ERM Tools and Software
1. Risk Management Platforms: Integrated risk management (IRM) platforms that offer comprehensive functionalities for risk identification, assessment, treatment, and monitoring.
Examples of Risk Management Platforms:
- RSA Archer
- MetricStream
- LogicManager
2. Risk Assessment Tools: Software solutions that facilitate risk assessment, scenario analysis, and risk modeling to quantify and prioritize risks.
Examples of Risk Assessment Tools:
- RiskLens
- RiskWatch
- Palisade @RISK
3. Compliance Management Systems: Compliance management systems that help organizations track regulatory requirements, certifications, and compliance obligations.
Examples of Compliance Management Systems:
- Compliance360
- Convercent
- ZenGRC
4. Data Analytics and AI Tools: Data analytics and artificial intelligence (AI) tools that enable predictive risk modeling, anomaly detection, and real-time risk monitoring. Enterprise
Examples of Data Analytics and AI Tools:
- SAS Risk Management
- IBM Watson
- RapidMiner
5. Resource Planning (ERP) Systems: ERP systems that incorporate risk management modules for integrating risk considerations into business processes and decision-making.
Examples of Enterprise Resource Planning (ERP) Systems:
- SAP ERP
- Oracle ERP Cloud
- Microsoft Dynamics 365
What is Enterprise Risk Management (ERM)?
Enterprise Risk Management (ERM) is a way to manage risks by looking at the entire company. It is a top-down strategy that tries to identify, assess, and prepare for possible losses, dangers, hazards, and other risks that might affect the company’s operations and goals. The goal is to prevent these risks from causing harm or losses to the organization.
As a society, we need to take risks to grow and develop. From energy to infrastructure, supply chains to airport security, hospitals to housing, effectively managed risks help societies achieve. In our fast-paced world, the risks we have to manage evolve quickly. We need to make sure we manage risks so that we minimize their threats and maximize their potential.
Risk management involves understanding, analyzing, and addressing risk to make sure people and organizations achieve their objectives. So it must be proportionate to the complexity and type of organization involved. Enterprise Risk Management (ERM) is an integrated and comprehensive approach to managing risk across an organization and its extended networks.