Choosing The Right Risk Management Software

Ever thought: "why aren't my competitors dealing with the same risks I am?" Chances are they are, however, they are just dealing with them in a better way. So, why aren't you?

How To Find The Right Risk Management Software For You

There is a plethora of risk management software out there today (i'm sure you have already looked at a few). However, if you are deciding to make the switch, how do you know how to find the best one? Here are the three main ways to make sure you find the right risk management software.

1. Do Your Research

Research, research, research. Wading through the multiple risk management software providers can seem like a daunting task but the ROI is astounding when done correctly.

When doing your research, try to understand the technology they are using. Depending on your role and knowledge, you can always ask for a fellow employee's help when looking at the more technical aspects of the technology. If you are the Chief Risk Officer or an Enterprise Risk Manager, try to involve your Chief Technology Officer or your head of IT when trimming down the risk management software providers based on the technology they use.

The 'best-in-class' risk management software is often built on cloud-native platforms that were built by the provider itself. While this may not sound too important, it is essential when looking at the technical side of the software such as configuration, ease of implementation and scalability.

Some other key technical considerations to  understand:

1. Zero coding. Risk management software that requires zero coding means the ease of implementation for your business will be extremely simplified. Zero coding also means that when you want to configure the software to your specific situation, you will not need the software providers input, as you can most likely make the change on your own without the need for technical support.
2. Drag-drop workflows. Risk management software that allows you to digitally map all your risk management processes with automatic triggers, warnings, messaging and much more removes a lot of the risks that arise from human error when organisations are in crisis.
3. Automated rehearsals and testing. No-one likes them, however, stress testing your risk management processes are essential for any business wanting to succeed. Make sure the risk management software allows you to easily automate these so you never 'forget' or put them off again.
4. Real-time visibility. When disaster strikes, spreadsheets fail. When you are in panic mode, trying to remember the correct files and data to find on your company's drive is time-consuming and inefficient. The right risk management software can allow you to see all the data you need to know through smart dashboards as well as generate reports with all the vital information you need. These reports and dashboards can all be automated so their visibility is apparent to every stakeholder involved in the crisis recovery lifecycle.

2. Budget Approval

One of the biggest roadblocks when it comes to moving from spreadsheets and risk management documents to risk management software is getting budget approval. Budgets are strict and getting extra budgeting approved, particularly for software that is perceived as highly disruptive, is often seemingly impossible.

Requesting a demo with all relevant decision-makers in your organisation is a vital step in getting the budget approved for risk management software. It is amazing to see the pre and post demo attitudes of software sceptics after seeing first-hand, great risk management software. Make sure the demo you get from the software provider is tailored to your needs. Consult with your IT and risk department and identify everything you want the software to be able to do for your organisation and make sure it can do it. Having decision-makers see first-hand how the risk management software can benefit their organisation is a vital component to getting approval.

3. Implementation

Before signing the contract, make sure the risk management software service providers have clearly detailed, in consultation with you, the step-by-step implementation process you need to integrate their software in your organisation. Early warning signs for poor implementation are often exposed during the demo stage. If you cannot see, or, are not shown, how easy it is to implement a spreadsheet or risk management process on-demand during the demo, chances are the software implementation stage will be a nightmare for your organisation.

Ease of implementation is one of the last but potentially the most disastrous stage of choosing the right management software. There are far too many real-world examples of software implementation going wrong where organisations lose vital data and their operations become hamstrung because they have lost all their information. However, imagine the data you lost is the order of operations required after a server outage or the documents outlining your maximum acceptable outage (MAO) times before your business starts to crumble.

Do your due diligence and check all the boxes before signing the contract.

In Conclusion

The leading organisations are evolving from spreadsheets to software for their risk management processes for a reason. Ask us about it!