When selecting an enterprise risk management software vendor, firms must think about who will be using the tool and what data outputs they need to extract.

When scoping out requirements for enterprise risk management solutions you must consider:

• Are there any GRC regulations that you must comply with that will affect how you structure your program?
• Which framework will you use to rate and categorize risk.
• Can the enterprise risk management tool be customized to meet any niche requirements?
• Can the enterprise risk management tool grow with you and provide more functionality as your organization expands?
• What information security protection does the corporate risk management software have?
• Does the enterprise risk software link to your other systems and data sources via API Integrations to ensure reliable risk data? 
• Who needs to access the integrated risk management software and what data will they input and what reports & metrics do they need to view and extract from the platform?

The benefits of utilising an ERM platform include:

• Reduction in time spent on risk management reporting and administrative tasks.
• Enterprise risk management software provides a consolidated view of risk across the whole organization.
• Enterprise Risk management tools enable the entire enterprise to feed into the risk management process as part of everyday operations – creating comprehensive risk data to guide decision-making.
• Enterprise risk management tools generate better visibility of an organization’s risk profile and risk exposure, utilizing real-time analytics for optimized decision-making.
• Enterprise Risk Assessment Software offers a reduction in risk monitoring and reporting costs.
• Integrated risk management platforms enhance an organizations risk management strategy, by enabling firms to link risk management to strategic objectives and enterprise performance.

• Choose an enterprise risk management tool that is easily configurable as it will eliminate costly professional services fees.
• Choose enterprise risk management software with limitless risk registers, types, and categories for effective risk management.
• Select an enterprise risk reporting platform that offers instant reports and live dashboards that can be customized to suit your internal requirements.
• Select an enterprise risk software solution that integrates with your other systems to ensure a single source of truth for your risk data.
• Look for reliable corporate risk management software that offers other GRC functionality like governance, compliance, incident reporting, and ESG – it is more efficient to manage these functions in the same ERM platform and integrate the data for enhanced reporting.

• Poor quality enterprise risk data due to a lack of data governance rules.
• Managing risk data across various forms and spreadsheets leads to inaccuracies and discrepancies.
• Disparate ERM data located across spreadsheets creates inconsistent risk data, and a poorly defined risk framework that results in inaccurate reporting outputs. 
• Relying on manual processes that don’t offer automation slows down the risk escalation and risk resolution process.
• A lack of integration across the organization makes it difficult to map risks to the associated controls and risk mitigation measures in our ERM program.
• Organizations are unable to compare risk holistically across different sites, departments, and countries due to siloed data and inconsistent risk frameworks.

Access our online calculator tool to find out how much you could save in terms of cost and hours spent on managing risks if you were to move to an enterprise risk management platform. Simply complete the relevant details about how you currently manage risk in your organization and our ROI calculator will provide high level estimates on the potential time and money you could save by implementing an ERM tool.

Access our Enterprise Risk Management Software ROI Calculator