What to Look For in a Risk Management Solution

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A risk management platform (also called Governance, Risk & Compliance (GRC)) is an application that allows businesses to recognize and minimize operational, security or regulatory compliance risks. These digital tools streamline, automate and simplify the process of risk assessment, allowing businesses detect and monitor the risk when it arises. The products in this category provide various options for managing and resolving risks such as analysis, reporting and remediation processes.

A risk management solution that is effective should allow users to review and document their existing safety protocols by capturing information in a central and organized repository. It should also allow users to create and execute risk-based corrective actions by assigning tasks to various stakeholders. It is also important to ensure that these corrective measures are monitored and updated until they are completed.

It is also essential that the system safeguards sensitive data in a way that is secure. This is why it is essential to look at the security measures that are used by the software manufacturer and their third-party vendors. It is also vital to verify if the vendor has security compliance certifications, such as SOC 2 or ISO 27001 to provide additional assurance.

It is equally important that the tool provides a user-friendly and smooth experience. It should be intuitive, easy to use and accessible on any device. This is particularly true for mobile devices, as employees are more likely not to be able to report risks and other issues through a digital tool on the go.