If you’re in the business of risk management or have a risk management business, you’ll need a solution which automates the data collection, analysis and the reporting necessary to meet regulatory compliance. Find the best risk management solution for your company by reading reviews about the most effective solutions and then scheduling a demo with the vendors who make the most sense for your business.
A good risk-management software solution will be able to update information in real-time in order for users to have a full picture of safety hazards and controls at any time. It will also help in communication between team members and make the process of reporting simpler for executives. Additionally, it will aid in achieving more compliance by ensuring data transparency and constant monitoring of processes and required compliances.
To ensure an easy implementation, the system must be easily scalable and capable of handling the growth of the business. It should also include tools such as loss-intake portals, confidential reporting, and easy-to-use continuous risk assessments that allow for the recording of all risks and documentation of the corresponding controls in a central matrix of risks-controls-regulatory requirements.
To cut down on the amount of work and make it easier to report to regulators, a high-quality risk management software must be integrated into the existing GRC (governance risk and compliance) software. It should also permit you to develop questionnaires for assessing the risk profiles of your third-party suppliers and link risks to mitigation controls.