Best Risk Analysis Tools in 2024

Ayush Saxena

Ayush Saxena

Jan 08, 2024

What is risk analysis? Quite the umbrella term, exposure to risk is a fact of life for every organization, from the smallest solo business proprietor to multinational giants. Risk involves everything from geopolitical developments and global inflation to scams and fraud targeting your company. 

Structured risk management, for the vast majority of organizations, is either recommended or necessary in order to minimize losses as well as boost their potential.

As per McKinsey, 70% of senior managers are planning to adopt digital risk management, highlighting the need for risk management software to maintain the resilience of a company.

So, how do you select risk management software? What are your considerations, and which frameworks are relevant to your industry?

In this article of ours, we will share insights into the best risk analysis tools in 2023 as well as how you can conduct a risk analysis on your own.

What are risk analysis tools?

Risk analysis tools, also known as “risk assessment techniques,” are frameworks or procedures that can be used in the process of assessing as well as managing potential threats and risks. There are a number of ways to assess risk, making risk assessment tools easy to use and flexible for a variety of jobs, industries, and needs.

There are four commonly adopted risk assessment tools across different businesses, and they are easily applicable to different situations. These tools are:

  • Failure Mode and Effects Analysis (FMEA)
  • Risk matrix
  • Bowtie Model
  • Decision Tree

By the year 2027, with a growth of 18.7% over seven years, the risk management market is estimated to reach $28.87 billion in value, as per Allied Market Research

List of best risk analysis tools

Conducting a risk analysis on your own can be tricky. Risk assessment software and risk management tools are gaining momentum as more organizations are looking to automate risk analysis and compliance needs. We have compiled a list of the best risk analysis tools in 2023 to guide you in choosing the tool that best fits your requirements.

The best 10 risk analysis tools of 2023 are:

Sprinto

Sprinto is a powerful compliance software that seamlessly integrates with your cloud setup to consolidate risk, run fully automated checks, and map entity-level controls – all in real-time, all on its own. The platform offers air-tight security compliance programs and enables you to monitor as well as manage all aspects of compliance from a single dashboard.

Sprinto automates continuous monitoring by harnessing the power of smart monitoring and data-driven analytics without impacting your workflow! Track security and compliance efforts with automated evidence collection while getting complete real-time visibility into your entire organization. Sprinto also enables you to maintain a single source of compliance truth, prove practice maturity, and report accurately.

G2 has consecutively recognized Sprinto as Leader of Security Compliance for four consecutive quarters and was the leader in G2’s Spring 2023 review across 8 different categories. 

Features:

  • Continuous control monitoring-Sprinto is well-oiled and geared up for real-time monitoring of security controls – at scale as well as right down to the entity level
  • Vulnerability and Incident Management– Manage, as well as document security incidents and vulnerabilities with prompt actions to produce proof of corrective measures in a way that helps with audits.
  • Role-based access secures the operating environment proactively by controlling and defining segregated duties
  • Systematic escalations-Sprinto divides up tasks in a rule-based, organized manner across team members in a clear order of priority –failing, due, and critical– to ensure smooth remediation while maintaining the status quo.
  • Shareable security posture-Provide a comprehensive account of your security policies, measures, and compliances to give your stakeholders
  • Modular security training programs– Inbuilt security awareness training modules for various compliances.
  • 100% async audit– Connect and coordinate with an external auditor directly from your dashboard. 
  • Automation-led compliance-Framework-specific workflows, training modules, and policy templates for different security compliances.
  • Maximum integrations– Compatible with almost any modern day cloud services
  • Expert-led implementation- Experts at Sprinto will guide you along every step of your cybersecurity journey.
PricingContact Sprinto for more details
Platforms supportedWeb, Windows, iOS, & Android

MetricStream

MetricStream is a purpose-built platform and an integrated risk management solution that enables businesses to implement a systematic approach while managing operational risks. Gain a sound assessment of risks through a data-driven solution and prioritize them accordingly.

Features:

  • Regulatory Compliance
  • Third-Party Risk Management
  • Governance, Risk, and Compliance
  • Integrated Risk Management
  • Environmental, Social & Governance (ESG)
  • Internal Audit and Financial Controls
  • IT Vendor Risk Management
  • Enterprise and Operational Risk Management
PricingThe free version is not available
Contact the vendor for more details
Platforms supportedWeb

RiskOptics

RiskOptics, formerly known as Reciprocity, is a platform that enables organizations to manage operational risks in a strategic way. This platform helps businesses, through powerful risk solutions, make more informed and smarter decisions about potential risks.

Reciprocity also safeguards your enterprise, system, assets, and data with timely responses.

Features:

  • Customizable Risk Calculations
  • Risk Assessment
  • Compliance Management
  • Cybersecurity Risk Management
  • Risk Monitoring
  • Enterprise Risk Management
  • Process/Workflow Automation
  • Operational Risk Management
PricingThe free version is not available
Contact the vendor for more details
Platforms supportedWeb

OneTrust

OneTrust is a cloud-based platform that measures and establishes a business’s compliance with regulatory requirements to minimize risk exposure while securing data privacy. As a risk management platform, OneTrust also helps monitor, access, and mitigate both external and internal risks to safeguard businesses.

Features:

  • Incident Management
  • Risk Analysis
  • Third-Party Risk Management
  • Enterprise and Operational Risk Management
  • IT & Security Risk Management
  • Unified Data Discovery Tool
  • Risk-Based Audit Approach
  • Third-Party Risk Exchange
PricingFree tools with a 14-day free trial
Contact the vendor for more details
Platforms supportediOS, Windows, Android, & Web

Fusion Framework System

Fusion Framework is a risk management platform that offers highly customizable and flexible tools, thus enabling users to minimize risks and simplify their operational complexity. Fusion offers the advantage of data-driven risk insights and allows teams to leverage in-app capabilities that are tailored to their business and industry needs.

Features:

  • Control Management and Risk Mitigation
  • Risk Identification
  • Risk Program Management
  • Third-Party Risk Management
  • Risk Analysis and Situational Monitoring
  • Quality Management, Risk Remediation, and Testing
  • Risk Tolerance and Appetite
  • Security Risk and Information Technology
PricingThe free version is not available
Contact the vendor for more details
Platforms supportediOS, Windows, Android, & Web

Diligent

Diligent, formerly known as Galvanize, is an Enterprise Risk Management (ERM) solution that offers advanced risk-managing capabilities and flexible workflows. This platform is designed to boost efficiency across the entire lifecycle of risk management—from planning and execution up to reporting. Diligent also lets users customize their ERM to fulfil the organization’s unique requirements.

Features:

  • Audit Management
  • Risk Identification
  • Integrated Risk Management
  • Third-Party Risk Management
  • Risk Evaluation
  • Enterprise Risk Management
  • Internal Controls Management
  • IT Risk and Cyber Risk & Compliance Management
PricingThe free version is not available
Contact the vendor for more details
Platforms supportediOS, Windows, Android, & Web

Resolver

Resolver is a user-friendly risk management solution that enables allows businesses to assess risks and evaluate the impact of mitigation plans. Resolver also equips businesses with configurable solutions that enable them to make smart, quick, and effective decisions while integrating them into their business strategies.

Features:

  • Incident Management
  • Risk Assessment
  • IT Risk Management
  • Ethics and Compliance Management
  • Enterprise Security Risk Management
  • Risk Analytics
  • Vendor Risk Management
  • Data-Driven Risk Insights
PricingThe free version is not available
Contact the vendor for more details
Platforms supportedWeb

SafetyCulture (formerly iAuditor)

SafetyCulture is a digital platform that businesses can implement as risk management software. One of the most popular mobile risk management apps, firms from every industry can revamp their risk assessment program and further engage the staff in conducting risk-related activities. Aside from offering a user-friendly interface, SafetyCulture provides an extensive library of learning resources that businesses can utilize to help their employees use the mobile app more securely.

Features:

  • Offers clear, smart, and interactive risk inspection checklists to help identify, analyze, and prioritize risks.
  • Identify critical issues and implement corrective actions.
  • The Analytics dashboard helps define key indicators, rectify issues, and visually monitor risk status.
  • Create reports with accurate and real-time data for time-sensitive actions and changes.
  • Heads Up and Sensors features automates emergency alerts and notifications.
  • Ensure and maintain compliance with various regulatory requirements such as environmental, FDA or Food and Drug Administration, ISO or International Organization for Standardization, and OSHA or Occupational Safety and Health Administration compliance.
  • Leverages your platform ecosystem and offers seamless integrations with your organization’s existing tools.
  • Build efficient workflows for cohesive and comprehensive management of risks.
  • Share compliance documents and enable your team to complete audits directly by modifying access levels accordingly.
  • Save current and historical data in a central location which serves as the basis for future decisions to minimize risks from severely affecting your business.
PricingFree: For under 10 employees
Premium plan: $24/month
Platforms supportedweb-based software or mobile app (iOS and Android)

Onspring

Onspring is a risk management software that organizations can utilize to gain effective insights about potential operational risks while centralizing all relevant data in one place. Organizations can assess, identify, and prioritize risks through this cloud-based platform and align solutions with business objectives.

Features:

  • Reporting/Analytics
  • Workflow Management
  • Interactive Risk Dashboards
  • Third-Party Risk Assessment
  • Third-Party Integrations
  • Automated Risk Assignment
  • Risk Assessment
PricingThe free version is not available
Contact the vendor for more details
Platforms supportedWeb

SAI360

SAI360 is a cloud-based software that allows organizations to implement the cybersecurity program across their team easily and lets users automate their risk management, contingency plan for disasters, and compliance activities. This innovative and purpose-built platform also enables organizations to configure their in-app experience by utilizing flexible modules and industry-based solutions for improved risk management.

Features:

  • Powerful Workflows and Interactive Interface
  • Risk Identification
  • Indicators Monitoring
  • Risk Assessment
  • Cybersecurity & IT Risk Management
  • Risk Dashboard and Analytics
  • ESG Risk Management
  • Compliance Management
PricingThe free version is not available
Contact the vendor for more details
Platforms supportedWeb

How to perform risk analysis?

Risk analysis is just not a one-step thing in the risk assessment process. For the very same reason, we’re going to start by outlining the basic steps within the risk assessment process and then look in more detail at the risk analysis process itself.

Want to put your risk analysis and compliance on auto-pilot? Get in touch with our experts to learn more.

To conduct a risk assessment, organizations need to take the following steps:

  • Identify threats, risks, and vulnerabilities.
  • Understand the impact of these vulnerabilities, threats, and risks on the organization.
  • Create or use an existing model for risk analysis.
  • Sample the model to have a better understanding of the vulnerabilities, threats, and risks.
  • Analyze the findings obtained from the above steps.
  • Put a risk management plan in place to mitigate the vulnerabilities, threats, and risks based on the outcome of the risk analysis.

Typically there are two kinds of risk analysis available to organizations: quantitative risk analysis and qualitative risk analysis. The analysis itself should look out for two main factors: probability and impact. Probability defines what is the likelihood of an event occurring; impact is the operational, financial, or reputational damage of that event to your organization. Risk assessment templates can be used to calculate the likelihood of occurrence, risk probability, risk severity, organizational risks, risk level, and risk ratings, among others.

Qualitative risk analysis methods are applicable for the subjective assessment of probability or risk occurrence likelihood against the potential impact or severity of the risk outcomes to decide the overall severity of a risk. Quantitative risk analysis methods use available verifiable and relevant data to deliver a numerical value, which is then utilized to predict the probability of a risk event.

The best risk management programs employ a combination of qualitative and quantitative risk analysis techniques and tools to aid organizations in generating the most reliable data to base informed decisions surrounding corrective actions.

Why are risk analysis tools important?

Risk management software offers a long list of benefits, primarily in minimizing loss and promoting a culture of proactive risk strategy. Let’s look at a few advantages of risk analysis tools.

Advanced manipulation of data

Complex statistical and analytical methods translate big data into simplified, actionable insights.

Proactive risk strategy

Automation of risk management enables you to be more proactive, implementing better defenses for minimizing impact.

A culture of transparency

The granular transparency linked to recording, monitoring, and auditing risk events aids in awareness and accountability company-wide.

Faster response

Automating risk management enables quicker response time as well as more efficient mitigation overall.

Improved prioritization: 

You can choose to funnel your resources more accurately by evaluating and prioritizing risk, thus minimizing loss on several fronts.

Better organization: 

Risk management software helps use swathes of data as you scale up, centralizing top-level information while providing a better overview of risk operations.

Metrics and reporting: 

Gaps in defenses and risk strategy are highlighted by actionable figures and reports, so you can keep up with the threat and risk landscape as you go.

Frameworks related to risk analysis

Risk Analysis frameworks and standards are designed to clarify parts and provide guidance in the risk management process. Some  include:

  • Guide for Conducting Risk Assessments, Rev. 1, Special Publication 800-30, from NIST or National Institute of Standards and Technology.
  •  ISO/IEC 27001:2013, Information Security Management from ISO or International Standardization Organizations;  supplemented with ISO/IEC 27005:2018, Information Technology – Information Security Risk Management-Security Techniques.

Collectively, these frameworks provide a collection of best practices as opposed to a singular perspective to cyber risk management, risk analysis, and risk assessment. Any one of them will serve a business well. Moreover, there is a lot of overlap within each of these frameworks.

Automate risk compliance with Sprinto

Risk analysis is the need of the hour to safeguard your organization. Conducting a risk analysis manually can be a tedious task, and you may not receive the most accurate insights into your organization’s cybersecurity posture.

We are here to help.

Sprinto offers comprehensive security for your organization while seamlessly integrating with your cloud setup to run fully-automated checks, consolidate risk, and map entity-level controls. A user-friendly yet powerful software, Sprinto helps you get compliant across frameworks, place security controls across your organization, and monitor your cybersecurity posture in real time, all from a single dashboard.

Get in touch with our experts to learn more.

FAQs

What are the three methods of risk analysis?

There are three ways to determine the level of risk of our business. The methods can be: Quantitative Methods – Qualitative Methods – Semi-quantitative Methods.

What is the main technique of risk analysis?

There are two main ways to conduct risk analysis. Qualitative risk analysis is an easier and more convenient method where it rates or scores risk based on the perception of the likelihood and severity of its consequences. On the other hand, quantitative risk analysis calculates risk based on available data.

What are the three 3 approaches to risk management?

We can classify risk management practices into one of three broad categories: access to operational hedging, external finance, and financial hedging with derivatives.

Ayush Saxena

Ayush Saxena

Ayush Saxena is a senior security and compliance writer. Ayush is fascinated by the world of hacking and cybersecurity. He specializes in curating the latest trends and emerging technologies in cybersecurity to provide relevant and actionable insights. You can find him hiking, travelling or listening to music in his free time.

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