10 Best AI Risk Management Software of 2024

person using an ai risk management software on their tablet

Why use SafetyCulture?

SafetyCulture is a top AI risk management software that helps companies thrive and adapt to Industry 4.0‘s changes. With SafetyCulture, users can implement a proactive approach in managing and assessing risks, ensuring compliance with regulations and standards while minimizing costs and increasing efficiency. Additionally, this platform can help establish a work environment that encourages teams to report safety issues and deal with potential risks confidently.

Features:

  • Digitize any process, procedure, or policy using AI to implement best practices and control measures for team-wide compliance with standards or regulations, regardless of role.
  • Anticipate, identify, and control potential hazards with real-time analytics that take the guesswork out of risk management.
  • Schedule regular risk assessments to uncover possible risks and allocate preventive and corrective measures to reduce adverse effects.
  • Generate comprehensive reports and integrate other workflow software  for a holistic approach to risk management.
  • Create bite-sized training and resources based on the failed items found during inspections and audits to reduce risks and proactively prevent future incidents.

Why use LogicGate? 

LogicGate is a cloud-based platform that can be integrated with Open AI to provide businesses with a comprehensive and customizable risk management solution. With this AI-assisted risk management software, users can easily identify, assess, and mitigate risks through automated workflows and real-time data analysis.

Features:

  • Automation and risk quantification
  • Governance and compliance management
  • Real-time risk visibility

Why use CentrlGPT by CENTRL? 

CentrlGPT by CENTRL is a generative AI solution for third-party risk and diligence. It uses Large Language Models to support diligence teams as a virtual risk copilot. This platform offers customizable  risk models, significantly boosting the efficiency of your risk process.

Features:

  • Pre-fill questionnaires based on previous documents
  • Document attachment reviews
  • Automatic review flagging

Why use Lendflow? 

Lendflow is a credit platform that empowers companies to integrate and introduce credit-based products into their businesses seamlessly. It uses AI-powered fraud detection and intelligent document automation to reduce and manage financial risks, expedite connecting clients with capital institutions, and manage the intricate tasks required to kickstart credit offerings.

Features:

  • AI-assisted decision-making tools
  • Automated workflows and charts based on underwriting
  • Lending and risk assistance

Why use Resolver? 

Resolver offers risk management solutions for corporate security, compliance, and information security teams. Leveraging AI, this platform automatically detects key entities like individuals, organizations, locations, dates, and times, cross-verifying them with the database for enhanced security measures.

Features:

  • Regulatory compliance tools for all industries
  • Automated issue and incident reporting
  • AI-powered content moderation within your organization

Why use OneTrust? 

OneTrust utilizes AI to assist organizations in cataloging, evaluating, and overseeing the diverse risks linked to AI. As organizations leverage AI and Machine Learning (ML) for data processing and innovation, this solution offers a way for businesses to promote transparency within their organization and efficiently manage their risks.

Features:

  • Real-time risk and incident reporting
  • Third-party integrations with other workflow software
  • Automated AI-powered data visualization

Why use Qualys?

Qualys helps organizations automate security and compliance assessments, lower non-compliance risk, and defend against cyber threats. Through their TruRisk AI, cybersecurity leaders can more effectively identify critical assets, uncover previously missed suspicious activity, and proactively prevent attacks before they lead to damaging breaches.

Features:

AI-powered predictive analytics
Assessment manager and templates
Automated assignment of risk levels to different hazards

Why use LogicManager?

LogicManager’s risk-based analyzer employs AI to extract information from any document. It then links its terms to an organization’s risks. Users can easily access key details with a click, ensuring they avoid unnecessary risk.

Features:

  • Library for detecting vulnerabilities
  • Automated risk detection and monitoring
  • Reporting templates readily available

Why use nTask? 

nTask utilizes AI to manage and evaluate risks throughout a project’s lifecycle. This platform includes a risk matrix that can be customized based on identified risks and project specifics. With this, users can develop mitigation plans, assign control measures, and store reports in the cloud for documentation.

Features:

  • Risk management and categorization
  • Issue tracking, prioritization, and management
  • Customizable risk matrix and graph for every project

Why use Riskonnect? 

Riskonnect uses generative AI to assist in ensuring business continuity and disaster recovery. With this platform, professionals can create or update crucial documents like business continuity plans, business impact analyses, and incident templates. This software can also help users streamline the typically time-consuming business continuity planning process.

Features:

  • Calculator for total cost of risk
  • Compliance management
  • Predictive and prescriptive analytics

What is an AI Risk Management Software?

An AI risk management software uses Artificial Intelligence (AI) to help businesses identify potential risks and threats to their operations. This software can analyze large amounts of data, including historical trends and real-time information, to predict potential risks before they occur.

With the right AI risk management software, businesses can proactively mitigate risks and make data-driven decisions to protect their assets and reputation using AI-driven insights and predictive analytics. This kind of software also allows companies to streamline risk assessment processes, improve their overall risk management strategies, and enhance their ability to respond to emerging threats in real-time.

Benefits

There are many benefits to using AI risk management software, including the following:

  • Efficient risk assessment processes – With the help of AI technology, businesses can conduct faster and more accurate risk assessments. This allows for quicker decision-making.
  • Threat intelligence analysis – AI risk management software can analyze threat intelligence data to predict and prevent potential risks before they occur.
  • Real-time monitoring and alerts – With real-time data analysis, businesses can stay informed of any changes or emerging threats and receive alerts to take immediate action. AI can help streamline this process, improving risk response times and risk management efforts.
  • Fraud detection – AI can analyze data to identify patterns and anomalies indicating fraudulent activity, helping businesses prevent financial losses.
  • Workplace risk reduction – AI risk management software can also identify potential risks in the workplace, such as safety hazards, and help businesses implement measures to reduce these risks.
  • Regulatory compliance – AI risk management software can help businesses stay compliant with regulations by continuously monitoring and analyzing data to identify potential compliance issues.

Key Features

When choosing the best AI risk management software for your business, there are some key features to look for:

Choosing the Best AI Risk Management Software

The table below provides an overview of the best AI risk management software, including free versions, pricing, and mobile app availability. This can help you find the best option that suits your needs.

AI Risk Management Software Free Version Paid Plan Mobile App
SafetyCulture Yes $24/user/month* Yes
LogicGate None Custom pricing None
CentrlGPT by CENTRL AI None Custom pricing None
Lendflow None Custom pricing None
Resolver None Custom pricing Yes
OneTrust None Custom pricing Yes
Qualys None Custom pricing Yes
LogicManager None Custom pricing None
nTask Yes $3/month* Yes
Riskonnect None Custom pricing Yes

* billed annually

Rob Paredes
Article by

Rob Paredes

SafetyCulture Content Contributor
Rob Paredes is a content contributor for SafetyCulture. Before joining SafetyCulture, he worked as a financial advisor, a freelance copywriter, and a Network Engineer for more than a decade. Rob's diverse professional background allows him to provide well-rounded, engaging content that can help businesses transform the way they work.