Whether we like it or not, risks form part of any corporate landscape from small enterprises to global multi-corporations. These risks include, but are not limited to reputation, legal, governance, compliance, financial, and security. Due to the high prices of most risk management software it is usually only purchased by the wealthier companies. So if you want to ditch the useless spreadsheets but don’t have the budget for these expensive solutions, is there a quality risk management software solution for you? Luckily yes.
What is risk management software?
Risk management software aids companies with identifying the risks that will impact the firms business objectives, or associated with their corporate assets and carrying out their general business activities. It helps to monitor and measure almost all potential risks that might pose a threat to a business, including data breaches and IT risks. It’s purpose is to help the company identify and manage issues that will harm or cause the business to fail. All companies and organisations need to perform risk analysis and find an effective management solution that works for them.
Essential components of a good risk management software
When looking for the best risk management software, you should consider the following:
- Budget: Do not be fooled or dazzled into paying for expensive solutions. Paying more does not mean getting a better solution, far from it. Many solutions are simply overpriced and in reality offer you very little once you get passed the glitzy charts, the software is often old, badly thought out and rely on vendors giving a slick demonstration to make you believe you need that special tie knot graph. To emphasise this point Symbiant is used by the ACCA, professional accountancy firms, major financial institutions and the only software to have ever been endorsed by the Institute of Chartered Accountants in England and Wales and costs as little as £300 per month. See examples of Symbiant clients
- Training and support: This should be free. A good solution should be intuitive and easy to use, meaning training and support should be minimal and something the vendor can give you.
- Customisation: In business, one size rarely fits all. You will have your own terminology and way of working, for the solution to work and get embedded it’s important it can match the way you currently work and then let you improve the process when you are ready. Consider a solution that can grow with you, something that is flexible enough to meet your current needs and more importantly your potential needs for the next 5 years.
- Collaboration: It’s imperative you manage your risks as a company wide activity: Making risk management more accessible to the firms management teams raises awareness of risk and helps to get input from your workforce. It’s also a requirement of some certifications such as ISO27001 and ISO31000. Choose a solution that facilities collaboration and makes it easy for different part of the business to be involved in the risk process such as a risk workshop
- Methodology: Define how your company will score the risks affecting your business, and how you will perform the scoring options. A good solution should allow you to configure the scoring matrixes and heat maps to meet your own criteria. It should also allow you to pre-set qualitative and quantitative scoring options to give a company wide standard and give user guidance on what options to use.
- Risk assessment: Look for a software solution that helps you discover the potential risks that might impact your business or a new project, even things you might not have considered? Good risk assessment needs you to consider all potential possibilities. Virtual risk workshops are an ideal way to collaborate on assessing, scoring and treating current and potential risks.
- The Real Residual Risk Score: A residual risk score is the impact and likelihood based on the current treatment plan. The controls that are in place to reduce the impact or likelihood of that risk occurring. This NET risk score is only correct if the controls are working. If accurate risk scoring is important to you, select a solution that allows you to link your controls to your risk scores and will also performs Risk Control Assessments (RCA) so you can manage and test your controls on a regular basis, if a control fails it should automatically adjust the effected risks NET scores to reflect the current situation. For more information on this see the Risk Register Software Overview video.
- Risk Appetite: A risk appetite is like a line in the sand, risks within the lines are acceptable, beyond it need to be looked at. This important and often overlooked feature should be part of the risk assessment process. Look for a solution that allows you to have a risk appetite for risk category.
- Risk Indicators: Risk indicators are like a weather station, they allow you to collect data that will help you to see if a storm is brewing and which risks are potentially effected. Whilst this is not an essential part of a risk solution it’s certainly very useful feature and something to keep in mind. See our KRI overview video for more information on this.
- Ownership: For risks to be properly managed and maintained they need to have an owner(s). People in the business who are responsible for managing the risk an ensuring it’s under control. Select a solution that allows for this and restricts data views so people can only see what you want them to see.
- Room to Grow: Few companies will initially require all the tools in a comprehensive risk management software solution, but as you start to embed the software and have more requirements you might find you want to do more and have greater needs. So consider a system that allows you to tailor your approach to the one that best suits your current and future business model. Choose something that isn’t expensive to expand. Symbiant modules are only £100 a month each and allow all your users access based on their allocated permissions. See Module list
- Automated Notices and Tasks: Software is there to make you more effective and the job more efficient. A good solution will let you configure automated notices and reminders to ensure people are aware of things becoming due and overdue. You should also be able to automate tasks based on matching rules. This reduces the need for human intervention and minimises the chance something is overlooked. The more you make the solution work for you, the more efficient you will become.
- Reporting: It’s a must to have a comprehensive reporting suite that you can customise to your own requirements. The risk management reports need to make sense to you and be presented to the management in a style they expect and require. A good solution should have a vast selection of pre made reports that you can customise and also allow you to create your own custom reports.
Symbiant risk management software contains all of the above and more, whilst remaining the most cost-effective software solution on the market. Contact us today for more information, view our packages or sign up for a demonstration. If you want to know who uses Symbiant, see our client list