Top 10 ERM Software: Compare Features, Pros, and Cons

Anwita

Anwita

Feb 05, 2024

ERM software

Back in August 2021, fast food giant KFC failed to meet their meat demands and had to take down menu items due to supply chain disruptions. In 2018, they shut down 900 UK outlets after delivery issues – all due to poor risk visibility. While such incidents cannot be fully avoided, it can be minimized with ERM Software. 

Let’s look into the best ERM tools that can proactively help to mitigate risks, analyze its impact, eliminate silos, and boost collaboration.

What is Enterprise Risk Management Software?

ERM software is a tool that helps organizations identify, manage, triage, visualize, analyze, mitigate, and investigate security, financial, and environmental risks. It helps to ensure business continuity, enhance decision-making, and maintain uninterrupted growth.

List of Enterprise Risk Management Tools

Enterprise risk management tools leverage data analysis, custom workflows, and user behavior of the entire organization to track vulnerabilities in real-time.

Key capabilities of enterprise risk management systems include reporting, analytics, prioritization, auditing, threat visibility, data monitoring, assessment, and compliance.

Based on user review and capabilities, here are the top ERM software vendors in the market that help risk managers meet their compliance requirements, identify strategic risk, and analyze its potential impact:

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Here are the 10 best ERM software you should be looking at:

1. Sprinto

Enterprises add new tools, processes, and people to their systems regularly, adding unprecedented security gaps and the risk of non-compliance. 

Sprinto is designed to predict, prioritize, and mitigate these risks in a way that translates to your advantage without suffocating your team’s bandwidth.

Its integrated risk management capabilities goes beyond just addressing risks to the correct measures and security control to reduce risk impact and minimize the chances of failure.

Sprinto is a cloud-based, end-to-end governance, and compliance and risk management tool that helps enterprises minimize risks across their ecosystem. 

It easily integrates with existing cloud setup to consolidate risk, map entry-level controls, and run automated checks to ensure regulatory compliance and remediation. 

Key features and benefits:

  • Triggers notification and flags non-compliant activities to risk owners with detailed insight into the nature of risk, recommended course actions, level of criticality, area of concern, and other custom data.
  • The integrated risk assessment feature generates comprehensive data on risks across your ecosystem to enable teams to provide evidence on the accepted, transferred, and mitigated risks.
  • Provides a 360 view of risks to create compliance processes, set up failsafe risk mitigation workflows, and meet full compliance.   
  • Leverage a comprehensive risk library to build a risk register. Add or remove risks, implement any number of checks, and select a custom risk treatment plan.
  • Quantify the impact of each risk and create a mitigation plan against each to minimize the chances of failure. 
  • Analyze the impact of risk scores, revise risk scores based on objectives, and leverage best practices to reduce the likelihood of risk failure.
  • Continuously monitors security controls for non-compliance and divides tasks among the team based on priority – critical, due, failing, and custom configuration to ensure smooth remediation.
  • Facilitates role-based access to internal controls that enable users to define and segregate tasks and proactively secure the operating environment.
  • Prioritize and profile risk holistically that goes beyond raising tickets by prompting corrective actions and best practices while generating audit-proof.
  • The vendor management module lets users mark the data exposed to a vendor based on its level and types of risk – high/medium/low.
ProsAI-based recommendations
Roles based access
Risk segregation based on criticality
Centralized risk viewPrompts corrective actions
Risk quantification
Risk libraries360 degree risk overview
Documents activities for audits
ConsNot suitable for on premise companies

2. MetricStream

MetricStream centralizes the requirements of various frameworks like GRI, SASB, and TCFD. Its automated data collection and reporting capabilities help users optimize processes, perform internal or supply chain assessments, analyze the impact of financial risks, and mitigate business risks.

Key features and benefits:

  • Eliminate silos to enhance informed decision-making, gain deep visibility across functions, boost collaboration, and address operational risks.
  • Proactively manages and assesses compliance risks to liquidate costly incidents. Helps to actively manage regulatory requirements, issues, and incidents.
  • Automates and enhances cyber governance with real-time visibility into IT and cyber risk posture, ensuring compliance, and monitoring vendors for security risks.
  • Leverages AI and machine learning to surface data insights. Aligns risk management processes with business strategy through an internal audit and financial controls management system.

Drawbacks:

  • The reporting system consisting of tables and registers is complicated to manage and customize.
  • Does not offer a centralized view of risks, issues, action plans, risk rating, and more. Users have to manually switch between screens, making it a time-consuming and impractical activity.
ProsAI-based data insights
Eliminates silos
Clearly defines risk levels
Well-structured and organized Custom reposting
Automated control QA
ConsSteep learning curve
Non-centralized risk view

3. Diligent

Diligent is an integrated risk management platform that integrates with GRC data to enhance decision-making and increase transparency throughout business processes to meet industry regulations.

The platform provides deep risk visibility to help teams identify, assess, consolidate, and remediate risks. Automated workflows help to save time and resources across risk components.

Key features and benefits:

  • Centralises and automates compliance programs to boost efficiency, improve scalability, and provide a single source of truth.
  • Continuously monitors and evaluates enterprise risks to discover new opportunities, boost performance, and improve public trust.
  • Helps to build resilience against costly incidents and penalties. Leverage a unified program to remediate vendor risks, and reduce the impact of costly breaches, potential threats, and financial damages.

Drawbacks:

  • Navigating the tools can be challenging and cumbersome
  • Lacks robust reporting capabilities – multiple users noted this feature could use some improvements
ProsSimplifies governance tasks
Collects and analyzes ESG data
Customize controls and risk libraries
Proactively monitors fraud and bribery
Tracks KPIs and KRIs
ConsNavigation is not user friendly
Poor reporting system

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4. OneTrust (formerly Tugboat Logic)

OneTrust is an intelligent cloud-based GRC platform that offers a range of configurable functionalities and best practices to prioritize, manage, identify, review, and mitigate organizational risks.

The GRC and security module enables teams to scale risk and security functions like making decisions, optimizing compliance and audit management, and maintaining security certification from a centralized platform.

Key features and benefits:

  • Proactively manage, measure, and monitor technology risk throughout the ecosystem. Offers guidance, frameworks, and audit preparation needed to implement security policies and privacy standards.
  • Gain real-time visibility into risk posture using business context and data to streamline risk assessment and mitigation practices.
  • Combines risk management practices with incident response plans to manage security incidents.
  • Automates security standard management, certification life cycle, and policy management

Drawbacks:

  • The product recently acquired a tugboat, a compliance simplification tool. This merge resulted in reduced effectiveness, quality of support, and minor flaws in integration.
  • Mapping similar policies and controls requires manual intervention
  • The interface is complex and involves a learning curve
ProsFree trial
Leverages AI to label data
Classifies data wherever deployedProactive breach management
AI based entity relationship managementAutomated workflows
ConsImplementation is smooth
Interface is not user-friendly
Control mapping is not automated

5. Riskonnect

Riskonnect is an integrated risk information system that enhances decision-making, identifies external risks, boosts collaboration, helps to raise risk awareness and understand key risk metrics. Its end-to-end digital model of organization helps to understand obligations, relationship between risks, dependencies, and vulnerabilities.

Key features and benefits:

  • The compliance tool aligns internal policies and external regulations and maps assessments to overlapping controls.
  • Automate workflows, control testing, remediation assessments, review and approval processes, and eliminate manual ESG initiatives.
  • The reporting dashboard provides real-time insights, helps to cater to regulatory changes using pre-built reports, and surfaces key policy metadata through the filtering feature.
  • Quickly onboard new third-party vendors, leverage real-time reporting to communicate vendor risk profiles, and prepare for third-party offboarding. Streamline third-party risk management and understand relationships between risks.
  • Calculate supplier risk scores, access third-party documentation for audit readiness. Identify and prioritize critical controls and drill predict uncertainty using Gantt charts.
  • Capture data consistently using templates, forms, and auto-populated fields.

Drawbacks:

  • Minor issues like implementing and employee login system is not seamless and confusing
  • Features of the administrator panel is not intuitive or user-friendly
ProsClaims administration
Internal audit automation
Dedicated vendor portal
Certificate management
Provider quality management
Audit status assessment
ConsBuggy login system
Admin panel is not user-friendly

6. LogicGate

LogicGate offers no code, scalable GRC solutions to cater to dynamic business needs, regulatory requirements, and make data-driven decisions.

It combines purpose-built applications with intuitive tools that enable risk management teams and compliance managers to scale GRC programs, automate risk and policy-related tasks, and collaborate across the risk landscape.

Key features and benefits:

  • Automate cyber risk assessment, control evidence collection, and escalations. Gain deep visibility into security risks and controls, and prioritize risks with real-time insights to reduce risk exposure.
  • Reduce manual tasks by automating assessment workflows and pre-configured risk scoring. The risk cloud quantification tool adds context to risk decisions and communicates its impact with stakeholders. The reporting dashboard helps to visualize data and engage stakeholders.
  • Offers a centralized customizable dashboard for vendor data, risks, and controls to reduce manual assessment and onboarding.
  • Identify critical third-party risks, securely collaborate with vendors, and scale your risk management program using a drag-and-drop flexible architecture.

Drawbacks:

  • The reporting tool has limited functionalities like date-wise filtering and advanced visualization
  • The platform’s ability to operate smoothly is constrained if multiple users work at the same time
  • Some users found the tool to be intimidating and confusing initially
ProsDrag and drop feature
Highly customizable
Workflow automation
Responsive customer support
Implements customer feedback
Logically connects system apps
ConsOccasional glitches and bugs
Confusing UI

7. LogicManager

LogicManager is an enterprise risk management software and consultancy platform that enables teams to predict potential risks, improve performance, and collaborate across silos.

Key features and benefits:

  • Build, implement, measure, and manage their policy programs. Leverage a risk-based approach to see critical policies and ensure smooth completion of stakeholder tasks and streamline incident management activities.
  • Design controls using the risk library to effectively mitigate risks, conduct risk assessments using configurable assessment templates to standardize results, visualize departmental requirements using the enterprise heatmap, and drill down critical data using the reporting tool.
  • Create a centralized repository of risk models, automate stakeholder-related tasks, link issues to root cause of risks to prevent repeat incidents, and enhance decision-making.

Drawbacks:

  • Limited integration options requires manual intervention
  • The reporting feature has a steep learning curve, buggy, and is time-consuming
ProsKPI and KRI monitoring
Intelligent dashboard360-degree view of controls and processes
Risk trend identification
Preconfigured risk library
Advanced analytics modules
ConsLimited integrations
Reporting feature has steep learning curve

8. Resolver

Resolver gathers risk data and analyzes it to help organizations understand critical risks and its impact. It evaluates risks across compliance, audits, incidents, and threats to translate them into quantifiable business metrics.

Key features and benefits:

  • Breaks down silos into a single platform to facilitate a comprehensive understanding of the risk appetite, automates data transfer, and streamlines workflows.
  • Offers a holistic approach to risk management best practices and helps to visualize data using a reporting dashboard.
  • Enables compliance management teams to track and verify vendors and compare vendors using a standardized framework to understand inconsistencies and risks. Leverage existing frameworks to implement robust controls around vendor systems.
  • Get a single source of truth across risk, compliance, and audit teams. Create automated reports in detailed visualizations using advanced analytics.

Drawbacks:

  • Initial setup and configuration is time-consuming and involve a significant amount of manual effort
  • The reporting capabilities are not versatile enough – users noted the review process for controls requires too many clicks
  • The incident reporting tab lacks a dropdown option to choose an incident type, requiring users to search manually
  • Does not offer a print function. Users have to download the web page manually to print evidence
ProsA limited number of integrations
Time consuming implementation process
ConsA limited number of integrations
Time-consuming implementation process

Ace continuous compliance with Sprinto

9. AuditBoard

AuditBoard is a risk management platform that helps teams manage audit, risk, and compliance. It facilitates a single view of risk, EGS, and compliance data to enable team collaboration and automates these functions to streamline business continuity management activities.

Key features and benefits:

  • Standersize risks across functions and eliminate manual data transfer by linking risks, controls, and mitigating activities.
  • Automate distribution, aggregation of risk assessment, and monitoring of action plans. Score risks using data from impact, controls, strength, probability, and more.
  • Analyze trends and impact of risks from real-time visualizations by measuring performance. Leverage key risk indicators to understand trends by linking them to auditable entities.
  • Create, assign, manage, and track actions plans using built-in workflows. Gain visibility into weaknesses to proactively mitigate and remediate risks.

Drawbacks:

  • The initial setup and configuration is time-consuming and confusing
  • Uploading bulk evidence requires manual intervention
  • Lacks the capability to schedule quarterly audits and assignments
ProsRobust SOXHUB Proactive customer assistance
Real time data processing
Simple search feature Makes information highly accessible
Automated evidence collection
ConsNo on-premise optionIntuitive UI
Not highly customizable 

10. Secureframe

Secureframe is a GRC platform that helps users track and triage privacy and security risks. Users can use the risk register to determine risk treatment, assign owners, gain visibility, and ensure accountability.

Key features and benefits:

  • Maintain a single risk register to track new services, business changes, technological shifts, and environmental developments. Incorporate actionable insights from internal and external audits.
  • Track risks. Update its details, and analyze its impact on your business and remediation strategies. The system notifies risk owners to review, update, and follow up on the risk.
  • Understand the level of risks for each vendor based on the type of data and its business impact. Store, review, and access vendor information to ensure easy reporting and maintaining security posture.

Drawbacks:

  • Lacks periodic or ad hoc reminders to address failing tests
  • Features like bulk vendor management, access rights review automation, and MFA flagging are missing
  • Lacks adequate integration options to facilitate automated evidence collection and submitting to auditors, making it a manual process
ProsAutomates SOC 2 compliance
Easy vendor management
Intuitive platform
Tracks processes easily 
ConsSome workflows are manual
No ad hoc reminders

Also, check out the list of GRC software

Conclusion

The best ERM software for you depends on your current security posture, existing gaps, industry, and organizational goals.

But no matter which industry you cater to and the size of your organization, Sprinto can help you manage risks with confidence to scale steadily. 

Sprinto offers a centralized view of all your failing, passing, and lacking controls and the security risks associated with it. You can assign an owner to each control and effectively manage risks by allowing the owners to address each using AI-based recommendations based on the compliance framework. 

Talk to our friendly experts to know how we can help you minimize risks to ensure a strong security posture and unlock sales deals, like hundreds of our customers. 

ERM Software FAQs

Is ERM and ERP the same?

While the ERP and ERM tools may have overlapping capabilities, their objectives don’t. ERM helps to identify and manage risks that can affect your business’s overall performance and goals. ERP on the other hand is designed to streamline, operationalise, and optimize various business components.

What is the best ERM software?

The best ERM software is the one that caters to your business-specific needs. Based on user feedback and capabilities, Sprinto, MetricStream, Diligent, and LogicGate stand out.

What are some ERM software features?

If you are looking for an ERM tool, it should have features like role-based access management, evidence collection, overview of risks, risk evaluation, risk categorization, risk prioritization, and customization of risk workflows.

Anwita

Anwita

Anwita is a cybersecurity enthusiast and veteran blogger all rolled into one. Her love for everything cybersecurity started her journey into the world compliance. With multiple certifications on cybersecurity under her belt, she aims to simplify complex security related topics for all audiences. She loves to read nonfiction, listen to progressive rock, and watches sitcoms on the weekends.

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