assess risks and manage them in a single, centralized platform. It also helps an organization to gather all the risks and evaluate a mitigation and remediation plan accordingly. 

Benefits: 

  • It is a top-notch risk management tool that assists the user in ranking risk by their severity level with advanced visualizations and suggests the user immediate assessment of risk severity and insights for making better decisions.
  • It gives automated workflows to save time and resources.
  • It also has a customizable risk management dashboard and one-click access to historical data and risk trends. You can track changes with the dashboard that continuously addresses potential threats before they become too severe.

Read more: 7 Topmost Project Management Certification for Beginners

Risk Management Techniques for 2024

Apart from risk management tools, you can also implement widely used risk management techniques and practices to successfully encounter risks and other challenges.

Below are the best risk management techniques for 2024. Make sure to apply them in your project management journey and guard your project against inevitable risks and issues. 

1. Brainstorming

Brainstorming is the most integral way to assess the risks that could impact your project. Before you initiate working on any project, make sure to develop or plan a strategy. To develop an effective plan, team members conduct a brainstorming session with the project manager. The session, if carried out effectively and decently, can give you actionable insights with people sharing valuable thought processes. 

The brainstorming process starts with reviewing the project documentation, looking at all the historical data and information about the risks that occurred in the previous projects and can be seen in the current one, in-depth reading of all articles and organizational process assets, and any other information that can give intuition into issues that might occur in the current project. Moreover, the project manager also conducts sessions and talks with experts, team members, and other stakeholders who might have encountered risk-handling situations in similar projects.

2. Root Cause Analysis

Root Cause Analysis is an effective risk assessment technique to identify all the risks that are rooted in the project. This technique shows the responsiveness of the team members who are part of the risk management. The root cause analysis is usually conducted when a problem arises to address the root cause of the problem and solve the problem accordingly. This technique answers basic questions such as What happened? Why it happened? How? Once you come up with all the answers, it becomes quite easy to design and implement a plan of action for the present and future. 

3. SWOT Analysis

SWOT analysis is used to measure the strengths, weaknesses, opportunities, and threats that can be a part of the project. This SWOT analysis is also used to identify risks as well. The analysis begins with listing the strengths i.e. which aspects of the project are secure and stable. Next, the team members list down the weaknesses that can be improved or eliminated from the project. This is the point that gives rise to negative risks while positive risks come with the identification of strengths. Opportunities are considered as a synonym of positive risks and threats are negative risks.

After you take the SWOT analysis, put your findings in a four-square grid. The top left of the grid shows the strengths and weaknesses to the right. The below left shows the opportunities and threats on the right side. The left side of the grid is considered helpful in achieving the objectives of the project while those on the right side are considered as a liability to the project that may hinder its effective completion.

4. Probability and Impact Matrix

The other tool or technique for risk analysis is the probability and impact matrix. The project manager uses the probability and impact matrix to prioritize risk based on severity and the impact they will have. This technique helps with resource allocation for risk management and saving your energy and resources on small risks. The probability and impact matrix is the combination of probability scores and impact scores of individual risks. When the total scores are calculated, the risks are ranked on their severity. This is one of the best risk management tools or techniques in project management. 

5. Risk Assessment Template for IT

The risk assessment template is initially built for IT projects but this Risk management tool can be used anywhere and speak to any project in healthcare, insurance, and project management. The assessment is in the form of a spreadsheet that consists of a list of risks in an orderly manner along with control environment, control activities, and any other important information. One of the most interesting parts of the risk assessment template is it has a built-in calculator that figures out the occurrence of risk and then multiplies it against the impact that would have on the project. That’s the reason why the project manager and team members are aware of the potential harm of any risk and the probability of any risk.

6. Variance and Trend Analysis

Variance and trend analysis is a control process that is applied to check if variances exist between the schedule of the project and cost and compare them with the actual result to check if they are aligned or not. The variance is correlated to risk – the higher the variance, the higher the risk. It is a good approach to monitor risk while the project is ongoing if team members carefully observe for variance trends.

7.Risk Register

The risk register is one of the basic risk management tools. This tool basically identifies and describes a risk and also explains deeply the forthcoming risks and their potential risks on the project. It helps the project manager to prioritize risk, plan responses for dealing with it, and gives an additional place to add a note.

8. Risk Data Quality Assessment

In a risk data quality assessment technique, the project manager or user uses data that have been organized in the risk identification process. It is then used to find which information the relevant to a certain project, enabling the project manager to understand the accuracy, authenticity, and quality of the risk related to the collected data. 

9. Reserve Analysis

Reverse analysis is the process of saving some reserves as a part of the budget while planning the budget for the project. It is conducted to safeguard if risks occur out of nowhere while the project is ongoing. The main purpose of this is to keep financial reveres as a backup that can be used to diminish risks during the projects. 

Till now, you have learned about the most valuable and best risk management tools and techniques for 2024. It is also important to know the exact benefits that these tools and techniques bring to a project and more importantly how to choose the right risk assessment tool. 

Major Benefits of Risk Management/Assessment Tools

Risk management tools have several crucial benefits that help organizations solidify their projects from potential risks and threats. 

1. Improved Awareness of the Potential Risks

Risk assessment tools help you identify all the potential risks and give better insights into them. These tools enable organizations to have access to wide-ranging data so they identify and evaluate different risks and threats and prioritize them according to their severity. This tends to help organizations to better prepare for combating the threats and make better decisions. 

2. Improved Compliance

Using risk management tools significantly helps companies stick to the industry rules by giving them an understanding of the security posture and flaws within it. This will enable organizations to assess the area of improvement and develop a plan to satisfy the legal requirement. Moreover, it guarantees the safeguarding of sensitive data, enabling the organization to maintain compliance.

3. Improved Efficiency

Improved efficiency is one of the top benefits of using risk management tools. With the help of these assessment tools, you can automate time-consuming tasks, streamline processes, and make it easier for your team to collaborate and check the progress. The utilization of the tool reduces organizational resources, helps you with time management, and focuses on real-time issues and important tasks.  

4. Enhanced Reporting and Analytics

The risk analysis tools give you automated and autonomous dashboards with real-time analytics and reports to give a complete organization’s risk landscape. From these reports, you can evaluate risks and their impact and also plan strategies to mitigate these risks. Furthermore, these prompt reports can be customized according to your company’s needs, enabling you to create a transparent and risk-free culture. 

5. Cost Savings

Organizations face trouble while consolidating and analyzing risk data, and generating automated reports. Risk assessment tools help provide a streamlined and autonomous reporting process which reduces the time and cost associated with it. By reducing manual effort, saving resources, and improving efficiency, an organization can save a lot more in the long run. 

Well, these are some primitive benefits that all the best risk management tools can bring. However, each has some specialized set of features so it is important to check them and choose the one that helps your project in managing risks. 

Read more: pmp vs csm

How to Select the Right Risk Management Tool?

Picking the right assessment tool is as important as identifying risk because it can influence an organization’s complete security posture. While all these tools are effective, it’s always better to pick the one that aligns with your needs and is scalable. Making this decision can be intimidating, especially when you have several tools. 

To make it easy, we have listed some key factors that you can use for evaluation criteria and landing on the safest option. 

1. Define Your Needs and Goals

First of all, it is important for you or anyone who is looking for a risk assessment tool to have a complete understanding of what he needs from the assessment. You must have defined your needs and challenges that will make it easy for you to identify abilities and features you need from software.

2. Consider Your Budget

While considering a risk analysis tool, also consider your budget. Going for the cheap one is not always effective and going for the expensive one while you have other options is also not a wise option. Do proper research, talk to your team, probe into the best risk management tools, and discuss with other organizations with the same organizational structure that have used tools to make an informed decision. 

3. Is it Provide Integration

Check out the integration and it is the main feature you look into any tool. The integration capabilities of the risk assessment tool will determine its operational efficiency and implementation with other applications.

4. First Take the Demo

Before making a purchase, a wise call is to request a demo or free trial. This will help you to explore its features and capabilities and make a firm decision on whether you need this software or not. Also, review the customer references and their experience of using the tools.

5. Conclusion

Risks are an evident part of any project and should be handled carefully to avoid bigger uncertainties. Dealing with risks in today’s robust work environment can be challenging but using the effective and best risk management tools and techniques can revolutionize the way your organization deals with potential risks and threats. These tools and techniques help you in many ways from the identification of the risks, streamlining the risk assessments, and mitigating all the uncertainties in a project. 

This blog has given all the insights on the best risk management tools and techniques for 2024 to make a robust risk management journey and level up your game. Ultimately, the convergence of these tools and techniques is the driving force for sustained success in the realm of risk management.

Frequently Asked Questions

Several risk management tools tend to be proven best and are used by many organizations. Specifically, it is not right to conclude on only one best tool because each has its features and which prove to be best depending on your project’s need. This blog has listed best risk management software/tools and techniques for 2024. Give it a read and choose accordingly.

You can use several techniques and tools for risk analysis like brainstorming., risk register, SWOT analysis, and many more. To check out more go read the section on best risk management techniques for 2024.

The mitigating of a risk involves various strategies and steps. It includes accepting the risk, dealing with it, evaluating its severity, prioritizing the risks accordingly, controlling and managing the risks, and monitoring it. All this process can be streamlined and automated with the help of risk assessment tools.

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