Best Enterprise Risk Management Software Providers Shortlist
Here is my list of the best online enterprise risk management software:
- Ventiv - Best for incident management
- Resolver - Best for automations
- Archer - Best for risk assessment
- Oracle Risk Management and Compliance - Best for Oracle ERP users
- MetricStream - Best for cyber risk management
- NAVEX One - Best for employee training
- AuditBoard - Best for internal auditing
- Riskonnect - Best for claims management
- Fusion Risk Management - Best for business continuity planning
- Hyperproof - Best for automation
- StandardFusion - Best for ease of use
- Essential ERM - Best for customization
Enterprise risk management (ERM) software is vital for the complexities of the modern economy. But not all ERM software is the same.
For this list, I selected enterprise risk management solutions that offered comprehensive feature sets that were appropriate for large-scale, multinational firms. While features and performance were top of mind, I also considered a tool’s usability, value, integration support, and more.
What is Enterprise Risk Management Software?
Enterprise risk management (ERM) software is designed to help firms identify (and mitigate) potential risks in their industry or business model and plan for them accordingly.
ERM software is a specialized form of standard risk management software tailored to the needs of large-scale enterprises.
These tools help firms and managers to:
- Identify potential risks
- Analyze those risks
- Evaluate the potential impact and likelihood of those risks
- Develop and implement plans to mitigate identified risks
- Proactively monitor and review risk mitigation activities
A good ERM tool can help companies identify under-the-radar risks that would otherwise go undetected — and then develop and implement a risk mitigation plan.
For instance, ERM software might help a firm prepare for potential industry disruptors with similar, lower-cost products. Or it might help teams analyze the potential impact of a large-scale data breach on their particular business model. Whatever the potential risk(s) might be, enterprise risk management software helps companies detect, plan for, and mitigate risks.
ERM software can also help firms keep up with international risk management standards, which can be helpful for both internal and external reporting requirements.
The specific feature set of each ERM software might vary somewhat, depending on the tool’s scope and target audience. In general, I picked software tools that could meet the needs of complex business models and multinational operations.
Overview of the Best Enterprise Risk Management Software for 2023
Based on a combination of functionality, features, integrations, value, and usability, here’s what I think are the best ERM software tools of 2023.
1. Ventiv - Best for incident management
Ventiv is a comprehensive risk management solution that blends a risk management information system (RMIS) with claims processing and decision analytics tools.
Why I picked Ventiv
I selected Ventiv because it helps give managers an informative bird’s-eye-view into their organization’s risk management process. Vantiv's analytics features help teams predict the likelihood of different risk factors more accurately.
Ventiv Standout Features and Integrations:
Standout features include comprehensive risk management analytics, covering both prescriptive and predictive analytics.
I like how Ventiv’s tools help teams evaluate both internal and external risk factors — without the need for data scientists or external tools.
With Ventiv, you can drill down into demographic details for a specific country or region to find out unemployment rates, poverty levels, average household income, and other information. Having that data helps to ensure you’re weighing all potential costs and benefits of doing business in a particular location.
Integrations include custom integrations via Ventiv’s API.
Pricing: Custom pricing upon request
Free Trial: Product demo available
Pros
- Excellent analytics
- Solid data visualization
- Customizable to a firm’s needs
Cons
- Steeper learning curve than average
2. Resolver - Best for automation
Resolver is an ERM tool with an equal focus on risk and controls. Its automated workflows help teams identify organizational risks more effectively.
Why I picked Resolver
I selected Resolver primarily because of its automated workflows for risk management (and auditing) teams. For instance, Resolver automatically transfers data in from different business systems (like your ERP), eliminating manual data entry work. The tool can also be configured to set up automated reminders for workflow due dates and overdue thresholds.
Overall, Resolver helps teams automate different stages of an organization’s risk identification, management, and mitigation processes.
Resolver Standout Features and Integrations:
Standout features include automated workflow management and comprehensive risk registers.
I like how both of these features combine to help teams collaborate and automate as much as possible — Resolver will be particularly helpful for large firms with separate risk management, compliance, and internal auditing teams.
Integrations include custom integrations via core API, Webhook, and Workato.
Pricing: Custom pricing upon request
Free Trial: Product demo available
Pros
- Great collaboration and automation features
- ISO 31000 and COSO ERM compliant
- Extensive risk mitigation features
Cons
- Integrations could be simpler
3. Archer - Best for risk assessment
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.
Pricing: Custom pricing upon request
Free Trial: Product demo available
Pros
- Includes ESG and IT security tools
- Vendor and third-party service provider risk assessments
- Customizable
Cons
- Lacking in no-code integrations
4. Oracle Risk Management and Compliance - Best for Oracle ERP users
Oracle Risk Management and Compliance is a module of the Oracle Fusion Cloud ERP software suite. For firms already using this ERP — or looking for a new enterprise resource planning software — Oracle’s solutions are a good fit.
Why I picked Oracle Risk Management and Compliance
I selected Oracle Risk Management and Compliance because it’s fully integrated with Oracle’s cloud ERP solution, one of the most popular ERPs on the market. Many enterprise-level firms already use this ERP, and team members may already be familiar with the software. And it’s a useful module for large firms facing regulatory pressure, as it simplifies financial reporting via automated SOX compliance and audit workflows.
Oracle Standout Features and Integrations:
Standout features include user access control to Oracle ERP financial data to help firms monitor user activity and ensure regulatory compliance. The software also uses AI to continuously monitor user behavior, helping firms identify internal security and compliance risks.
I like that this module is built into Oracle’s ERP platform and that its automation features help to speed up financial reporting requirements.
Integrations include other Oracle software and various third-party SaaS tools.
Pricing: Custom pricing upon request
Free Trial: Product demo available
Pros
- Easy to use (for existing Oracle ERP users)
- No additional cost for firms using Oracle Fusion Cloud ERP
- Data security and user access controls
Cons
- Limited feature set (primarily focused on user access controls and security)
- Not usable without Oracle Cloud ERP access
5. MetricStream Cyber GRC - Best cyber risk management platform
MetricStream is a GRC (governance, risk, and compliance) software company, and its Cyber GRC platform is an active cyber risk management platform designed to help automate and enhance cyber security, governance, risk, and compliance processes.
Cyber GRC is solely dedicated to helping firms strengthen and protect their digital infrastructure. For general risk management, MetricStream has a separate Business GRC product line.
Why I picked MetricStream Cyber GRC
While most ERM systems incorporate some level of cyber risk management, I selected Cyber GRC because it’s a 100% cyber/IT dedicated risk management platform.
MetricStream Standout Features and Integrations:
Standout features include IT and cyber risk management functionality, following the latest industry standards (NIST/ISO).
Given the focus on cybersecurity, I appreciate that MetricStream uses a closed-loop process of investigation, response strategy, and remediation to help organizations ensure compliance with changing regulatory environments.
I also really like MetricStream’s Cyber Risk Quantification, it lets you quantify your organization’s exposure to cyber risks into an exact dollar amount.
Integrations include security tools, vulnerability scanners, regulatory content providers, and more via MetricStream APIs.
Pricing: Custom pricing upon request
Free Trial: Product demo available
Pros
- Extensive cybersecurity and IT risk mitigation tools
- Digital regulation and reporting compliance support
- Flexible integrations via custom APIs
Cons
- Solely cyber-focused
6. NAVEX One - Best for employee training
NAVEX One is a governance, risk, and compliance (GRC) software for midmarket and enterprise firms. It’s designed to unify internal teams, external service providers, processes, and policies across the organization to minimize risk and ensure compliance with both internal policy and external regulations.
Why I picked NAVEX One
I selected NAVEX One because of its comprehensive feature set. As a GRC platform, NAVEX One helps firms prepare internal governance policies, manage internal and third-party risk, and ensure compliance with regulations and reporting requirements.
NAVEX One Standout Features and Integrations:
Standout features include several workforce tools designed to create a “culture of compliance.” NAVEX One software comes with extensive onboarding materials and prebuilt automation and approval workflows to help new hires learn internal policy from day one.
Its employee portal and anonymous hotline encourage people to report potential conflicts of interest and policy violations.
Plus, with the AI-powered assistant, employees have access to compliance resources and guidance 24/7.
Integrations include Workday, Oracle, ServiceNow, and 1,000+ others via NAVEX Integration Cloud.
Pricing: Custom pricing upon request
Free Trial: Product demo available
Pros
- Combines governance, risk management, and compliance in a centralized platform
- Easy integrations via NAVEX Integration Cloud
- Great for employee training, reporting, and conflict of interest detection
Cons
- Above-average price point
7. AuditBoard - Best for internal auditing
AuditBoard is a combined risk management, ESG, auditing, and compliance platform with collaboration tools that help unify teams and policies organization-wide.
Why I picked AuditBoard
I selected AuditBoard primarily because of its collaboration features. I like that teams, stakeholders, and even external vendors can coordinate to resolve issues or establish internal policies.
AuditBoard Standout Features and Integrations:
Standout features include automated workflows across risk management, compliance, and auditing teams. RiskOversight can automate the distribution and aggregation of risk assessments, and even automate risk surveys and internal interviews. Risk scoring also implements AI-driven automation by dynamically scoring potential vulnerabilities based on risk likelihood, impact, strength, and existing controls.
Integrations include Slack, Google Drive, Microsoft Office 365, AWS, and Snowflake.
Pricing: Custom pricing upon request
Free Trial: Product demo available
Pros
- Easy integrations
- Facilitates collaboration and communication
- Automated ESG and auditing workflows
Cons
- Some features require add-on services
8. Riskonnect - Best for claims management
Riskonnect is an integrated platform for risk, compliance, and litigation management, that also includes features for managing different components of ESG, GRC, and insurable risk.
Why I picked Riskonnect
I selected Riskonnect because of its claims management tools. Riskonnect helps teams develop processes to better respond to product safety recalls and potential liability claims and litigation.
Riskonnect Standout Features and Integrations:
Standout features include claims administration workflows that help track, prioritize, and manage risks throughout the claims process. Rickonnect’s Worker’s Compensation Severity Models help companies identify high-risk claims in the early stages of the claim lifecycle. And their Official Disability Guidelines contain guidance and resources to manage the return-to-work process.
I like that Riskonnect helps firms calculate and predict the potential likelihood for success of pending claims and litigation so teams can pick the best path forward.
Integrations include Salesforce, Thryve, Carahsoft, and a few others.
Pricing: Custom pricing upon request
Free Trial: Product demo available
Pros
- Robust claims management workflows
- ESG and GRC features
- Insurable risk tools
Cons
- Limited integration options
- Steep learning curve
9. Fusion Risk Management - Best for business continuity planning
Fusion Risk Management is a diversified risk management platform with a focus on operational resilience. It helps firms identify business-breaking risks and plan for the appropriate response to ensure continuity.
Why I picked Fusion Risk Management
I selected Fusion Risk Management because of its focus on business continuity. The software helps teams plan for worst-case scenarios.
Fusion Risk Management Standout Features and Integrations:
Standout features include dependency mapping tools to identify points of failure and key vulnerabilities, and then to create detailed response plans to fix them.
I also like that Fusion has scenario testing to help firms gauge the level of impact of various black-swan events.
Integrations include EverBridge, Salesforce, Boomi, and ServiceNow.
Pricing: Custom pricing upon request
Free Trial: Product demo available
Pros
- The Community Connector collaboration portal works with employees, vendors, and stakeholders
- Situational intelligence enables better prioritization for teams
- Actionable resilience planning
Cons
- Mostly focused on resilience and continuity; ESG and compliance features are limited
10. Hyperproof - Best for automation
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.
Pricing: Custom pricing upon request
Free Trial: Product demo available
Pros
- Substantial automation for faster workflows
- Very easy integrations
- Collaboration features
Cons
- Lacking in third-party risk management features
11. StandardFusion - Best for ease of use
StandardFusion is a GRC platform encompassing governance, risk, and compliance management tasks. It’s relatively simple to use.
Why I picked StandardFusion
I selected StandardFusion because it’s a solid tool that’s simple and easy to navigate.
StandardFusion Standout Features and Integrations:
Standout features include compliance management workflows to align with ISO, SOC2, NIST, HIPAA, GDPR, PCI-DSS, FedRAMP, and other standards. Risk management workflows let teams link organization-specific controls to risks — and track control effectiveness and maturity in real-time.
I like how StandardFusion’s heat maps and data visualization tools show you how specific risks are being mitigated by internal controls and company policies.
Integrations include Slack, Jira, Confluence, and Okta.
Pricing: From $1,500 per month ($7,500 onboarding fee)
Free Trial: Product demo available
Pros
- Transparent pricing
- Easy to use
- Accommodates US and international compliance standards
Cons
- High setup costs
- Limited integrations
12. Essential ERM - Best for customization
Essential ERM modules can be used independently or in combination with Essential Strategic Planning for greater versatility.
Why I picked Essential ERM
I selected Essential ERM for companies that need a flexible ERM solution, as it accommodates multiple risk frameworks and allows you to decide which audit methodology to use.
Essential ERM Standout Features and Integrations:
Standout features include risk voting, which helps teams reduce groupthink and generate more accurate, crowdsourced risk ratings.
I also like that Essential ERM encourages collaboration and open discussion among team members. Admins can easily manage contributors and set permission limits, and team members can add labels for organizations and tag supervisors or co-workers. Every contribution is tracked in a real-time change log, which helps managers oversee workflows.
Integrations include custom integrations via APIs.
Pricing: From $299 per month per user
Free Trial: Free 14-day trial
Pros
- Affordable pricing for smaller teams
- Modular deployment for customizable feature sets (and costs)
- Free 14-day trial
Cons
- Limited feature set compared to my top picks
Other ERM Software Options
Didn’t find the right tool for your firm? These alternative enterprise risk management software providers might be worth considering:
- TrackMyRisks - Best risk management tool for property managers
- AcumenRisk - Best for risk management related to war, crime, and civil unrest
- ProcessMAP - Best for EHS risk assessment
- LogicManager - Best for risk management consultant support
- LogicGate - Best for third-party risk management
Selection Criteria for Enterprise Risk Management Software
These are the primary selection criteria I used when narrowing down this list of the best ERM solutions on the market.
Core Functionality
At its core, ERM software should enable your organization to:
- identify potential risks to revenue, profitability, reputation, and market share
- determine mitigation strategies for those risks
- monitor compliance with internal policies and external rules and regulations
- facilitate SWOT analysis to identify strengths, weaknesses, opportunities, and threats to the organization
- ensure the company is interacting appropriately with customers
- mitigate security risks and fraud
- assist internal audit departments
Key Features
Beyond a software’s core functionality, these are some key features to look out for in enterprise risk management tools:
- Compliance management: Compliance management encompasses industry and security standards plus governmental, corporate, and regulatory policies. Software should help firms assess existing corporate systems, audit for compliance, and monitor systems over time to ensure ongoing compliance.
- Monitoring and oversight: ERM software should provide monitoring and oversight capabilities for both internal and external processes and standards. It should allow top-down oversight at a glance, as well as auditing drill-down into individual practices, policies, and teams.
- Financial reporting accuracy: ERM software should provide some insight into a firm’s financial reporting accuracy as it relates to regulatory and legal standards.
- Third-party risk management: Enterprise risk management software should help to monitor, assess, and mitigate third-party risk (risk associated with external vendors, contractors, and service providers). As much as possible, these tools should help firms align third-party policy and performance with the firm’s own internal policy and standards.
- Incident response: Software should aid teams in implementing incident response policy, as well as monitoring outcomes and analyzing long-term trends.
- Audit management: Tools should also allow managers to audit existing processes, policies, incident response performance, and other factors to improve upon existing processes (and produce reports for stakeholders).
- Policy management: A firm’s internal policies are the backbone of a good enterprise risk management strategy, and software can help draft, revise, publish, and monitor these policies.
- IT governance and security: Software should allow for accurate assessment, monitoring, and evaluation of IT security and vulnerabilities. Some firms may opt to use a dedicated IT security software or external service in addition to ERM software.
- External standards and compliance: Finally, software should help firms align internal policies and strategies with recognized international standards, including ISO 31000 and COSO ERM.
Usability
The best ERM software should be user-friendly enough for internal teams to utilize effectively without requiring external consultants. While many ERM tools do have relatively steep learning curves, many tools also offer online training and onboarding materials for new clients.
Along with user-friendliness, good ERM tools should allow for efficient report creation to share findings with non-technical staff, including managers and C-suite executives.
Integrations
ERM platforms should provide at least basic integration support with external sources of data. Enterprise risk management platforms don’t necessarily integrate directly with ERP systems and other common enterprise tools. However, most support custom integrations via API or other tools — and all should allow for the manual uploading of external data.
People Also Ask
Still have questions about ERP systems? Check out my answers to some frequently asked questions below.
What is the most used ERM framework?
What are the types of risks addressed by ERM software?
How do you set up enterprise risk management systems?
How much does enterprise risk management software cost?
Summary
ERM software can increase efficiencies in internal compliance, risk management, and auditing processes. But it’s important to choose a solution that is appropriate for your use case — and ideally, one that fits in well with your existing software stack. The options listed above are the best enterprise risk management solutions on the market today.
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