10 Best Enterprise Risk Management Software Providers Shortlist
Managing risks and ensuring compliance can be a big challenge for CFOs. You might feel the pressure to keep everything on track while dealing with ever-changing regulations and financial uncertainties. That's where enterprise risk management (ERM) software can be a real help.
In my experience, the right ERM tool can make these tasks less daunting by organizing and analyzing risks efficiently. I've spent time researching and testing various ERM solutions to provide you with an unbiased look at the best options available.
In this article, you'll find detailed reviews of top ERM software, focusing on features, benefits, and how they can fit your team's needs. Let's find the right tool to help you manage risks effectively.
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Best ERM Software Summary
This comparison chart summarizes pricing details for my top enterprise risk management software selections to help you find the best one for your budget and business needs.
| Tool | Best For | Trial Info | Price | ||
|---|---|---|---|---|---|
| 1 | Best for global employment risk management | Free demo available | From $5/employee/month | Website | |
| 2 | Best for agile risk management | Free demo available | Pricing upon request | Website | |
| 3 | Best for business integrated and holistic risk management | Free demo available | Pricing upon request | Website | |
| 4 | Best for security and compliance management | Free demo available | Pricing upon request | Website | |
| 5 | Best for automation | Free demo available | Pricing upon request | Website | |
| 6 | Best for cyber risk management | Free demo available | Pricing upon request | Website | |
| 7 | Best for risk assessment | Free demo available. | Pricing upon request | Website | |
| 8 | Best for security-focused companies | Free demo available | Pricing upon request | Website | |
| 9 | Best for automated security and compliance | Free demo available | Pricing upon request | Website | |
| 10 | Best for connected audit features | Free demo available | Pricing upon request | Website |
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Creatio CRM
Visit WebsiteThis is an aggregated rating for this tool including ratings from Crozdesk users and ratings from other sites.4.7 -
DealHub AI
Visit WebsiteThis is an aggregated rating for this tool including ratings from Crozdesk users and ratings from other sites.4.7 -
LiveFlow
Visit WebsiteThis is an aggregated rating for this tool including ratings from Crozdesk users and ratings from other sites.4.9
Best Enterprise Risk Management Software Reviews
Below are my detailed summaries of the best ERM software that made it onto my shortlist. My reviews offer a detailed look at the key features, pros u0026amp; cons, integrations, and ideal use cases of each tool to help you find the best one for you.
Deel is a comprehensive global people platform that simplifies global HR and compliance management for companies looking to expand around the world with speed and ease.
Why I picked Deel: As an enterprise risk management solution, Deel is unique because it focuses on risk management in the context of global employment. It extends beyond worldwide payroll processing to include legal compliance and financial reporting across diverse regulatory environments.
Deel has a comprehensive compliance database that is updated in real-time to ensure companies remain consistent with local labor laws and tax regulations, proactively mitigating risks associated with global employment.
Deel Standout Features and Integrations:
Standout features include localized contract generation, with the help of experts, tailored to meet the specific legal requirements of each country.
Additionally, Deel's payroll management system reduces the financial risks associated with currency fluctuations and cross-border payments.
Integrations include Hibob, Netsuite, Okta, OneLogin, Quickbooks, Ashby, BambooHR, Expensify, Greenhouse, SCIM, Xero, Workday, and Workable. It also has an API for custom integrations.
Pros and Cons
Pros:
- Simplifies the process of hiring employees in different countries
- Provides assistance with visas and other related services
- Compliance with local laws
Cons:
- Potential learning curve for new users
- No mobile app
New Product Updates from Deel HR
Deel HR Introduces AI-Powered ATS for Hiring
Deel HR introduces an AI-powered ATS built into its platform. This update enhances hiring efficiency by automating sourcing, screening, and workflows across the recruitment process. For more information, visit Deel HR’s official site.
Mitratech's Alyne is an integrated Governance, Risk, and Compliance (GRC) software solution that provides a comprehensive platform for enterprise risk management.
Why I picked Mitratech: The platform provides continuous risk monitoring and management capabilities, featuring a web-enabled and mobile-responsive design, dynamic dashboards and reports, scalable risk assessments, and ready-to-go templates. Mitratech aims to offer a comprehensive view of an organization's risk and compliance profile, enabling users to understand and assess risk, implement compliance requirements, and leverage analytics for informed decision-making.
Overall, Mitratech takes an agile approach to risk management with real-time risk assessments, third-party risk management, and policy management, helping organizations make quick decisions and pivot where needed.
Mitratech Standout Features and Integrations:
Standout features include no-code workflow automation and scalable risk assessments. Both these features allow users to build out workflows without technical expertise while still aligning with growing risk management operations.
The platform also offers thousands of ready-to-go templates mapped to regulations and controls, powerful enterprise integrations, and multi-language capabilities to support global operations.
Integrations include Black Kite, SecurityScorecard, DocuSign, Salesforce, and more.
Pros and Cons
Pros:
- No-code workflow automations
- Mappings to relevant laws, regulations, and industry standards
- AI-enabled capabilities for GRC
Cons:
- Integration with other applications may require additional resources
- Learning curve for new users
Corporater offers an integrated business management platform for governance, performance, risk, and compliance (GPRC) solutions. It covers a wide range of risk management capabilities, including third-party risks, project and portfolio risks, IT risks, and operational risk management.
Why I picked Corporater: I chose Corporater for its holistic platform, which seamlessly integrates governance, risk, and compliance (GRC) with performance management. It allows organizations to create a digital twin of their operations, providing real-time insights and data-driven decision-making. The platform offers customizable dashboards, risk assessment and mitigation tools, compliance tracking, and performance analytics. This holistic approach ensures that all aspects of enterprise risk and performance are managed efficiently.
Corporater Standout Features and Integrations:
Standout features include a process engine, data automation, data modeling, AI integration with GRC, performance data, forms and surveys for data collection and validation, and support for EU taxonomies for digital risk libraries.
Additionally, the reporting engine automatically combines data and insights into different reports. Risks can also be quantitatively assessed, and the software supports internal controls for compliance.
Integrations include a wide range of information providers and enterprise systems.
Pros and Cons
Pros:
- Comprehensive tools for risk assessment and mitigation
- Customizable dashboards
- Advanced analytics
Cons:
- Lack of automation capabilities
- May come with a learning curve
ManageEngine Log360 is an SIEM solution designed to help organizations manage and mitigate security threats across on-premises, cloud, and hybrid environments.
Why I picked ManageEngine Log360: It integrates SIEM capabilities with advanced threat detection, machine learning-based anomaly detection, and compliance management, providing a thorough and proactive risk management framework. This integration ensures that organizations can effectively monitor and respond to potential risks, enhancing their overall security posture and compliance with industry regulations.
ManageEngine Log360 Standout Features and Integrations:
Standout features include its user and entity behavior analytics (UEBA), which detects unusual behavior patterns that might indicate potential risks. Another critical feature is its forensic analysis capabilities, enabling detailed investigation of security incidents to understand the root cause.
The software also includes incident management, which streamlines the process of tracking and resolving security incidents.
Integrations include Microsoft Active Directory, Office 365, Google Workspace, AWS, Azure, Salesforce, Box, ServiceNow, Jira, Slack, IBM QRadar, Splunk, SolarWinds, Palo Alto Networks, Fortinet, Cisco, and Sophos.
Pros and Cons
Pros:
- Compliance with legal regulations
- Comes with numerous pre-configured reports
- Effective in managing and analyzing logs
Cons:
- Requires regular maintenance and updates
- Complex setup and configuration
New Product Updates from ManageEngine Log360
ManageEngine Log360 Adds New Log Source Integrations
ManageEngine Log360 introduced new integration support for NetFlow Analyzer and Firewall Analyzer, along with enhanced audit log parsing for OpManager products. The updates help teams centralize log collection and improve monitoring and analysis workflows. For more information, visit ManageEngine Log360's official site.
Hyperproof is a compliance-focused risk management platform with support for firms aligning with multiple compliance frameworks. It encompasses security, risk, and compliance.
Why I picked Hyperproof: I selected Hyperproof because it has substantial automation features that can free up valuable time for teams.
Hyperproof Standout Features and Integrations:
Standout features include automated evidence collection and automated task management to help speed up workflows. It can also test control effectiveness by running automated risk impact assessments.
I also like that Hyperproof has 70+ framework templates to start from and that it helps firms align strategy with recognized frameworks including SOC 2, ISO, and NIST CSF.
Integrations include Slack, ZenDesk, Salesforce, Gusto, and GitHub.
Pros and Cons
Pros:
- Collaboration features
- Very easy integrations
- Substantial automation for faster workflows
Cons:
- Lacking in third-party risk management features
MetricStream is an enterprise GRC platform that unifies risk management, compliance, internal audit, and cyber risk management across interconnected modules in a single AI-driven system.
Who Is MetricStream Best For?
MetricStream is built for large enterprises in heavily regulated industries like financial services, healthcare, and energy that need an integrated GRC program at scale.
Why I Picked MetricStream
I picked MetricStream as one of the best because its Connected GRC architecture is what separates it from point solutions. It uses a federated, centralized data model to link risk, compliance, audit, cyber, and third-party data on one platform, with shared libraries that allow changes in one program to flow automatically to related programs. In practice, that means my team can monitor a regulatory change that automatically triggers a compliance impact assessment, which in turn highlights affected controls and risks. I also find the AI layer genuinely useful here: it includes AI tools for risk quantification and regulatory intelligence that keeps you updated on changing regulations.
MetricStream Key Features
- Risk register and heat maps: Build and maintain a structured risk inventory with visual heat maps that display risk likelihood and impact across the enterprise.
- Control testing and assurance: Design, assign, and track control tests with automated reminders, evidence collection, and deficiency logging across business units.
- Internal audit management: Plan, schedule, and execute audit engagements with built-in workpaper management, finding tracking, and audit report generation.
- Issue and action management: Log issues from any GRC program, assign corrective actions, set due dates, and track remediation status through to closure.
MetricStream Integrations
MetricStream offers a suite of pre-built connectors that link to external systems including asset databases (CMDBs), regulatory compliance feed providers, threat and vulnerability scanners, and ticketing systems. Out-of-the-box connectors are available for Compliance.ai, BitSight, Thomson Reuters, and RiskLens. It also connects with ERPs, ITSM, security, and cloud tools. MetricStream supports REST and Kafka-based connectors and provides 200+ built-in GRC APIs for custom integrations.
Pros and Cons
Pros:
- Supports multiple risk frameworks like ISO 31000
- Strong risk visualization across various dimensions
- Highly configurable to fit complex governance structures
Cons:
- Custom reports often require vendor involvement
- Navigation buries tasks under layered menus
Archer is an integrated risk management solution for large firms. The breadth and depth of the tool make it well-suited to multinational companies and those in heavily regulated industries.
Why I picked Archer: I selected Archer because it can be successfully deployed in large-scale firms facing complex risk management scenarios.
Archer Standout Features and Integrations:
Standout features include internal risk management and mitigation tools. The common risk language and rating scales help identify and address risks organization-wide.
Archer also integrates workflows and tools for third-party governance, ESG management, operational resilience, IT risk management, and regulatory/corporate compliance management.
I like how Archer can help you analyze the internal control environments of your third-party service providers to make sure your organization isn’t exposed to an unacceptable level of risk.
Integrations include data sourcing via direct data imports, data feeds, and Archer API.
Pros and Cons
Pros:
- Customizable
- Vendor and third-party service provider risk assessments
- Includes ESG and IT security tools
Cons:
- Lacking in no-code integrations
Drata is a compliance automation platform that continuously monitors security controls, collects audit evidence, and manages compliance across frameworks like SOC 2, ISO 27001, HIPAA, and GDPR.
Who Is Drata Best For?
Drata is a strong fit for scaling tech companies and startups that need to achieve and maintain security compliance certifications quickly.
Why I Picked Drata
I picked Drata as one of the best because its continuous control monitoring is what sets it apart from manual compliance tools. Rather than running point-in-time assessments, Drata connects to your cloud infrastructure and SaaS stack to check controls automatically, flagging failures in real time. I also like that it covers 75+ frameworks out of the box, so my team can map a single control to SOC 2, ISO 27001, and HIPAA simultaneously without duplicating work.
Drata Key Features
- Automated evidence collection: Drata pulls audit evidence directly from connected systems and organizes it by control, ready for auditor review.
- Vendor risk management: Assess and monitor third-party vendor security posture using built-in questionnaires and risk scoring.
- Policy management: Create, version, and distribute security policies to employees, and track acknowledgment status from a single dashboard.
- Risk register: Log, score, and track risks with built-in likelihood and impact scoring tied directly to your compliance controls.
Drata Integrations
Drata integrates with hundreds of tools across your tech stack, including AWS, Azure, Google Cloud Platform, Jira, GitHub, Bitbucket, Okta, BambooHR, Slack, and CrowdStrike, spanning categories like infrastructure, HRIS, version control, ticketing, and endpoint detection. Drata also provides a REST API for custom integrations, and supports automation tools like Tines, Torq, and Tray.io to unlock access to additional connections.
Pros and Cons
Pros:
- Pre-built library of 200+ threat-based risks
- Continuous monitoring replaces manual evidence gathering
- Maps controls across multiple frameworks simultaneously
Cons:
- Fewer native integrations than some competitors
- Non-technical teams need guidance to navigate
Vanta is a security and compliance automation platform that continuously monitors your infrastructure, automates evidence collection, and manages compliance workflows across frameworks like SOC 2, ISO 27001, and HIPAA.
Who Is Vanta Best For?
Vanta is a natural fit for fast-growing tech companies and SaaS businesses that need to achieve and maintain security compliance certifications to close enterprise deals.
Why I Picked Vanta
I've included Vanta in my top picks because its continuous monitoring engine ties directly into your compliance posture, not just your audit cycle. What I like most is its pre-built risk library with 100+ risk scenarios, each with suggested control mapping, so you're not starting from zero. I also use the risk heatmap and trend reporting to communicate program status to stakeholders without pulling data manually. The way Vanta connects risks, controls, vendor assessments, and compliance frameworks in one view makes it genuinely useful for ERM.
Vanta Key Features
- Automated evidence collection: Vanta pulls evidence directly from connected systems to satisfy compliance requirements without manual gathering.
- Vendor risk management: Review and track third-party security postures by sending and managing vendor questionnaires from within the platform.
- Policy management: Create, assign, and version-control security policies, with employee acknowledgment tracking built in.
- Trust center: Publish a live, shareable page showing your compliance certifications and security posture to prospects and customers.
Vanta Integrations
Vanta offers 400+ native integrations, covering cloud providers like AWS, Google Cloud Platform, and Azure, identity providers like Okta and Google Workspace, HR systems like Gusto, BambooHR, and Rippling, and endpoint management tools like Jamf and CrowdStrike.
Pros and Cons
Pros:
- Centralized risk tracking from a single dashboard
- Real-time compliance monitoring with gap alerts
- Automated evidence collection across 35+ frameworks
Cons:
- Alert system can surface frequent false positives
- Policy templates lack deep customization options
AuditBoard is a GRC platform that connects audit, risk, compliance, and information security management in a single system, with AI-driven insights and automated control testing built in.
Who Is AuditBoard Best For?
AuditBoard is a strong fit for mid-to-large enterprises with dedicated internal audit, risk, and compliance teams managing complex, cross-functional programs.
Why I Picked AuditBoard
AuditBoard earns its spot on my shortlist because it connects audit, risk, and compliance in one shared data layer, which means your risk register, control tests, and compliance frameworks all reference the same information. I particularly like its cross-functional risk register, which lets audit and compliance teams standardize risk language and ownership across the organization. On top of that, AuditBoard's scenario planning tools let my team build and analyze responses to emerging risks before they materialize, which keeps our program proactive rather than reactive.
AuditBoard Key Features
- Automated control testing: Run control tests automatically and track results directly within the platform across multiple frameworks.
- Framework mapping: Map controls and risks to regulatory frameworks like SOX, COSO, and ISO 31000 from a single interface.
- Issue and action management: Log, assign, and track remediation actions tied to specific audit findings or risk events.
- Risk-based audit planning: Prioritize and schedule audit engagements based on real-time risk scores across your entity portfolio.
AuditBoard Integrations
AuditBoard integrates with more than 150 enterprise systems, including Okta, Jira, ServiceNow, Workday, Snowflake, Oracle NetSuite, Paylocity, Power BI, Tableau, and Bitsight. An API is available for custom integrations, including pushing data into BI tools or internal dashboards.
Pros and Cons
Pros:
- Strong cross-module connectivity between audit and risk
- Supports multi-framework compliance mapping across 15+ standards
- Links risks to controls and audits with real-time heat maps
Cons:
- Requires dedicated training to use all features
- Tiered feature restrictions limit access to key tools
Other ERM Software
Here are some additional enterprise risk management software options that didn’t make it onto my shortlist, but are still worth checking out:
- LogicGate
For complex risk and compliance workflows
- Resolver
For automations
- Sprinto
For SOC 2, ISO 27001, GDPR, and HIPAA
- IBM OpenPages
AI-driven, integrated risk management platform for enterprises
- NAVEX One
For employee training
- Riskonnect
For claims management
- Ventiv
For incident management
- LogicManager
For enterprise reporting and workflow tools
- Fusion Risk Management
For business continuity planning
- Microsoft Sentinel
With Cloud-native SIEM and SOAR
ERM Software Selection Criteria
When selecting the best ERM software to include in this list, I considered common buyer needs and pain points like risk assessment accuracy and compliance with industry regulations. I also used the following framework to keep my evaluation structured and fair:
Core Functionality (25% of total score)
To be considered for inclusion in this list, each solution had to fulfill these common use cases:
- Risk identification
- Risk assessment
- Risk monitoring
- Compliance management
- Reporting and analytics
Additional Standout Features (25% of total score)
To help further narrow down the competition, I also looked for unique features, such as:
- Customizable dashboards
- Integration with third-party tools
- Scenario analysis
- Automated alerts
- Advanced data visualization
Usability (10% of total score)
To get a sense of the usability of each system, I considered the following:
- Intuitive user interface
- Ease of navigation
- Learning curve
- Customization options
- Mobile accessibility
Onboarding (10% of total score)
To evaluate the onboarding experience for each platform, I considered the following:
- Availability of training videos
- Interactive product tours
- Access to templates
- Webinars and workshops
- Support during migration
Customer Support (10% of total score)
To assess each software provider’s customer support services, I considered the following:
- Availability of live chat
- Email support responsiveness
- Access to a help center
- Availability of phone support
- Community forums
Value For Money (10% of total score)
To evaluate the value for money of each platform, I considered the following:
- Competitive pricing
- Features included in base price
- Flexibility of pricing plans
- Cost of add-ons
- Discounts for annual subscriptions
Customer Reviews (10% of total score)
To get a sense of overall customer satisfaction, I considered the following when reading customer reviews:
- Overall satisfaction ratings
- Feedback on customer support
- Usability experiences
- Feature effectiveness
- Value for money feedback
How to Choose ERM Software
It’s easy to get bogged down in long feature lists and complex pricing structures. To help you stay focused as you work through your unique software selection process, here’s a checklist of factors to keep in mind:
| Factor | What to Consider |
|---|---|
| Scalability | Can the software grow with your business? Look for options that support your team size now and in the future. Consider user limits and expansion costs. |
| Integrations | Does it connect with your existing tools? Check if it syncs with your accounting systems, CRM, or other software you use. |
| Customizability | Can you tailor it to your needs? Assess the level of customization available for workflows, dashboards, and reports. |
| Ease of use | Is it user-friendly? Evaluate the learning curve and how quickly your team can adopt it without extensive training. |
| Implementation and onboarding | How long will it take to implement? Consider the time and resources needed for onboarding and data migration. |
| Cost | Does it fit your budget? Look beyond the sticker price to include hidden fees, add-ons, and long-term expenses. |
| Security safeguards | Are your data protected? Ensure the software complies with industry standards and offers encryption and regular updates. |
| Support availability | What support is offered? Look for 24/7 support, availability of live chat, and the quality of documentation and resources. |
What Is ERM Software?
Enterprise risk management (ERM) software is a tool that helps organizations identify, assess, and manage risks. It's typically used by risk managers, compliance officers, and CFOs to improve decision-making and ensure regulatory compliance. Risk identification, risk assessment, and compliance management features help with organizing risks and maintaining compliance. Overall, these tools provide peace of mind by managing potential threats efficiently.
Features
When selecting ERM software, keep an eye out for the following key features:
- Risk identification: Helps you pinpoint potential risks within your organization to address vulnerabilities early.
- Risk assessment: Allows you to evaluate the severity and impact of identified risks to prioritize actions.
- Compliance management: Ensures your organization meets industry regulations and standards to avoid penalties.
- Reporting and analytics: Provides insights through data visualization and reports to support informed decision-making.
- Customizable dashboards: Enable you to tailor the interface to display information most relevant to your needs.
- Scenario analysis: Offers tools to simulate different risk scenarios and their potential effects on your organization.
- Automated alerts: Keep you informed of risk changes or compliance issues with real-time notifications.
- Integration capabilities: Connects with existing tools and systems to streamline processes and data flow.
- User-friendly interface: Ensures ease of use and quick adoption by your team with minimal training.
- Security safeguards: Protects your data through encryption and regular updates to prevent unauthorized access.
Benefits
Implementing ERM software provides several benefits for your team and your business. Here are a few you can look forward to:
- Improved risk management: Identifying and assessing risks helps you address potential threats before they become issues.
- Enhanced decision-making: Reporting and analytics provide insights that support informed choices for your organization.
- Regulatory compliance: Compliance management keeps your business aligned with industry standards and regulations.
- Increased efficiency: Automated alerts and integration capabilities help streamline processes and reduce manual workload.
- Customization: Customizable dashboards allow you to focus on the most relevant information for your operations.
- Data security: Security safeguards ensure your sensitive information is protected from unauthorized access.
- User adoption: A user-friendly interface makes it easier for your team to adopt and use the software effectively.
Costs & Pricing
Selecting enterprise risk management software requires an understanding of the various pricing models and plans available. Costs vary based on features, team size, add-ons, and more. The table below summarizes common plans, their average prices, and typical features included in ERM software solutions:
Plan Comparison Table for ERM Software
| Plan Type | Average Price | Common Features |
|---|---|---|
| Free Plan | $0 | Basic risk identification, limited reporting, and basic compliance management. |
| Personal Plan | $10-$30/user/month | Risk identification, basic analytics, compliance management, and email support. |
| Business Plan | $50-$100/user/month | Advanced risk assessment, customizable dashboards, integrations, and alerts. |
| Enterprise Plan | $150-$300/user/month | Full feature set, advanced analytics, dedicated support, and enhanced security. |
ERM Software FAQs
Here are some answers to common questions about enterprise risk management software:
How do you set up enterprise risk management systems?
u003cspan style=u0022font-weight: 400u0022u003eEnterprise risk management systems may be deployed on-premise or via cloud-based solutions. On-premise setups may offer more internal control over security infrastructure, but they are typically slower and often more costly to launch.u003c/spanu003ernrnu003cspan style=u0022font-weight: 400u0022u003eIn any case, ERM systems should be set up with a firm’s standards, compliance requirements, and stated goals in mind.u003c/spanu003e
Can small businesses use ERM software?
Yes, small businesses can use ERM software. While traditionally used by larger organizations, many ERM solutions now offer scalable options suitable for small businesses. These tools help manage risks efficiently, even if your team is small, ensuring you stay ahead of potential challenges without needing a large IT infrastructure.
Is training required to use ERM software?
Yes, some level of training is often required to effectively use ERM software. Many vendors offer training resources like webinars, tutorials, and support documentation. Investing time in training ensures your team understands the software’s capabilities, leading to better risk management and maximizing the tool’s potential.
What’s Next:
If you're in the process of researching ERM software, connect with a SoftwareSelect advisor for free recommendations.
You fill out a form and have a quick chat where they get into the specifics of your needs. Then you'll get a shortlist of software to review. They'll even support you through the entire buying process, including price negotiations.
