Categories   >   ERM Software
Last Reviewed: November 25th, 2024

Best ERM Software Of 2024

What is ERM Software?

Enterprise Risk Management (ERM) software is a powerful tool that helps organizations identify, monitor, and manage risks across their operations. It is essential in a world where businesses are subject to myriad uncertainties, offering tangible benefits like efficient decision-making and cost savings. Typical ERM functionalities include risk identification, assessment, quantification, prioritization, mitigation, reporting, and monitoring. Looking into the future, emerging features like predictive analytics and AI-driven risk intelligence are becoming increasingly prevalent in ERM software. All industries, particularly those operating in volatile markets or with complex regulatory requirements, can reap significant benefits from ERM software. Despite these advantages, some users might find ERM software tricky to implement correctly, requiring specialized knowledge for optimal use. In conclusion, ERM software is an invaluable asset for businesses working to navigate an ever-evolving risk landscape while enhancing operational efficiency and regulatory compliance.

What Are The Key Benefits of ERM Software?

  • Enhances Risk-Based Decision Making
  • Improves Regulatory Compliance Management
  • Identifies and Mitigates Risks
  • Boosts Operational Efficiency
  • Facilitates Accurate Risk Quantification
  • Supports Efficient Resource Allocation
  • Drives Strategic Planning and Growth
  • Strengthens Risk Reporting and Monitoring
  • Integrates Different Risk Types
  • Encourages Organizational Resilience
Read more

Overall

Based on the latest available data collected by SelectHub for 32 solutions, we determined the following solutions are the best ERM Software overall:

Vanta
Vanta
Start Price
$10,000
Annually
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked Vanta

Is Vanta the vantage point for businesses seeking streamlined trust management? User reviews from the past year suggest a resounding "yes," but with a few caveats. Vanta receives high praise for its automation, particularly in simplifying compliance processes. Users highlight the intuitive dashboard, helpful support team, and pre-built templates that expedite document creation as major advantages. For instance, one user, a software engineer responsible for cloud infrastructure security, expressed relief at not having to create compliance tests from scratch, emphasizing the time-saving benefit of Vanta's automated solutions.

However, some users point out areas for improvement. Occasional bugs, although reportedly resolved quickly, can disrupt workflow. There are also calls for more frequent template updates and increased automation for tests and documents, suggesting that Vanta, while strong in automation, has room to enhance its offerings further. Despite these minor drawbacks, Vanta's strengths in automation, coupled with its user-friendly interface and robust support, make it a compelling choice for businesses navigating the complexities of trust management.

Vanta appears particularly well-suited for small to medium-sized businesses (SMBs) and startups that may lack the resources for dedicated compliance teams. Its intuitive design and automation features empower these businesses to manage compliance tasks efficiently, freeing up valuable time and resources to focus on core operations and growth.

Pros & Cons

  • Automated Compliance: Vanta automates up to 90% of the audit preparation process, simplifying security and compliance for businesses.
  • Centralized Reporting: The platform includes a Report Center that provides a real-time, comprehensive view of a business's security and compliance posture, including risk management, vendor status, and compliance status.
  • Streamlined Vendor Risk Management: Vanta automates vendor reviews, reducing the time spent on these reviews by up to 90% and provides continuous visibility into vendor risk.
  • Improved User Experience: Vanta prioritizes user experience with features like a new policy builder, background checks within the platform, and an updated navigation, making it easier for startups to achieve compliance.
  • Notification Overload: Users have reported experiencing excessive notifications, leading to "alarm fatigue" and potentially causing important alerts to be overlooked.
  • Occasional Bugs: Some users have mentioned encountering occasional software bugs, which can disrupt workflows and cause frustration.
  • Limited Automation Depth: While Vanta offers a solid framework and automated features, some users desire deeper integration for more comprehensive automatic checks, particularly for tasks like policy templates and document management.

Key Features

  • Automated Security Monitoring: Vanta continuously scans your systems for vulnerabilities, ensuring compliance with security standards like SOC 2, ISO 27001, and GDPR.
  • Real-Time Risk Assessment: Provides instant insights into potential security risks, allowing for proactive management and mitigation.
  • Customizable Compliance Frameworks: Tailor compliance requirements to fit your organization's specific needs and industry standards.
  • Comprehensive Audit Trail: Maintains a detailed log of all compliance activities and changes, facilitating easy audit preparation and review.
  • Integration with Popular Tools: Seamlessly connects with tools like AWS, Google Cloud, and Slack to streamline compliance processes.
  • Automated Evidence Collection: Gathers necessary compliance evidence automatically, reducing manual effort and human error.
  • Policy Management: Offers a centralized platform to create, manage, and distribute security policies across the organization.
  • User Access Control: Monitors and manages user permissions to ensure only authorized personnel have access to sensitive data.
  • Incident Response Planning: Provides tools to develop and test incident response plans, ensuring readiness for potential security breaches.
  • Continuous Employee Training: Delivers ongoing security awareness training to employees, reinforcing best practices and compliance requirements.
  • Vendor Risk Management: Assesses and monitors third-party vendors to ensure they meet your security and compliance standards.
  • Data Encryption and Protection: Implements robust encryption protocols to safeguard sensitive information both in transit and at rest.
  • Custom Reporting and Dashboards: Generates detailed reports and visual dashboards to track compliance status and identify areas for improvement.
  • Scalable Architecture: Designed to grow with your organization, accommodating increasing data and compliance needs without compromising performance.
  • 24/7 Support and Guidance: Offers round-the-clock access to compliance experts for assistance and advice on best practices.
Qualys
Qualys
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked Qualys

Qualys is a cloud-based platform that allows users to pick and choose modules depending on their requirements. Its vulnerability management, patch management and reporting modules are some of the best in the category. In addition, integrations with third-party enterprise software make it an end-to-end solution that can take care of all your risk management needs.

However, adding too many modules together can drive up costs. Its speed and testing accuracy can also suffer at times. Nevertheless, considering its comprehensive kit, simple UI and knowledgeable support team, Qualys stands out amongst its competitors.

Pros & Cons

  • Functionality: 90% of users who reviewed this element appreciated the platform’s functions, including asset management, patch management, corporate scanning, patch manager and scan maps.
  • Ease of Use: According to 59% of users who reviewed this aspect, the system’s intuitive UI makes it easy to use and navigate.
  • Reporting: 81% of users who mentioned this feature said they were satisfied with the detailed and accurate vulnerability descriptions in threat reports.
  • Service and Support: According to 67% of users reviewing this element, the technical support team is responsive and resourceful.
  • Deployment: 80% of users who reviewed deployment found it straightforward.
  • Integration: All the users who mentioned this element were satisfied with the choice and quality of integrations.
  • Speed and Performance: 87% of users who reviewed performance experienced false positives, inaccurate scan results, slow scans and unexpected downtimes.
  • Cost: According to 82% of users mentioning this aspect, the solution’s pricing strategy makes it very expensive.

Key Features

  • Infrastructure Security: Monitor threats in real time, analyze compliance risks and run reports with a powerful data analysis engine. Always maintain a 360-degree view of IT infrastructure security. 
    • Infrastructure Inventory: Survey the organization’s IT architecture to detect and catalog all connected assets automatically. Get a direct feed on the dashboard of product information, hardware/software life cycles, software licenses, running services, and more. Categorize assets according to product families and custom tags. 
    • Vulnerability Management: Accurately monitor all system assets with the Six Sigma scanning functionality. Run security assessment reports, assign remediation tickets and manage application exceptions. The Qualys security configuration assessment (SCA) manages all security-related configuration issues with CIS-certified controls and policies. 
    • Continuous Surveillance: Receive vulnerability alerts in real time with continuous monitoring. Set up custom surveillance profiles and datasets to detect unexpected hosts, expiring SSL certificates, open ports, undesired software and other severe vulnerabilities. 
    • File Integrity Monitoring: Monitor operating systems globally to manage core events, keep tabs on file integrity and capture change incidents. Use preconfigured industry-specific protocols to maintain file integrity and compliance requirements. 
    • System Monitoring: Safeguard the system against vulnerabilities, exploitations and misconfigurations with the multi-vector endpoint detection and response module. Get vital context and insights into security incidents by correlating multiple context vectors. Acquire complete visibility of endpoint processes and threat remediation. 
    • Remediation Response: Automatically correlate asset inventory against a vulnerability disclosure live feed to determine critical threats. Search for specific product information and vulnerabilities with customizable queries. Filter threats according to its real-time threat indicator (RTI). 
  • Cloud Security: Protect both hybrid and public cloud environments with platform-wide security coverage, complete asset visibility and virtual scanner applications. 
    • Asset Management: Secure cloud assets and public workloads with real-time tracking and classification of vulnerability instances. 
    • Prioritize Remediation: Automatically target critical vulnerabilities first with the Threat Protections module’s Live Threat Intelligence Feed. 
    • Compliance: Investigate applications, operating systems and network devices for compliance failure and configuration drift. Streamline the organization’s compliance assessments with preconfigured policies using CIS Benchmarks. Create technology-specific custom controls and run reports for risk managers, auditors and executives. 
    • Account Security: Maintain a holistic view of cloud accounts, assets and services with its Cloud Inventory module. Safeguard against misconfigurations, non-standard deployments and security breaches with the Cloud Security Assessment extension. 
  • Web Application Security: Leverage web application scanning and firewall capabilities to scan and defend against external threats like OWASP Top 10 attacks. Patch and remedy vulnerabilities in real time. 
    • Visibility: Monitor both approved and unapproved web applications with custom labels. Automatically update inventory with applications hosted on local, mobile, IoT or cloud architectures. 
    • Vulnerability Detection: Continuously scan all connected web applications for critical vulnerabilities and misconfigurations. Smart scanning covers all SOAP and REST-based APIs and prepares custom security reports. 
    • Application Testing: Perform test runs of web applications on remote and mobile devices, cloud environments and internal networks. Run complex scans throughout the development and quality analysis stages. Supports processes like DevOps, Agile and Continuous Delivery. 
    • Malware Protection: Use the dashboard to scan, detect and eliminate malware. Run remediation and blacklist infected websites. 
    • Block Web Server Attacks: The Web App Firewall module creates virtual patches and remediation responses on the go. Detect and patch vulnerabilities with security templates and establish custom rules for the firewall. 
  • Endpoint Security: Maintain a continuous inventory of all connected endpoint devices including PCs, laptops, tablets, smartphones and more. Detect suspicious activity and vulnerability in real time with complete visibility of networked endpoints. Eliminate critical misconfigurations and breaches with multi-vector threat contextualization, data visualizations and forensic analysis. 
    • Compliance: Automatically ensure compliance of endpoint devices with IT policies and mandates like PCI, GDPR and HIPAA. 
  • DevOps: Get dedicated support throughout the application development lifecycle with bug and misconfiguration testing, compliance audits and security checks. 
    • Integration: Streamline the development process with popular tools and plugins including Puppet, Bamboo, Jenkins ServiceNow and more. Create appropriate integrations with REST-based APIs. Visit the vendor’s Github repository to access the sample code. 
    • Track Progress: Run reports with data consolidated from integrated applications and internal processes. Run reports directly from the dashboard and compare performance against industry benchmarks and standards. 
    • Container Security: Securely build and develop container-native applications without disrupting integration and deployment pipelines. Scan container images for vulnerabilities and compliance failures. Automatically detect runtime errors and behavioral anomalies in applications deployed on AWS ECR, Fargate and EKS. 
  • Compliance Solutions: Ensure the organization’s practices, assets, endpoint devices and applications are in compliance with industry standards and regulations. Generate reports on compliance data and manage third-party risks like contractors, partners and vendors. 
    • IT Compliance: Oversee compliance of IT assets. Automate the verification process with custom controls and configuration requirements. 
    • PCI Compliance: Comply with Payment Card Industry Data Security Standard (PCI DSS) guidelines. Patch vulnerabilities and submit compliance reports to relevant banks. 
    • Third-Party Risk: Automate third-party risk management with purpose-built notifications, deadlines, workflows, templates and more. 
  • Public Cloud Platforms Integration: The vendor provides security and compliance services for Microsoft Azure, Google Cloud and AWS. 
Workiva
Workiva
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked Workiva

Workiva is a cloud-based comprehensive reporting platform that provides unrestricted global access to FERC and SEC reporting modules, internal controls, and audit and policy management tools for complete in-house risk management. The platform can be difficult to learn initially, but a responsive support team makes it easier to understand the functionalities. In addition, automated reporting processes add a lot of value to the platform.

However, the NextGen platform has a few performance issues. Updates can cause temporary glitches and bugs, resulting in unforced errors in datasets. All in all, Workiva is a safe bet for vulnerability management software. In spite of high subscription costs, it’s an excellent candidate if you can fit it into your budget.

Pros & Cons

  • Functionality: 69% of users who reviewed this aspect were satisfied with the platform’s functionalities, including internal controls and issue Testing, SOX narratives, auditing, and policy management.
  • Ease of Use: According to 61% of users mentioning this element, the platform’s intuitive UI makes it easy to use.
  • Sharing and Collaboration: All the users who mentioned this element said the platform made it easier to share documents and collaborate on projects.
  • Service and Support: 83% of users reviewing customer support said it’s highly responsive and knowledgeable.
  • Automation: 100% of reviewers mentioning automation found it helpful to learn and apply new formats and automate financial and regulatory processes.
  • Speed and Performance: 100% of users mentioning performance said they experienced bugs, glitches and slow upload and export speed on the NextGen platform.
  • Cost: All the users who reviewed this aspect found the system’s subscription charges higher than its competitors.
  • Training Resources: 60% of users mentioning this element said the platform requires more training material to compensate for its steep learning curve.

Key Features

  • Enterprise Risk: Get a 360-degree picture of risk with dedicated assessment and remediation capabilities. Generate reports and perform internal audits to make informed business decisions. 
    • Risk Assessment: Track and assess risks in real time. Prepare risk assessment spreadsheets and act on critical risk information first. 
    • Aggregation and Analysis: Correlate and analyze multiple data sources to find the complete context behind risk information. Categorize risks by datasets like historic risk ratings, risk owners, pillars and more. 
    • Risk Prioritization: Prioritize critical risk throughout the environment with key risk indicator (KRI) information. 
    • Risk Reporting: Create up-to-date risk reports with data visualization options. Combine information from KRIs and risk owners with heat maps, graphs and scatter and bubble charts to prepare reports on enterprise risk. 
  • Internal Audit Management: Streamline the auditing process with custom templates and automated evidence gathering, certification, reporting and planning tools. Access relevant data, manage audits and follow up on tasks. 
    • Audit Analytics: Automatically populate audit reports in a no-code environment to highlight any exceptions. 
    • Templates: Process audits faster with over 3,000 purpose-built AuditNet templates. 
    • Audit Reporting: Increase stakeholder and audit committee engagement with personalized audit reports. Tailor reports accordingly by elaborating on specific details. 
    • Follow Up: Automatically drill down into complicated reports to elaborate on observations and recommended courses of action. 
  • Policy and Procedure Management: Manage policies and procedures across the entire organization. Maintain an up-to-date inventory of auditable policies and procedures. 
    • Policy Indexes: Correlate policies with regulations, controls, processes and risks to create an interconnected and centralized master index. Standardize policies with templates and automatically update changes. 
    • Review Permissions: Review and edit documents directly from the platform. Streamline the review process with automated assessments and audits. 
    • Document History: Track all edits to policy documents with full version history. Send documents for bulk approval and leave comments and reviews within the content. 
    • Attestation Tracking: Track policy status, link current document versions and schedule deadlines. Sign and approve policies from any device and export records for auditing purposes. 
  • Internal Controls: Improve the visibility and security of risk information with internal controls. Allow risk and control owners to make updates with full transparency. 
    • Documentation: Implement role-based permissions to control access to information. Review, edit and update files in their native formats with the Microsoft Office 365 integration. Instantly visualize updates by linking data fields to narratives and flowcharts. 
    • Testing: Perform random sampling tests with single or bulk tasks. Monitor test progress, attach samples and communicate results from the dashboard. Automatically corroborate evidence and track response. 
    • Reporting: Run convenient and tailored reports for data fields including issues tracking, COSO mapping, status reporting and more. Deliver accurate risk information to senior management, business partners and stakeholders. 
    • Certification: Leverage letter templates, customizable certificates and reminders to establish an efficient certification process. Sign and approve certificates from any device with an internet connection. 
  • FERC Reporting: Meet the Federal Energy Regulatory Commission’s (FERC) standards with accurate and prompt XBRL tagging. Work on connected datasets in real time to eliminate errors. Supported forms include electric (Form No. 1, 1-F, 3-Q, 714), gas (Form No. 2, 2A, 3Q), oil (Form No. 6, 6-Q) and service companies (Form No. 60). 
  • SEC Reporting: Streamline the preparation and filing of proxy statements, tax disclosures, 10-Qs, 10-Ks, 8-Ks, 20-Fs, Section 16 and more. Comply with European regulations like Solvency II, CIPC, IFRS and more. Link datasets to narratives and consolidate both structured and unstructured information with EDGAR and XBRL services. 
  • Capital Market Transactions: Implement a greater degree of control over debt, equity, IPO and M&A deals. Prepare documentation for capital market transactions, mergers, acquisitions, debt-offerings and take-private deals with preconfigured workflows. 
    • Speed and Accuracy: Link numbers and texts across multiple files to process transactional documentation faster. Streamline the evaluation process by automatically creating review, sign-off and commentary tasks within documents and reports. 
    • Risk Reduction: Eliminate inconsistent numbers, version inaccuracy and certification errors with a single consolidated data source. Maintain accountability, security and transparency with complete version history and permission-based access. 

    • Limitations

    At the time of this review, these are the limitations according to user feedback:

    •  Users located outside the US can experience latency issues in the SOX module. 
    •  The NextGen platform has a few incomplete features and bugs. 
    •  Involves a steep learning curve. 
    •  High subscription charges. 

    Suite Support

    Visit the vendor’s support center to learn more about using the platform; online resources include patch notes, beginner’s guides, articles, hot topics and transition assets. The community forum hosts discussions, events, webinars and feedback.

    mail_outlineEmail: [email protected].
    phonePhone: (800) 706-6526. Additional phone numbers for customers in other regions are available on the vendor’s website.
    schoolTraining: Log in to the vendor’s website to access the Learning Hub. Online training is available in the form of guided courses, videos, newsletters and simulations.
    local_offerTickets: Visit the vendor’s website to submit a support ticket.
AuditBoard
AuditBoard
Start Price
$75,000
Annually, Quote-based
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked AuditBoard

Is AuditBoard truly on board with meeting the needs of risk management professionals? User reviews from the past year suggest a resounding "yes," but with a few caveats. AuditBoard consistently earns praise for its user-friendly interface, making it a breeze to navigate even for those new to the world of risk management software. Users particularly appreciate the intuitive design and ease of use, highlighting how it simplifies complex tasks like documenting findings and managing workstreams. This ease of use is crucial, as it allows teams to quickly adapt to the software and maximize their efficiency without a steep learning curve.

However, some users have reported that AuditBoard can be a bit sluggish when dealing with large datasets, which could pose a challenge for larger organizations or those with complex data requirements. Additionally, while customer support is generally regarded as responsive and helpful, there have been mentions of inconsistencies, possibly due to team turnover. This inconsistency, though not a dealbreaker, could lead to occasional frustrations when seeking assistance. Despite these minor drawbacks, AuditBoard stands out for its robust reporting capabilities, automation features, and seamless integration with other systems. Users rave about how these features streamline their workflows, saving them valuable time and reducing the risk of errors.

For instance, the ability to generate custom reports with detailed insights into risk assessments and audit findings empowers organizations to make informed decisions and proactively mitigate potential issues. Overall, AuditBoard emerges as a powerful and intuitive risk management solution best suited for organizations of all sizes looking to enhance their risk management processes. Its user-friendly interface, coupled with its comprehensive features and generally strong customer support, makes it a compelling choice for businesses seeking to streamline their risk management operations and elevate their overall risk management posture. However, organizations dealing with massive datasets might need to consider the potential for slower performance.

Pros & Cons

  • Streamlined Audits: AuditBoard helps make audits more efficient and effective by bringing together audit planning, risk assessments, and testing into a single system.
  • Easy to Use: Most users report that the platform is intuitive and easy to navigate, even for those who are new to using audit management software.
  • Improved Collaboration: AuditBoard facilitates better communication and collaboration among audit teams and stakeholders. This is done through features like real-time dashboards and automated workflows.
  • Valuable Insights: The platform provides businesses with valuable insights into their risk and compliance posture. This is achieved through data analytics and reporting features that help identify trends and areas for improvement.
  • Reporting Limitations: The built-in reporting features might lack flexibility, requiring integration with other business intelligence tools like Power BI for more insightful analysis.
  • Issue Management: Some users have reported that the issue management module is cumbersome and doesn't seamlessly integrate with other modules for comprehensive reporting.
  • Customization Constraints: While AuditBoard offers customization options, certain areas like the policy module might lack the desired flexibility for tailoring workflows, such as enforcing sequential review processes.

Key Features

  • Centralized Risk Management: Consolidate all risk-related data in one platform, allowing for streamlined tracking and analysis.
  • Automated Risk Assessment: Utilize built-in tools to automate the risk assessment process, reducing manual effort and increasing accuracy.
  • Customizable Dashboards: Create personalized dashboards to visualize key risk metrics and trends, tailored to specific organizational needs.
  • Real-Time Collaboration: Facilitate seamless communication among team members with integrated collaboration tools, ensuring everyone stays informed.
  • Comprehensive Audit Trails: Maintain detailed records of all changes and actions taken within the system, enhancing transparency and accountability.
  • Risk Heat Maps: Generate visual representations of risk levels across different areas, aiding in quick identification of high-risk zones.
  • Regulatory Compliance Tracking: Keep track of compliance requirements and deadlines with automated alerts and reminders.
  • Integration Capabilities: Connect with other enterprise systems such as ERP and GRC platforms to ensure data consistency and reduce duplication.
  • Role-Based Access Control: Assign specific permissions to users based on their roles, ensuring sensitive information is only accessible to authorized personnel.
  • Incident Management: Log and manage incidents efficiently, with tools to track resolution progress and analyze root causes.
  • Risk Register: Maintain a comprehensive list of identified risks, complete with detailed descriptions, potential impacts, and mitigation strategies.
  • Scenario Analysis: Conduct what-if analyses to evaluate the potential impact of different risk scenarios on business operations.
  • Audit Planning and Scheduling: Plan and schedule audits with ease, using templates and automated workflows to streamline the process.
  • Document Management: Store and organize all relevant documents in a centralized repository, ensuring easy access and retrieval.
  • Data Analytics and Reporting: Leverage advanced analytics to generate insightful reports, helping stakeholders make informed decisions.
  • Mobile Accessibility: Access the platform from mobile devices, allowing for risk management on-the-go.
  • Training and Support: Benefit from comprehensive training resources and responsive support to maximize the platform's utility.
Resolver
Resolver
Start Price
$10,000
Annually
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Request Pricing Request Demo

Why We Picked Resolver

Resolver provides enterprise risk management, incident management, and security and investigation modules in a stable and easy-to-use package. It offers a high degree of flexibility and customizability to ensure seamless scaling with changes and requirements. The ability to create custom reports further adds to its price to performance value. However, the platform’s lengthy implementation process can negatively impact time to market.

All things considered, Resolver offers excellent functionalities for this price range as long as you don’t have to compromise on integration options important to your business.

Pros & Cons

  • Functionality: The solution offers multiple features for governance, risk and compliance management, according to 88% of users who reviewed this aspect.
  • Ease of Use: According to 72% of users reviewing this element, the platform’s intuitive UI and customizability make it easy to use.
  • Speed and Performance: 67% of users who mentioned the platform’s performance said it’s fast and reliable.
  • Reporting: Regarding this feature, 75% of reviewers expressed satisfaction with flexible and highly customizable reports.
  • Service and Support: 89% of users who reviewed the customer support said it’s friendly and useful with great incident management skills.
  • Integrations: The platform needs wider and better integration options, according to 100% of users who reviewed this aspect.
  • Implementation and Setup: All the users who mentioned this element said the implementation process is time-consuming.

Key Features

  • Incident Management: Simplify the organization’s incident reporting process. Automate incident remediation with artificial intelligence. Track root causes, location, trends and charts to prevent future occurrences. 
    • Intelligent Triage: Leverage artificial intelligence algorithms to tag corporate incidents and prioritize remediation. 
    • Customization: Create, customize and define data fields, forms and workflows in a low-code environment. 
    • Geo-Mapping: Track specific elements within incident reports to create a geo-map and visualize possible connections and associations. 
    • Data Warehouse, Analytics & Reporting: Run reports on investigative efficiency, incident volumes, high-risk assets and more. Analyze the organization’s data to generate predictive models. 
  • Investigation Management: Drill down into investigation reports to link evidence, narratives, losses, incident properties, persons of interest, logs, attachments, recoveries and more. Get a holistic view of the organization’s security risks. 
    • Integrate with Incident Management: Interact directly with the incident management module to supply context for investigations. 
    • Automation: Streamline the investigation process with custom workflows. Automate incident reporting, investigation, approval and triage. 
    • Data Collection: Provide context to investigations with incident-specific data on locations, assets, individuals and more. Collect evidence with an unbroken chain of custody. 
    • Investigation Insights: Get detailed insights on performance metrics including unresolved investigations, expenses, time per investigation and more. Improve future investigations with reports on failed controls and gaps in remediation. 
    • Management and Resolution: Find connections between related incidents with forensic data analysis. Group related incidents and investigations together to streamline case management. 
  • Risk Management: Optimize enterprise security risk management with integrated incident reporting capabilities. Perform audits securely and analyze audit scores. Prepare effective security policies and automate submission, approval and remediation processes. 
    • Location-Based Asset Planning: Prepare custom controls and security measures tailored to protect critical assets present in different locations. 
    • Track Assets & Risks: Create an inventory, track actual and perceived values and identify critical assets. Maintain a real-time risk register with incident metrics and live KPIs to predict future risks. 
    • Manage Corrective Actions: Monitor issues from identification to remediation, all from the same platform. 
    • Risk Prioritization: Maximize return on investment with automated risk prioritization. 
    • Data Storage: Create and keep track of all security incidents in a central database. 
Building Engines
Building Engines
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Key Features

  • Work Orders: Track all existing and pending work orders. Manage deliveries, employee workloads, pickups and order prioritization directly from the dashboard. 
    • Delivery Feedback: Automatically request and log tenant feedback for service deliveries. 
    • Visibility: Allow tenants and engineers to have complete visibility over business processes; including status updates, comments, pictures and labor and material costs. 
    • Billing: Directly bill tenants for all labor and material costs. 
  • Space Management: Manage the organization’s spatial requirements with stackable floor plans. Allow engineers to share floorplans, pins, equipment locations and asset inventory. Improve agent collaboration to process deals and multiple scenarios faster. 
    • Floor Plan Library: Maintain a cloud-based centralized floor plan library. Provide self-updating tools to manage master drawing and what-if scenarios. 
    • Key Asset Annotation: Mark and annotate critical equipment on the floor plan. Automatically update key asset information in the central library. 
    • Work Order Pins: Track work orders by marking multiple locations on the floor plan with pins. Decrease operating expenses and improve tenant relations with faster resolution. 
  • Preventive Maintenance: Set up standard preventive maintenance tasks across the organization. Prepare custom schedules and procedures for different asset classes. Automate all maintenance-related paperwork. Monitor equipment health with preconfigured tolerance levels for meter readings. Maintain detailed maintenance history and service records for each individual asset. Attach photos, notes, pictures and instructions to tasks for more granular details. 
  • Real-Time Access: Provide real-time access to floor plans, diagrams, scenarios and procedures from the same dashboard. Visualize square footage spillage by building, floor and tenant and comply with Building Measurement Standards. 
    • Space Management: Encourage collaboration across managers, brokers and landlords with end-to-end portfolio management. Manage rentable square footage (RSF), vacancy and revenue from the same dashboard. 
    • Digital Interface: Track accounts, scenarios and tenant activities with interactive floor plans, dynamic stacks and drawing capabilities. 
    • Data Connections: Connect the organization’s accounting information with floor plans, EAP/FPP documents, leasing documents and marketing plans. 
  • Communications Management: Streamline communication with tenants via phone, email and Slack. Prepare tailored messages via preconfigured templates and clone texts. Add images, notes and other relevant content with simple drag-and-drop functionality. 
    • Bengie: Create multiple channels and custom contact groups with Bengie, the virtual assistant. Provide tenants with multiple options for communication channels. 
  • Visitor Access: Improve tenant security standards with automated visitor registration, check-in and data entry. Allow building security to have complete visibility over visitation. Tenants can use the Visitor Access module to register visitors over multiple devices. Attach names and photos to visitor entries for greater security. Directly interacts with building access control systems. Ensure occupant security with greater collaboration between the two domains. 
  • Insurance: Identify and mitigate tenant risk and compliance with the in-house Prism Insurance extension. Manage third-party risk, COI requirements and insurance certificates directly from the dashboard. Automatically declare subrogation waivers and update critical insurance information like additional insureds. 
  • Self-Service Resources: Simplify daily activities with multiple self-service resources. Tenants can access the online service portal to reserve common areas, request amenities and register visitors. Building administrators can create billables, track time and automatically approve tenant requests. 
    • Interactive Calendar: Track the availability, cost, description and images of shared resources via the interactive calendar. 
    • Enforceable Management Policies: Provide tenants with preconfigured request forms following the organization’s cancellation rules, policies and reservations. 
  • Inspections: Perform preventive inspections across all the organization’s properties. Allow inspection teams to track status updates, upload photo attachments and include completion percentages and professional summaries. Leverage custom templates to standardize the inspection process. 
    • Mobile Inspection: Perform inspections in offline mode without losing any data. 
    • Historical Data: Benchmark current performance, work orders, historical details and inspection statuses against previous inspection records. 
  • HVAC Management: Maintain complete visibility over HVAC inventory including details like make, model, service records, life expectancy, tonnage, warranty and more. Run automated reports to comply with triple-net lease obligations and maintenance regulations. Prepare the annual budget based on assets’ service records. 
    • HVAC Vendor Network: Request procurement, maintenance and repair of HVAC equipment via the vendor network. 
    • Capital Asset Reporting: Integrate ASHRAE life expectancy scores with the organization’s asset service records. Track tenant compliance for all building-related service commitments. 
  • Bid Management: Automate vendor approval, communication and follow up with the Comparative Matrix tool and RFP templates. Automatically maintain vendor records, correspondence and bids. 
  • Mobile App: Allow tenants, building administrators and engineers to perform a full range of activities through the Prism Mobile application. 
MasterControl
MasterControl
Company Size
Small Medium Large
Deployment
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Key Features

  • Risk Tolerance Thresholds: Set up custom risk tolerance levels or use standard organizational thresholds when monitoring enterprise risk. 
  • Automated Systems: Administrators can automate the review and approval of enterprise and third-party risks. Process risks faster with preconfigured workflows and e-signatures. 
  • Risk Assessment: Initiate risk assessment procedures for multiple activities and operations. Create individual analysis profiles for different categories of risk. 
  • Reporting Tools: Get detailed insights on operational risks, third-party risks and assessment reports with robust reporting tools and intelligent threshold rules. 
  • Risk Analysis: Mitigate system vulnerabilities, long-term product risks and exploitative processes with intelligent risk analysis. 
  • Connected Processes: Monitor risk assessment and remediation across multiple domains and departments from the same system. 
Secureframe
Secureframe
Start Price
$2,000
Annually
Company Size
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Deployment
Cloud On-Premise
Platform
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Pros & Cons

  • User-Friendly Interface: Secureframe is recognized for its intuitive and easy-to-navigate platform, making compliance management less daunting for users.
  • Comprehensive Compliance Solutions: Secureframe offers a wide array of compliance solutions, covering various standards like SOC 2, ISO 27001, HIPAA, and PCI DSS, catering to diverse business needs.
  • Efficient Automation: Secureframe automates numerous compliance tasks, such as evidence collection, policy management, and vendor assessments, freeing up valuable time and resources for businesses.
  • Accelerated Compliance Timeline: Secureframe helps businesses achieve compliance significantly faster, often reducing the time required from months to weeks, enabling them to meet deadlines and unlock opportunities more rapidly.
  • Expert Support: Secureframe provides access to a team of compliance experts who offer personalized guidance and support throughout the compliance journey, ensuring businesses have the assistance they need.
  • Cost: Secureframe can be expensive, especially for smaller businesses with limited budgets.
  • AI Maturity: Some users have reported that the AI-powered features are still under development and may not be completely reliable.

Key Features

  • Automated Evidence Collection: Secureframe streamlines compliance by automatically gathering evidence from over 100 integrations, reducing manual effort and human error.
  • Continuous Monitoring: The platform provides real-time monitoring of your security posture, ensuring that compliance is maintained consistently over time.
  • Customizable Policies: Users can tailor security policies to fit their specific organizational needs, ensuring alignment with internal processes and industry standards.
  • Risk Assessment Tools: Secureframe offers comprehensive tools to identify, evaluate, and mitigate risks, helping organizations prioritize their security efforts effectively.
  • Audit-Ready Reports: Generate detailed reports that are ready for auditor review, simplifying the audit process and ensuring transparency.
  • Vendor Management: Manage third-party risk by assessing and monitoring vendor compliance, ensuring that your partners adhere to your security standards.
  • Task Management: Assign and track compliance-related tasks within the platform, enhancing collaboration and accountability across teams.
  • Framework Support: Secureframe supports multiple compliance frameworks such as SOC 2, ISO 27001, and GDPR, allowing organizations to manage various requirements in one place.
  • User-Friendly Dashboard: The intuitive dashboard provides a clear overview of compliance status, making it easy for users to navigate and understand their security posture.
  • Expert Guidance: Access to compliance experts who provide insights and recommendations, helping organizations navigate complex regulatory landscapes.
  • Integration Capabilities: Seamlessly integrate with popular tools like AWS, Google Cloud, and Slack to enhance functionality and streamline workflows.
  • Data Encryption: Secureframe ensures data protection through robust encryption methods, safeguarding sensitive information from unauthorized access.
  • Incident Response Planning: Develop and manage incident response plans within the platform to ensure preparedness and swift action in case of security breaches.
  • Scalability: Designed to grow with your organization, Secureframe can accommodate increasing compliance needs as your business expands.
  • Role-Based Access Control: Implement granular access controls to ensure that only authorized personnel can access sensitive compliance data.
NAVEX Global
NAVEX Global
Start Price
$2,600
Monthly
Company Size
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Deployment
Cloud On-Premise
Platform
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Why We Picked NAVEX Global

Navex Global offers integrated risk management solutions for all business sectors. The EthicsPoint reporting hotline makes it the gold standard for ethics and compliance solutions. On top of that, it has an impressive knowledge base. Its reliable uptime provides real-time access to all your data.

However, the customer service is unflattering. Subscription charges are expensive, and contract negotiations are long and difficult. Navex Global makes sense as an acquisition if you need an ethics and compliance management solution, but better risk management systems are available with a superior price to performance ratio.

Pros & Cons

  • Functionality: All the users who reviewed this aspect were satisfied with the platform’s functionalities, especially the EthicsPoint reporting hotline.
  • Ease of Use: According to 63% of users who reviewed this element, the system's intuitive UI makes it easy to navigate.
  • Performance: 71% of reviewers mentioning this aspect expressed satisfaction with the platform’s performance and uptime.
  • Training Resources: Regarding this feature, 92% of reviewers said that the training material has high-quality content.
  • Data Management: 80% of users who reviewed this feature were pleased with data management capabilities, particularly data organization, storage and search functions.
  • Service and Support: Customer support is rigid, unfriendly and unprofessional, according to 85% of reviewers talking about this element.
  • Cost: 100% of users who mentioned this aspect said the licensing charges are unflinchingly high.

Key Features

  • IT Risk Management: Maintain a complete inventory of all IT assets. Get contextual insights into IT risks, exploits and vulnerabilities. Prioritize investigation and triage responses based on estimated impact on business processes. 
    • Monitor Performance: Use the dashboard to track daily activities and risk assessment programs. Monitor program performance based on KPIs and KRIs. 
    • Streamlined Data: Categorize all internal and external data into actionable information. Automatically consolidate, correlate and deduplicate data to improve threat response rate. 
    • Business Protection: Implement best practice strategies to predict and debilitate future breaches. Analyze the impact of disruptions on different departments and create recovery plans to ensure continuity. 
    • Constant Security: Monitor risks in real time with continuous evaluation of risk profiles, strategies, compliance posture, remediation processes and obligations. 
    • Compliance: Use the compliance program to continuously check for changes in contractual obligations, certification laws, industry standards and regulatory requirements. Automate data entry for all compliance-related activities. 
  • Health and Safety: Address health and safety concerns with a compliance program designed to follow multiple regulations. Catalog all work-related incidents to process reports faster and mitigate the risk of future occurrences. Improve visibility into hazardous incidents by collaborating across various departments and units. 
  • Third-Party Risk Management: Maintain complete visibility over third-party risks by centralizing vendor information and risk assessment data. Automate risk investigation and remediation with preconfigured frameworks and controls. 
    • Third-Party Compliance: Prepare and issue policies for third parties. Check vendor compliance posture with regular tests. 
  • Business Continuity Management: Test key assets to study the impact of potential disruptions and breaches on business continuity. Benchmark the effectiveness of preventive programs and scan the system for disruptive changes. 
    • Templates: Streamline the organization’s resilience and recovery program with best-practice templates and contextual reports. 
  • Privacy, Risk and Compliance Management: Create a privacy program to identify and manage compliance requirements like CCPA, HIPAA, GLBA and more. Safeguard client data with time-tested security frameworks and policies. 
    • Privacy Objectives: Clearly define the organization’s data privacy standards. Track data processing activities and analyze the potential impact of privacy breaches. 
  • Operational Risk Management: Ensure continuity of operations with a contextual understanding of business processes. Get a 360-degree view of enterprise risk with the centralization of all regulatory information and risk data. Monitor for changes in the risk and compliance environment and adapt the risk profile accordingly. 
Origami Risk
Origami Risk
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Why We Picked Origami Risk

Unfold the possibilities of risk management with Origami Risk: This software is like a Swiss Army knife for risk professionals, offering a comprehensive suite of tools to tackle even the most complex challenges. Users rave about its ease of use, highlighting the intuitive interface and streamlined workflows that make it a breeze to navigate. Origami Risk's flexibility is another major plus, allowing businesses to customize the platform to fit their specific needs like a glove. From risk assessment and mitigation to claims administration and reporting, it covers all the bases, leaving no stone unturned.

However, no software is perfect, and Origami Risk has its quirks. Some users find the price tag a bit steep, especially for smaller businesses. Integration with other systems can also be a bit clunky at times, requiring some extra effort to get everything playing nicely together. Despite these minor drawbacks, Origami Risk remains a top choice for organizations seeking a robust and user-friendly risk management solution. Its ability to streamline processes, improve data-driven decision-making, and enhance collaboration across departments makes it a valuable asset for businesses of all sizes. Whether you're a seasoned risk pro or just starting out, Origami Risk can help you fold risk management into a work of art.

Pros & Cons

  • Highly Configurable: Origami Risk offers extensive customization options, allowing users to tailor the platform to their specific workflows and risk management requirements. This adaptability ensures a good fit for diverse organizational needs.
  • User-Friendly Interface: The platform's intuitive design and navigation make it easy for users to access and manage risk-related data efficiently. This user-friendliness contributes to a positive user experience and streamlines risk management processes.
  • Comprehensive Reporting: Origami Risk provides robust reporting capabilities, enabling users to generate insightful reports and analytics on risk data. These reports facilitate informed decision-making and support effective risk mitigation strategies.
  • Strong Data Security: The platform prioritizes data security with advanced features such as encryption and access controls. This focus on security ensures the confidentiality and integrity of sensitive risk information.
  • Steep Learning Curve: The platform's interface can be overwhelming for new users due to its extensive features and functionalities. Navigating through the various modules and understanding the underlying data structure often requires significant training and experience.
  • Customization Challenges: While Origami Risk offers a high degree of configurability, implementing custom workflows or reports can be complex and time-consuming. Organizations with unique risk management requirements may find it challenging to adapt the platform to their specific needs without extensive technical expertise or assistance from Origami's support team.
  • Performance Issues: Some users have reported performance issues, particularly when dealing with large datasets or complex reports. Slow loading times and system lags can hinder productivity and user experience, especially for organizations with high data volumes or concurrent users.

Key Features

  • Risk Management: Adopt a holistic view of enterprise risk by documenting and correlating data breaches, workplace incidents, exploitations, controls, regulations, processes and more. Automate risk alerts and choose from tried and tested remediation practices. Track KRIs and KPIs of critical business processes and follow up on potential threats. 
    • Multi-factor Scoring: Create customizable risk ratings and scores based on the organization’s preferences. Analyze incident and loss data to spot risk trends. 
    • Scalable Security: Automatically check for changes in risk profiles. Update remediation responses to safeguard against constantly evolving threats. 
    • Risk InsightsRisk Insights: Use the customizable dashboard to run reports when specific risk tolerance thresholds are reached. Drill deeper into risk reports to generate contextual data. 
  • Compliance Management: Ensure the organization complies with state and federal regulations like ISO 27001, GDPR, HIPAA, SOX, COBIT, COSO and more. Follow up on validation reports and configure custom compliance ratings. Issue automated alerts for changes in compliance posture. 
    • Insights: Run regular compliance audits and report results to all stakeholders. Create tasks to follow up on corrective activities. 
    • Integration: Connect frameworks, controls and regulations to risk ratings for contextual awareness of compliance obligations. 
  • Internal Controls: Create internal controls for operational, financial and IT assets. Automatically calculate control test scores and communicate results via notifications. 
  • Business Continuity: Gauge the impact of disruptions on business processes. Prepare, test and execute continuity plans for all organizational operations, departments, locations and more. 
  • Internal Audit: Standardize internal audits with custom templates. Follow up on active audits, work papers, findings and recommendations. Integrate audits with risks, regulations and controls and automate report generation. 
  • Dashboards and Reporting: Choose from a variety of widgets and reporting templates. Categorize risks by location, framework or business unit and implement role-based dashboard access permissions. 

COMPARE THE BEST ERM Software

Select up to 2 Products from the list below to compare

 
Product
Score
i
SelectHub’s Analyst Rating is based on data from our 400+ point analysis of ERM Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
Start Price
Free Trial
Company Size
Deployment
Platform
Logo
Vanta
$10,000
Annually
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Vanta
Qualys
Still gathering data
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Qualys
Workiva
Undisclosed
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Workiva
AuditBoard
$75,000
Annually, Quote-based
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
AuditBoard
Resolver
$10,000
Annually
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Resolver
Building Engines
Still gathering data
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Building Engines
MasterControl
Still gathering data
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
MasterControl
Secureframe
$2,000
Annually
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Secureframe
NAVEX Global
$2,600
Monthly
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
NAVEX Global
Origami Risk
Undisclosed
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Origami Risk

All ERM Software (32 found)

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LogicManager

by LogicManager, Inc
LogicManager
LogicManager is a fully integrated governance, risk and compliance (GRC) solution. Users can easily incorporate its taxonomy infrastructure into any department, ensuring scalability and adaptability. It stockpiles all data centrally under one secure repository to assess bank risks, location-specific risks, third-party risks, regulatory risks and gaps in control processes. Provides ready-made libraries to house risks, standards and regulatory documentation for intuitive tracking of compliance obligations, claims, internal audits and risk assessments. Compliant with ISO, NIST, COBIT, GDPR CCPA and more frameworks and regulations.Its intuitive dashboard and advanced analytics modules provide risk-intelligent reporting of vulnerability assessments with configurable data visualizations. Taxonomy technology links regulations, risk and controls across departments, uncovering correlational data and dependencies for higher operational efficiency. Users can automate task assignments, threat remediation plans, document generation, alerts, reminders and more.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$1,000 or more
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Enablon

by Enablon
Enablon
The Enablon platform helps organizations manage critical operational risk and compliance, security, engineering operations, environmental health safety, quality and sustainability. Users can track global and local regulatory requirements, internal policies and procedures, and manage any audits or claims with reporting and analytics. It standardizes enterprise risk detection and response methodologies with a consistent and automated assessment of KRIs and KPIs. Its interactive dashboard eliminates information silos and allows users to keep track of risks, audits and regulatory compliance under one roof. Provides secure centralization of all document workflow processes with internal controls to track changes, increase data visualizations and limit user access across various levels. Its multi-device interface allows users to manage threats and audits globally. Automated notifications keep organizations informed of upcoming regulatory, compliance and licensing issues. Compliant with the ISO 31000 Risk Management guidelines.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$1,000 or more
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ServiceNow GRC

by ServiceNow
ServiceNow GRC
ServiceNow GRC integrates governance, risk and compliance management into a single end-to-end vulnerability resilience solution. It provides real-time insights into an organization’s compliance posture and risk exposure. The risk management module protects against potential disruptions to maintain business continuity. Monitor corporate policies, vendors and third-party assets for any sign of operational risks.The privacy management functionality prioritizes the security of the company’s people, processes and facilities. The different modules interact with each other to work out the best possible remediation strategies. It helps build a culture of resilience and stability for everyone involved.
Cost Breakdown
$1,000 or more
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OpenPages

by IBM
OpenPages
OpenPages is a sophisticated software solution designed to streamline Governance, Risk, and Compliance (GRC) management, as well as security compliance tasks. It is particularly well-suited for industries such as finance, healthcare, and manufacturing, where regulatory compliance and risk management are critical. The platform offers unique benefits like integrated risk management, real-time analytics, and customizable dashboards, which empower organizations to make informed decisions and maintain compliance with ease. Users appreciate its robust features, including automated workflows and comprehensive reporting capabilities, which enhance operational efficiency. Compared to similar products, OpenPages is often praised for its scalability and user-friendly interface, making it a preferred choice for large enterprises. Pricing details are not readily available, so it is advisable for potential users to contact SelectHub for a tailored quote based on their specific requirements. This ensures that organizations can align the software's capabilities with their budget and operational needs.
Cost Breakdown
$500 - $1,000
Company Size
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Platform
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SAP GRC

by SAP, Inc.
SAP GRC
SAP governance, risk and compliance (GRC) provides organizations with a suite of integrated, automated and embedded solutions to manage enterprise risk. Its reporting and analytics modules combine with artificial intelligence to secure against identity theft, cyber threats, international trade oversight and compliance failure. It monitors data continuously in real time to enable faster, risk-aware decisions. It connects all data centrally under a single environment to simplify incident assessments, evidence documentation and risk remediation. Users can generate automated reports globally to streamline internal audits and compliance efforts. Provides predictive models and configurable rule sets to study large amounts of transactional data for fraud, irregularities or policy violations. It allows users to streamline international trade by automating document generation and order validation against border regulations. Its intuitive dashboard simplifies data visualization while allowing admins to control employee access across different levels. Users can automate task assignments, employee role management, periodic certifications and scan users and applications for vulnerabilities.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$500 - $1,000
Company Size
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Deployment
Cloud On-Premise
Platform
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Tallyfy

by Tallyfy
Tallyfy
Tallyfy is a sophisticated software solution designed to streamline workflow and process management. It enables organizations to automate repetitive tasks, ensuring consistency and efficiency across various operations. The platform is particularly well-suited for businesses that require meticulous process documentation and task tracking, such as those in healthcare, finance, and legal sectors. This is because Tallyfy excels in providing clear, step-by-step workflows that reduce errors and enhance productivity. Key benefits of Tallyfy include improved operational transparency, reduced manual errors, and enhanced collaboration among team members. Popular features encompass customizable templates, real-time progress tracking, and seamless integration with other business tools. Users appreciate its intuitive interface and the ability to easily monitor and adjust workflows as needed. Compared to similar products, Tallyfy is often praised for its user-friendly design and robust functionality. Pricing details are typically tailored to the specific needs of the organization, so it is advisable to contact SelectHub for a personalized quote.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$10 or less
Company Size
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Deployment
Cloud On-Premise
Platform
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SAI360

by SAI Global Limited
SAI360
SAI360 is a cloud-based risk and compliance management platform that detects, prevents and responds to threats in real time. Automate all risk procedures with configurable workflows and set up business continuity plans in case of disasters or crises. It helps eliminate information silos and get complete visibility into the organization’s risk status. Maintain comprehensive documentation regarding remediation strategies and centrally store all procedural data in a secure database. It lets businesses continuously track the status of regulations and frameworks and control processes with built-in reports. Streamline the management of workplace incidents and verify the suitability of third-party vendors. Secure the company on all fronts with a 360-degree view of internal and external risks.
Cost Breakdown
$500 - $1,000
Company Size
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Deployment
Cloud On-Premise
Platform
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InPhase

by INPHASE LIMITED
InPhase
InPhase is an end-to-end scalable platform that enables organizations to make the most out of business data, improve decision-making and troubleshoot issues. It generates and delivers easy-to-interpret data insights to relevant stakeholders faster through dashboards and automated routing. Organizations can avert crises, anticipate outcomes and prevent wasted efforts using robust KPI monitoring and predictive analytics. Easy to customize, use and scale, it offers optional ready-to-use packages to facilitate various business processes. It also provides data consistency, mobility, communication and team planning modules to enable remote collaboration across devices. The vendor provides onboarding in days and offers extensibility through development to tech-savvy users.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$10 - $100
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Aravo

by Aravo
Aravo
Aravo offers cloud-based third-party solutions to companies for risk management and compliance regulation. Its SaaS strategies can help companies develop consumer trust, improve business performance and protect brand value. It does so by helping its users protect and manage their business reputation through improved and optimized third-party relations. It is configurable, accessible, scalable, agile and focuses on performance enhancement. Users can leverage it to monitor, assess and mitigate risks that can negatively impact the relationship with customers and suppliers.
Cost Breakdown
$10 or less
Company Size
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Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
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Scytale

by Scytale
Scytale
Scytale offers a sophisticated software solution designed to streamline security compliance management. It is particularly well-suited for industries such as finance, healthcare, and technology, where stringent compliance standards are paramount. The platform provides a comprehensive suite of features, including automated evidence collection, real-time monitoring, and detailed reporting, which significantly enhance efficiency and accuracy in compliance processes. Users appreciate its intuitive interface and robust capabilities, which simplify the often complex task of maintaining compliance with various regulations. Compared to similar products, Scytale.ai stands out for its user-friendly design and effective automation tools, which reduce manual effort and minimize errors. While specific pricing details are not publicly available, potential users are encouraged to contact SelectHub for a personalized quote that aligns with their specific requirements. Overall, Scytale is a valuable asset for organizations seeking to ensure compliance with minimal hassle.
Cost Breakdown
$1,000 or more
Company Size
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Deployment
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Platform
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OneTrust GRC

by OneTrust
OneTrust GRC
OneTrust GRC identifies, reviews and mitigates internal and external risks with a range of configurable functionalities and best practices. Risk owners can access integrations, assessments and reports to stay on track with ongoing certifications and compliance. Its control frameworks provide all-around protection and maximum flexibility based on global regulatory standards. Businesses can develop and audit policies with stakeholders and clients using a dedicated communication and collaboration portal to improve engagement and transparency. The incident management module works especially well to resolve workplace incidents without disrupting business workflows. Additionally, it provides a portal to analyze, review and rate all associated third-party vendors. A centrally accessible risk and control library securely holds all records for streamlined data discovery during a crisis.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$10 - $100
Company Size
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Deployment
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smartGRC

by Scrut Automation
smartGRC
smartGRC is a sophisticated software solution designed to streamline Governance, Risk, and Compliance (GRC) management. It is particularly well-suited for industries such as finance, healthcare, and technology, where regulatory compliance and risk management are critical. The platform offers unique benefits like automated risk assessments, real-time compliance monitoring, and comprehensive reporting capabilities. Users appreciate its intuitive interface and robust features, which include customizable dashboards and seamless integration with existing systems. Compared to similar products, smartGRC is praised for its flexibility and ease of use, making it a preferred choice for organizations seeking efficient GRC management. Pricing details are not readily available, so potential users are encouraged to contact SelectHub for a personalized quote based on their specific requirements. Overall, smartGRC stands out for its ability to enhance operational efficiency and ensure compliance in a dynamic regulatory landscape.
Cost Breakdown
$1,000 or more
Company Size
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Buyer's Guide

ERM Software Is All About Identifying and Mitigating Operational Risks 

By Shauvik Roy, Market Analyst at SelectHub

ERM Software BG Intro

ERM software is the first line of defense against potential threats and vulnerabilities that can threaten an organization’s day-to-day functioning. It automates threat identification, fraud detection and regulatory compliance to minimize risk exposure for both the company and its clients.

You can maintain an active risk register with a risk tolerance threshold in line with your business. An ERM (enterprise risk management) framework is essential to reconcile the company’s financial objectives and threats to its long-term goals. A real-time risk intelligence system not only protects your organization from threats but also builds a risk-aware work culture that pays dividends in the long run.

Executive Summary

  • Enterprise risk management software helps identify, record and mitigate both internal and external risks.
  • It provides fraud detection, anti-money laundering (AML) and identity theft protection to financial institutions.
  • Based on the type of business and state and federal regulations, ERM software automates regulatory compliance.
  • Real-time risk intelligence and analytics provide the insights necessary to pursue new business opportunities.
What This Guide Covers:

What Is ERM Software?

In today’s day and age, risk comes in all shapes and sizes – financial, regulatory, operational and reputational risk. ERM software helps manage the impact of potential threats in a manner favorable to the company, its customers and stakeholders.

ERM solutions work within the governance, risk and compliance (GRC) framework to identify and neutralize threats both within and outside your organization.

ERM Software Categories

An essential part of risk management is contingency planning and business continuity management. Alongside protecting your business from risks day in and day out, ERM software leverages existing knowledge of threats and vulnerabilities to prepare risk controls in advance – this includes preparing contingency plans for natural disasters and crises.

Importance

The COVID-19 pandemic has completely changed how organizations interact with employees, customers and data. With more and more employees choosing to work remotely, networks that were once closed and secure have become vulnerable and difficult to monitor. Add to that the rapid growth of IoT (internet of things) devices, and you have already been exposed to cyberattacks from a dozen different fronts.

Since the coronavirus outbreak, cybercrime has increased by 600% in the public and private sectors. As a result, risk management software and, by association, enterprise risk management software have become the need of the hour.

While no ERM software is 100% effective, it can significantly soften the blow of attacks and ensure your company’s ability to meet objectives is not compromised.

Primary Benefits

The benefits of ERM software are not just limited to specialized risk management services. This section will discuss some of its direct and indirect advantages:

Primary Benefits of ERM Software

Standardize All Risk Management Processes

Implement a consistent risk assessment process across multiple business areas. With customizable templates, you can ensure the risk register records all the information necessary to make risk-aware decisions.

Having all the relevant data in hand makes the job easier for your risk owners. It provides the insight necessary to find a balance between your company’s risk tolerance and risk appetite. Understanding the source of risk is the first step to defeating them.

Improve Regulatory Compliance

While not exclusive to ERM software, compliance management is one of its most important benefits. As a manager, it can become exceedingly difficult to track every single law and regulatory change that affects your company. However, there’s little room for error when it comes to compliance.

ERM solutions make it easier to track regulations that directly affect your company’s activities in and out of the country. Minimize incidents of noncompliance and set up workflows to identify and correct existing projects falling out of compliance.

Anticipate and Mitigate Risk Proactively

ERM software is your company’s early warning system for all kinds of risks. With the help of predictive analytics and artificial intelligence (AI), you can identify and resolve vulnerabilities before they can pose a threat to your business.

The system works in tandem with existing risk tolerance thresholds to red flag potential vulnerabilities and prepares a viable remediation strategy. This ensures faster risk response rates and uninterrupted service.

While the nature of these risks will differ from industry to industry, the importance of an early warning system cannot be overstated.

Plan Ahead and Ensure Business Continuity

One lesson we can learn from the COVID-19 pandemic – regardless of how meticulously we plan, some things will always be out of our control. Even though this can be a scary thought, we must account for the unknown when planning for the future.

ERM software can run simulations to predict the potential impact of natural disasters and crises. You can use this data to set up business continuity plans, assign task ownership and record risk controls for “what if” scenarios.

Business continuity plans ensure your organization suffers minimum interruptions even in the face of unexpected crises.

Key Features & Functionality

Key Features of ERM Software

Risk Identification and Analysis

The first step to building a risk-free workplace is identifying and assessing risks across new and existing projects. With access to an up-to-date risk database, you can continuously scrub your processes for potential threats and alert relevant risk managers for immediate triage.

The system assigns risk scores so you can prioritize critical risks first and then move on to less urgent vulnerabilities – one at a time.
IT Governance and Security

With the recent surge in cyberattacks, a robust IT governance and security framework has become indispensable. It not only includes the ability to detect malware, ransomware and DDoS attacks but also provides standardized tools and workflows for responding to these threats.

Cloud-based risk databases have made it easier to identify cybersecurity threats. A well-organized IT security infrastructure ensures all threats are dealt with swiftly and without mercy.
Risk Remediation

You can automate a large portion of risk remediation tasks. Curate a standardized repository of mitigation measures that include all the controls, processes and activities required to neutralize common threats. Link appropriate controls to related threats, and voila! You’ve just made risk management ten times easier.

However, that is only half the battle won. Once you’ve established a sizable repository, you need to regularly audit it for maximum efficacy. Compare against industry benchmarks and identify failing controls.
Compliance Management

Depending on the type of industry, you might have to juggle multiple state and federal regulations on a daily basis.

ERM software lets you track outstanding paperwork and deadlines, along with any changes in existing regulations. This is a significant upgrade for prioritizing tasks and identifying early signs of noncompliance.
Reporting

Advanced analytics helps you get the most out of your risk data. With purpose-built reports, you can pinpoint which areas pose the most risk to your organization.

Use data visualizations, interactive dashboards and heatmaps to identify trends and further shore up your defenses.
Third-party Risk Management

For mid to large-sized companies, keeping track of third-party vendors and suppliers can be a headache.

Third-party risk management (TPRM) services help track all risks associated with third-party vendors in real time. This can be anything from license expirations to shortages and delays – the primary idea is to know of any possible vulnerabilities beforehand and insulate your organization from any potential fallout.
Risk Forecasting

With the help of machine learning and AI, modern-day ERM solutions can not only identify risks in record time but also predict them with a high degree of accuracy.

By accessing state-of-the-art predictive models, you can analyze global risk data to identify market trends and prepare for risks. Prevention is always better than cure.
Business Continuity Management

No matter what we do, it’s not possible to anticipate every threat. ERM software can simulate “what if” scenarios in order to prepare for natural disasters and crises.

Design workflows, create knowledge databases and assign task hierarchies. With the right measures in place, you can minimize service interruptions and ensure business continuity.

Software Comparison Strategy

While the basic functions of ERM software remain the same across multiple platforms, it's your job to identify a vendor that specializes in your business area. Understanding the specific needs of your industry is crucial to figuring out your firm’s requirements.

In this section, we’ll help you develop a rudimentary comparison strategy that can effectively guide your software selection journey:

Mode of Deployment

Depending on the nature of your business and predominant mode of employment, you’ll have to choose a deployment strategy — either on-premise or cloud-based.

While most platforms offer both modes of deployment, there might be instances where you’ll have to choose between the two. So it’s better to make up your mind beforehand.

Remote Accessibility

How important is mobility, as a function, to your company? If a large part of your work is done remotely or on the go, you’ll have to prioritize solutions that offer mobile apps and/or remote access.

The ability to access your data from any authorized device with an internet connection can tremendously boost productivity levels.

Regulatory Oversight

Does your company operate in a highly regulated industry? If yes, then you should look for options that specialize in compliance management.

The consequences of noncompliance are often harsh and extremely expensive, so this is not something you should skip out on.

Supported Integrations

If you’re switching from an existing ERM platform (or any other GRC-based framework), you may have multiple third-party integrations. If that’s the case, you’ll have to check if the new software supports integration with that specific set of applications.

Cost & Pricing Considerations

The cost of acquisition is directly dependent on the chosen mode of deployment. On-premise deployment comes with its own set of baggage – you will be directly responsible for the installation and maintenance of the servers. This includes hosting charges, electricity bills, security, etc. While it doesn’t look as palatable on the surface, there are a few advantages as well. You get a higher degree of customizability and can work to ensure there are as few downtime incidents as possible. You get more control over the package but remember – with great power comes great responsibility.

On the other hand, going the SaaS route is usually seen as the cheaper alternative. You get access based on the total number of users and don’t have to worry about hosting and whatnot. Everything is cloud-based, and you get access to whatever, whenever you want, without the slightest hassle. The downside is that you have no control over server issues, downtimes and security incidents.

Depending on the vendor, there might be additional charges for implementation, personalized employee reskilling and premium support tiers.

These are only a few factors that will influence subscription or acquisition charges. This is by no means an exhaustive list – our advice is to talk to your peers in the industry, listen to their recommendations and take pointers from their software selection journey. Odds are the factors that influenced their pricing negotiations will also apply to your case (with a few exceptions, of course).

The Most Popular ERM Software

To put it bluntly, there’s no best ERM software – at least not objectively. What is a great fit for your company’s particular needs may have the opposite effects on another’s.

To deal with situations like this, we’ve prepared a list of the most popular platforms in the industry that can give you that competitive edge:

Qualys

Qualys is an ERM software that specializes in IT security and compliance. You can secure your entire IT infrastructure, as well as all connected endpoints, from cyberattacks. It continuously monitors your system in real time to identify, neutralize and quarantine potential vulnerabilities.

Built-in automation, flexible deployment options and risk prioritization modules make this an attractive option regardless of industry-specific requirements. Its compliance management services are more attuned to the IT and service industries.

Also, you get an ERM solution that prioritizes cybersecurity, endpoint security and compliance. You can run reports, set up workflows and create visualizations – just remember to check if it syncs with your company’s needs.

Qualys

Get visibility into your company’s threat timeline.

Workiva

With Workiva, you get a little bit of everything. You get data consolidation, automation, cybersecurity, compliance management and reporting. It offers a high degree of customizability so you can tailor it to your needs.

The system provides specialized reporting and risk prioritization modules along with streamlined audit management workflows that make it a good fit for all intents and purposes.

Workiva

Get granular insights into your company’s finances.

Resolver

Resolver is the complete package – it has everything you need from an ERM solution. Based on the product you choose, you get access to warehouse management, incident and investigation management, GRC, reporting, TPRM and compliance management tools. It’s scalable and supports both on-premise and cloud-based deployment methods.

There can be several other ERM solutions more suitable for your area of expertise. However, if you are going in blind, Resolver can be a strong contender based on its capabilities alone.

Resolver

Filter workplace incidents based on type, date of occurence and time.

 

 

Questions to Ask

In our opinion, the best way to define your requirements is to ask questions. Each question is like putting on a search filter, and depending on the answer, it will make your search a little easier.

ERM Software Key Questions To Ask

Here are a few questions you can ask internally to get started:

  • What kind of risks does our company primarily face?
  • What percentage of our employees need remote access?
  • What are our acquisition and maintenance budgets?
  • What kind of industry regulations do we need to comply with?
  • Do we have any special app integration prerequisites?

These questions will help your software vendor better understand your requirements:

  • Does the vendor offer compliance management for your specific industry?
  • What kind of cybersecurity does the vendor provide?
  • What type of support does the vendor offer?
  • How long will the implementation and onboarding process take?
  • Does the vendor provide product training?

In Conclusion

The last few years have sent the risk industry into overdrive. Both risk and risk management solutions have gone through, and are still going through, tremendous changes in order to get the upper hand. In the face of trying circumstances, you need a scalable solution that can meet your needs on a daily basis.

If you have made it this far in the guide, you already know everything you need to know. So take a deep breath, plan your requirements, talk to your peers and prepare your questions – you are almost there. We hope this guide will help you find the perfect ERM software for your needs.

About The Contributors

The following expert team members are responsible for creating, reviewing, and fact checking the accuracy of this content.

Shauvik
By Shauvik Roy
Technical Content Writer
Shauvik Roy is a Market Analyst at Selecthub. He writes content for the insurance, risk management and legal domains. Hailing from the city of Kolkata, he has a Master's Degree in English from the University of Hyderabad. When he's not busy pitting one software against another, you will find him playing video games, reading sci-fi books or tinkering with his PC.
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Rohit Dutta
Technical Research By Rohit Dutta Mazumder
Senior Analyst
Hailing from the serene landscapes of Assam, India, Rohit is a seasoned professional with diverse expertise in several software categories. Armed with a Bachelor of Technology in Mechanical Engineering and an MBA in Operations Management, he brings a unique blend of technical acumen and strategic thinking to the table. His proficiency extends across dynamic fields such as Product Lifecycle Management, Hotel Management, Ecommerce, Accounting and Finance.
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Shashank
Technical Review By Shashank K K
Principal Analyst
After graduating with a Masters in Finance from Trinity College Dublin, K K Shashank's research and detail-oriented skills led them to SelectHub. He has diverse knowledge across various software categories like Accounting, Financial Planning and Analysis, Ecommerce, Risk Management, PLM, Insurance and more since 2020.
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Pooja
Edited By Pooja Verma
Content Editor
Pooja Verma is a Content Editor and Senior Market Analyst at SelectHub, who writes and edits content for endpoint security, legal, CRM, fundraising software, eCommerce, and mental health software. She earned a literature degree from Miranda House, DU and also holds Master’s in Journalism from Symbiosis Institute of Media and Communication in India. In her free time, you can spot her reading a book or binge-watching the latest web series and movies.
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