Best Operational Risk Management Software: Compare Top 10

Anwita

Anwita

Mar 23, 2024

operational risk management software

During the 2008 economic crisis, financial giant Lehman Brothers declared bankruptcy, fired thousands of employees, and sent the already broken economy into a tailspin. While many complex factors led to this event, poor risk management was the key one. This event highlights the importance of using operational risk management software.

Operating a business without a risk solution is like driving a car in the dark with no headlights – you don’t know what lies ahead and the possibility of crashing is real. In other words, not having a risk tool is not a risk worth taking.  

So we gathered some operational risk management solutions, their best features, pros, and cons, so you make the right choice.

What is operational risk management software?

Operational risk management software helps to identify, analyze, mitigate, and manage risks across your infrastructure. It combines tools and best practices to minimize financial losses and business disruptions caused by inconsistent processes, human behavior, external human and environmental factors, or technological failures.

Top operational risk management software

With so many solutions available in the market, each claiming to be the best, it is easy to drown in a sea of confusion. The best way out is to analyze the features, user feedback, and popularity.

Based on these factors, we worked up this list of top operational risk software:

Sprinto

Sprinto is a cloud-based, integrated compliance automation and operational risk management software that helps you manage risks precisely, proactively, thoughtfully, and impactfully. It operates in a way that helps you translate risks into advantage by mapping risks to correct controls.

The tool empowers risk managers to visualize the true impact of infosec risks using industry benchmarks, manage risks systematically, reduce their impact, and prevent failures with confidence. 

Key features and capabilities:

  • Consolidates all risk data in a single platform to ensure quick management review. Launch comprehensive and updated risk assessments that provide a detailed view of accepted, minimized, and mitigated risks
  • Rigorously assess risks to help you understand their impact and make the right decisions by scanning for misconfigurations and vulnerabilities with high accuracy
  • Build a comprehensive risk profile using the built-in risk library to assess and manage security risks without ad hoc tools like excels sheets
  • Update your risk register by adding custom risks and assigning impact scores using the reference platform benchmarks to quantify the real impact of each risk
  • Reduce the likelihood of failure by using the impact value of each risk to chalk out a mitigation strategy. Revise and verify these scores as you scale and distill your residual risk load accordingly
  • Automatically map risks to compliance criteria and controls. Track their health and run checks in real time to identify anomalous behavior, get timely alerts, and assign failing or critical control to the right owner
  • Get a 360-degree view of entity level, org-wide risks and controls to gain a true visibility of failures and progress. Illustrate risks and overall posture with thorough details using the risk reports.
ProsCons
AI-based recommendations
Role-based access
Risk segregation based on criticality
Centralized risk view
Real-time insight into posture
Prompts corrective actions
Risk quantification
Risk libraries
360-degree risk overview
Documents activities for audits
Few advanced features can be an overkill

Pirani

Pirani is an operational risk management solution that simplifies operational risk tasks. The solution adapts to a number of local and international standards and regulations to proactively ensure regulatory compliance and business continuity.

It helps financial, insurance, and private industries comply with ISO 31000, COSO ERM, Sabarnes Oxley, ISO 27001, ISO 19600, Basel 1, and Basel 2.

Source: Pirani

Key features and capabilities:

  • Effectively manage risks to reduce operational load using indicators and generating reports to enhance decision-making
  • The mobile application generates and manages economic, legal, or reputation risks that occur due to poor management of operational risks
  • Consolidates data in a single console to enable making inquiries and updates directly in the software
  • Specify custom fields to manage your risks, processes, controls or events using parameters to configure operational risks
ProsCons
Streamlines collaboration
Centralized risk information
Intuitive platform
Easy to use and highly accessible
Supports Spanish
Inadequate customization capabilities
Generates poor quality graphs and charts

IBM OpenPages

IBM OpenPages is a solution offered by IBM that offers AI-based data governance, risk management, and regulatory compliance capabilities. It centralizes siloed risk management functions using a single view that helps to identify, manage, monitor, and report risk and regulatory compliance.

IBM OpenPages helps security teams to identify and remediate issues by providing rich visualizations, deep customization capabilities, and rich context into any data points.

Source: IBM

Key features and capabilities:

  • Offers a task-focused user interface that simplifies complex processes and actions. Users can mark favorites, add heat maps, and draw relationships while the guidance system builds key fields
  • Gain deep insight into the status risks of the entire organization using dynamic tools like dashboards, charts, and reporting systems.
  • Admins can customize views, visualizations, widgets, tasks, and landing pages based on assignee
  • The calculator engine automatically sets values for each risk activity. Use key risk indicators (KRIs) to calculate the risk of control effectiveness
  • Admins can use the drag-and-drop functionality to create custom workflows and develop new cases
ProsCons
Robust sentiment analysis
Interprets complex risk issues
Rich customer feedback analysis
Leverages machine learning algorithms
Effective pattern identification
Social media sentiment analysis capabilities
Not budget friendly
Low integration support
Access management tool is not user-friendly

LogicGate Risk Cloud

LogicGate Risk Cloud is a no-code risk management platform that helps businesses ensure compliance and manage operational risks by adapting to dynamic business needs and regulatory requirements.

It combines a set of purpose-built applications with smart technology to empower risk management teams to scale and build market friendly risk strategies.

The solution caters to industries like software, fintech, telecom, banking, insurance, investment services, healthcare, pharmaceuticals, medical devices, oil & gas, utilities, and alternative energy.

Key features and capabilities:

  • Centralizes business continuity and response strategies in a centralized platform to recover from incidents. Track and identify critical functions and systems using custom workflows and checklists
  • A centralized repository of business disruptions helps to implement continuity strategies proactively. Build, manage, test, update, and track crisis response or risk mitigation plans to recover quickly
  • The impact analysis module helps to identify risks outage impact, estimate total downtime, analyze resource gaps, and prioritize recovery to enhance contingency efforts
  • Allows key stakeholders to report incidents using a central repository of forms, reduces risk exposure by automatically assigning incident scores, and creates mitigation roadmaps to prioritize, triage, and resolve risk incidents efficiently
ProsCons
Highly customizable
Workflow automation
Responsive customer support
Implements customer feedback
Logically connects system workflow
Frequent glitches and bugs
Confusing UI

Hyperproof

Hyperproof is a risk and compliance management platform that automates workflows, prepares for audits, and mitigates operational risks. IT teams can identify operational loss, prioritize, and track issues from a centralized system.

Hyperproof’s risk framework maps controls to compliance requirements, collects evidence automatically, and monitors the compliance posture in real time.

Hyperproof supports frameworks like SOC 2, ISO 27001, NIST, GDPR, FedRAMP, HIPAA, CMMC, PCI DSS, and more. It also supports a wide range of custom frameworks.

Key features and capabilities:

  • Use standard fields to measure the level of tolerance, actual risk, inherent risk, and impact against each risk using custom scales fields, and filters in the dashboard
  • Update reports and dashboards in real-time to answer stakeholder questions, understand the status of compliance, and complete audit readiness action items
  • Centralized risk management activities by collecting and tracking risks in a register to prevent overlooking risks
  • Monitors the quality of data deployed on-premise or adjacent cloud bases to notify risk owners of violations, misuses, or non-compliant behavior that can disrupt business operations
ProsCons
Control reuse feature
Robust centralized platform
Easy control management
Custom audit programs
Teams functionally tracks control variations
Helpful live guided feature
Collaborate business functions 
Reporting system is not fully automated
Time-consuming framework customization
Buggy and unresponsive at times

Also, check: Hyperproof Alternatives: Compare Top 5 Competitors

Strike Graph

Strike Graph is a compliance operational risk management software that helps businesses gain security certifications and improve their overall security posture using comprehensive dashboards, distributed responsibility, and strategic automation.

It offers a centralized and transparent approach to ensure data integrity and track progress across multiple frameworks.

The platform supports frameworks like SOC 2, NIST, ISO 27001, HIPAA, ISO 27701, GDPR, PCI DSS, and CCPA. It maps the control requirements of multiple frameworks to help businesses launch faster and eliminate manual effort.

Key features and capabilities:

  • Strike Graph’s project management and tracking tools help IT teams eliminate task load by assigning owners for each task across functions
  • The AI tool helps to consolidate manual effort high tools like spreadsheets and documents by allowing users to define controls and automate tasks
  • AI-powered tool helps to eliminate slow processes for filling questionnaires by using existing control data to populate
  • Offers pen testing services to identify potential security risks, discover weaknesses, and remediate vulnerabilities before the audit period
ProsCons
Supports multiple out of the box frameworks
Automated security questionnaires
Proactive customer success team
Robust reporting and monitoring features
Intuitive & user-friendly UI
Generic templates
Limited integrations

Ncontracts

Ncontracts is a SaaS-based risk management and compliance solution for financial service companies. It helps users gain a comprehensive understanding of financial risks and offers tools to monitor and report internal and external risks.

Source: Ncontracts

The platform helps industries like banking, credit unions, mortgage lenders, and fintechs drive efficiency using a comprehensive suite of integrated risk and control assessment tools.

Key features and capabilities:

  • KRI/KPI tracking and risk heat maps help teams to monitor, measure, and analyze risk indicators in real time
  • The business continuity module offers disaster readiness programs. It gathers relevant data to build a clear roadmap, builds guided continuity programs to implement recovery strategies, and helps teams to respond to disaster messages using the emergency communications functionality
  • Enhances decision-making using the audit finding solution that streamlines mitigation efforts by syncing defense operations and analysis report findings to reduce repeat occurrences
  • The risk tiering model accurately reviews vendors based on KRIs, effortlessly manages vendor due diligence, and navigates vendor lifecycle by conducting risk assessment
ProsCons
User-friendly UI
Proactive customer support
Report customization
Seamless data flow within
Priced reasonably
Configurable Workflow
Poor loading capacity for large data sets
Some configurations are cumbersome

Camms.Risk

Camms.Risk from the Camms Group offers a comprehensive and integrated approach to streamline governance, risk, and compliance. Businesses can streamline their operational risk management programs by integrating with auditing, compliance, vendor evaluation, IT, and incident modules.

It caters to industries like defense, education, energy, finance, gaming, government, healthcare, legal, manufacturing, non-profit, pharmaceutical, telecommunication, and transport & logistics.

Source: Camms.Risk

Key features and capabilities:

  • Build and customize risk register to view critical information, identify new risks, conduct risk assessments, and link to causes using a centralized user interface
  • A centralized control library links controls to risks using bow-tie visualizations. Supports regulatory frameworks like ISO 31000, COSO and SOX
  • Documents, assigns, and tracks treatment plans to facilitate control implementation and regular risk management. Compares risk appetite to risk scores to determine the best treatment options
  • Identifies and reports risks into categories, ensures approval prior to reporting, and secures sensitive data through access control and compartmentalization
  • Establishes key indicators and links them to risks to ensure regular validation rating. Quantitative risk analysis tools help to analyze risk impact
ProsCons
Robust reporting capabilities
User-friendly interface
Proactive customer support and onboarding
Seamlessly connects to multiple modules
Deep customization capabilities
Few complications in initial setup
Few challenges during configuration

Resolver

Resolver is an integrated risk management solution that automates processes to add maturity to existing risk cultures by evaluating the relationship between risks and understanding the control effectiveness.

Industries like financial services, healthcare, energy & utilities, retail, pharmaceutical can collect all types of risk data to understand its impact and transform it into quantifiable business metrics.

Key features and capabilities:

  • Eliminates silos and consolidates functions into a single function to provide deep insight into the risk landscape that compliance, audit, and control teams can use
  • Eliminates manual tasks like transferring data using simple software integration to help organizations scale faster
  • Offers in built risk management practices such as COSO (Committee of Sponsoring Organizations) and guided implementation services
  • Offers a comprehensive suite of tools like dashboard, reporting functionality, and visualizations to equip teams with useful visualizations and understanding
ProsCons
Responsive customer support
Centralized control panel
Highly scalable
Advanced visualization
Automatic record submission
Highly customizable UI
Proactive customer support
Limited number of integrations
Slow implementation process
Poor reporting capabilities

LogicManager

LogicManager offers effective risk management capabilities that help businesses predict disruptive loss events, improve reputation, and boost performance. It removes silos and consolidates risks using a centralized console.

The solution empowers risk management teams to effectively manage, create, implement, measure, and conduct risk control self-assessments, and oversee risks.

Key features and capabilities:

  • Offers a comprehensive risk library categorized by root cause courses that helps to design controls for effective risk mitigation
  • Offers pre-built configurable assessment templates that help to conduct standardized risk assessments to ensure data uniformity over time
  • Drill into data using the dashboard and reporting capabilities to gain useful insights into critical risks and departmental risks
  • The incident management system automates alerts, tasks, and reminders, and tracks incident reports status
  • The taxonomy technology helps to identify trends by creating relations between incidents, departments, vendors, or applications.
ProsCons
Advanced KPI and KRI monitoring
Intelligent dashboard
360-degree view of controls and processes
Risk trend identification
Preconfigured risk library
Highly customizable and configurable
Advanced analytics modules
Limited integrations
Reporting feature has steep learning curve

What should you look for in an operational risk management program?

Before we list down the features, it is important to know that not every feature may be useful for your specific requirements. So here’s some homework we suggest you take up – list out the goals you want to achieve and the features would likely help you achieve them.

Risk management applications should ideally come baked with the following functionalities:

  1. Risk assessment: conduct comprehensive risk assessments to identify gaps, non-compliant issues, and major vulnerabilities – to identify major gaps in the system
  2. Risk monitoring: continuously monitor the status of your selected controls against a regulation or framework
  3. Risk library: maintain a comprehensive risk register that shows the actual state of your risks and eliminates ambiguity in assessments
  4. Risk scoring: assign impact score to each risk based on the level of severity to identify the ones you can accept and which one you can reject
  5. Risk visibility: provides a single sources of truth for all risk activities in real-time – progress on mitigating, identified risks, status of health and more from a single dashboard

Go beyond identifying risks: manage risks with precision and confidence

Effective risk management is more than just identifying and mitigating – it involves making evaluative judgments within the context of the business.

Without it, you are just working on assumptions and detached from reality leading to poor decisions – a recipe for disaster.

Sprinto is built with risk intelligence to help develop true resilience. It rigorously interprets the risks, and assesses their impact – thoughtfully, comprehensively, and precisely.

Prove resilience using risk reports, gain all round visibility into risks, scale your posture by prepping for multiple audits, ensure risk ownership, and monitor risks in real-time and more – using a smart, centralized, and fully automated platform.

Still unsure? See how our industry experts can help you just like they helped companies similar to yours.

FAQs

What is the best operational risk management software?

The term best roughly translates to popularity and user reviews, based on which some of the top software solutions are Sprinto, Hyperproof, and IBM OpenPages. 

What are the types of compliance risks that impact business processes?

Examples of potential risks in compliance activities include exposure to reputational risks, audit failures, penalties due to failure to follow mandatory regulations, and poor risk programs. 

What are the types of organizational risks?

Organizational risks are gaps in internal processes or internal controls. It can include people risks like internal security threats, financial risks like a pandemic, environmental risks like power cuts, or compliance risks like not following mandatory regulations. 

What are the main components of a risk management tool?

Risk management tools should have the following components to qualify as an effective solution: risk assessment, risk monitoring, risk library, risk scoring, and risk visibility. 

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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