Know more about risk register software and find out which one would work best for you.
Published 10 May 2022
A risk register software serves as an online central monitoring hub for operational risks, including information such as probability, impact, and mitigating actions. Sometimes also called a risk management software, it enables managers to have a strong oversight of their operations by providing them insights on how to keep it running as smoothly and safely as possible.
iAuditor is a safety inspection app that also functions as a risk register and risk management software, allowing you to mitigate and address risks by creating and using checklists. With iAuditor’s digital checklists, you can report issues faster and promote better collaboration between project members, empowering them to perform their risk assessments easier before, during, and after the project execution.
Best For: All industries and organizations looking to manage risks at one’s fingertips
Pricing: Free for teams with ten members at most (for the Free tier). The premium plan starts at $19/month with a free 30-day trial.
Risk Management Studio is an Integrated Risk Management Framework that can help with ISO compliance, legal compliance, and quality assurance by managing and addressing risks in the workplace. Their risk management offerings focus on cybersecurity, information security, and business continuity.
Best For: Organizations looking for assistance with risk management for quality compliance
Price: Free trial and demo available. The paid version starts at $3099 per year.
ZenGRC by Reciprocity is a risk register, management, and monitoring app focused on security. As a risk register, it helps you identify risks and monitor them. As a general risk management app, it allows you to calculate risk levels and set actions for them.
Best For: Companies that need a risk monitoring system
Price: Dependent on the organization’s needs
nTask is a project and task management software that allows you to also manage and assess risks during the project lifecycle. As a risk management tool, it has a risk matrix that you can edit depending on the risk you’ve identified and the nature of your project. You can also categorize your risks in-app and create your risk mitigation plans by assigning control measures to them and storing them in the cloud for documentation.
Best For: Project managers whose primary goal is to look at everything at a glance
Price: Free for teams with a maximum of 5 people. The paid version starts at $3 a year with a 14-day trial available.
GOAT Risk is a dedicated risk management and risk register software targeted toward non-risk professionals to risk management. It prides itself on being a flexible and easy way to scale and manage risk from a project’s start to finish with dedicated risk profiles per department or team, risk and action trackers, and incident reports.
Best For: Newbies to risk management
Pricing: Free 30-day trial available. The paid version starts at £30 monthly.
Resolver is a risk management tool that primarily focuses on improving corporate security. With Artificial Intelligence (AI), Resolver can identify risks, create audit reports, standardize and automate risk processes, and continuously assess risks over time.
Best For: Teams looking to improve security through risk management with AI
Pricing: Dependent on the organization’s needs
TimeCamp is a task management tool mainly used for tracking time spent at work or on a project. This focus on time is helpful in risk management as it can help you estimate and mitigate financial, time, and project failure risks specifically based on the amount of time spent on a task.
Best For: Project managers whose priority is time management
Pricing: Free version available. The paid version starts at $6.3 per month, billed annually.
MasterControl is an all-around Quality Management System (QMS) that can help you with training, quality control, and auditing from manufacturing to postmarket. It has a dedicated risk management feature that is founded on quality control and assurance that allows you to create risk analysis reports on Out-of-specification (OOS) incidents or deviant products or practices based on the quality metric being followed.
Best For: Quality-focused managers who want to reduce risks in their projects
Sword Active Risk Manager by Sword GRC offers a risk management software that focuses on standard compliance, policies, audits, and governance as means to improve risk mitigation. It’s targeted towards enterprises and aims to help their risk managers by providing visual representations for their risk matrix profiles, costing, and incident risk reports.
Best For: Medium to large businesses
ETQ Reliance is a QMS used by hundreds of customers around the world involved in supply and manufacturing that focuses mainly on the digitization of QMS documents to help improve a company’s Key Performance Indicators (KPIs). Additionally, one of this software’s main features is its risk assessment feature. With this feature, you can create a risk register, risk incident report, risk categories, and risk anticipation and mitigation plans all in one place.
Best For: Companies with dealings in supply, engineering, and manufacturing
Risk management is paramount to a well-managed organization. Its ultimate objective is to preserve human life and physical assets by considering all risks and keeping their levels as low as possible. Smart company leaders don’t sit back and expect that everything will run just fine. They utilize risk logs or risk registers to ensure that risks associated with their operation’s everyday activities are taken into account, analyzed, and proactively addressed.
However, many managers often take on all the work of building their organization’s risk register. While managing risk registers is part of their key duties, isolation impedes a shared sense of responsibility in risk management—an organizational function that works best with collaboration.
Collaborative risk management is a crucial strategic decision to help future-proof any organization. In a 2017 PWC survey on risk management, 13% of respondent organizations were already practicing collaborative risk management from the frontlines, with 46% already planning to do the same. According to the respondents, the clear reason for the decision to involve the frontline is that it helps them improve anticipation and mitigation of risk. It’s a key move to support them for the long-term survival of the organization.
Keeping track of reported risks and their respective countermeasures is essential in maintaining an effective risk management program. You need to keep every action in check to prevent a catastrophic impact on your operations. In light of this, equipping your team with technology that helps accelerate the business while also adhering to strict inspection standards is crucial.
Through iAuditor, one of the best risk management tools in the world, firms can rely on a powerful risk register tool to transform their risk management program into one that fosters collaboration and engagement with the entire organization. Try the iAuditor risk register software for free and see how it can help you build a collaborative culture and make sure you are on top of it all—every time.
Roselin Manawis is a content writer and researcher for SafetyCulture. She has experience in news writing and content marketing across different fields of discipline. Her background in Communication Arts enables her to leverage multimedia and improve the quality of her work. She also contributed as a research assistant for an international study and as a co-author for two books in 2020. With her informative articles, she aims to ignite digital transformation in workplaces around the world.
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