What is Risk Management Software
Risk management software (ERM) is a software solution designed primarily to limit, reduce or lower the risk and security lapses, which organizations are exposed to in their day to day activities and for general compliance management.If you do risk assessments and need to collect risk data even if it is for governance risk and compliance in fact any business process that requires a risk based approach and you need to assess business continuity then a solution like Symbiant Enterprise Risk Management Modules is exactly what you need to be considering.
The software works by way of identifying potential risks of an asset, wrong decisions, security breaches etc., within the IT system and alerting an Organization on where the risk lies. Such
Organization can then control the risk. They also warns Organizations of impending IT breakdown which can seriously affect its operations.
The type of risks that the software is designed to guard against are:
* Interest rate Risk
* Credit Risk
* Uncertainties in Financial Market
* Attacks for Organization’s Adversaries or Enemies e.g. DDOS attack.
* Legal Liabilities
* Product Failure
* Data Breach Risk etc.
The regulatory agencies in some countries (Central Banks, Deposit Insurance Corporations) make it mandatory for Bank and non-Bank Financial institutions to have this software installed.
Basel II Accord is an International Regulation put forward by International Committee on Bank Supervision to make sure that Financial Institutions that carries Riskier Assets provide enough Capital against that risk than those with safer portfolio. It also stipulates that Financial Institutions should publish a statement of risky investment and risk management practices.
Risk management software like Calipso, Entropy, Incident management and Emex are very rich in risk management and Compliance. They are preferred by some giants that integrated financial trading system in their platform. Other risk management software e.g. Analitica, Emex EHS Solution, Entropy and A1 Tracker are also used by organizations in their quest to manage their risk.
Below are some risk management software firms and their products:
“Entropy” is a software developed by software giant, BSI. It is preferred by users who are interested in the reduction in cost and effort needed to manage risk. It has a standard based approach to businesses system management. The software has necessary tools put in place to promote compliance and overall performance.
“Incident Management” is another risk management software, developed by Enablon. It is integrated with the following features: compliance management, incident management, greater operational risk control etc.
“EMEX EHS Solution” is a software developed by EMEX, another software risk management firm. It is designed to create a web based solution in the area of efficiencies and compliance and ensure they are being effectively managed.
* FAST TRACK
“Fast Track” risk management software is owned by a firm called FAST TRACK. It is known to be very effective in the area of regulatory compliance in mission critical environment e.g. ISO9001, ISO14001, ISO27001,ISO 31000 etc.
The above software products are just stated to mention but a few as there are many others within the software risk management specialization.
Symbiant’s low cost award winning enterprise risk management software provides all the components required for a total ERM risk management solution. Ideal for ISO 9001 and ISO 31000 Compliance it provides all the tools you need for a total risk solution. Used by some of the world’s biggest companies and financial institutions, Symbiant’s Risk Suite has everything from identification to mitigation and gives you everything you need to fully manage the risk process. The Symbiant Risk Management Software is a one of the World’s leading risk solutions and the only risk solution to have been endorsed by the Institute of Chartered Accountants in England and Wales. It has cutting edge features and has always led the way in the risk management arena. Symbiant was the first solution to facilitate collaboration and provide tools for non risk specialists. The solution still has many unique functions which are leading the way in how companies should perform the risk management tasks.